VEON Announces Sale Of National Tower Company In Russia - Quick Facts

(RTTNews) - VEON Ltd. (VEON) has agreed to sell the company's mobile network towers in Russia to Service-Telecom for a total consideration of $970 million. The transaction involves the sale of 100% of National Tower Company, a subsidiary of VEON. It operates a portfolio of approximately 15,400 mobile network towers in Russia. VEON said the deal allows it to release the capital to deleverage balance sheet.

Service-Telecom is a partner to PJSC VimpelCom, which operates in Russia under the Beeline brand. PJSC VimpelCom and Service-Telecom have entered into a long-term master agreement regarding the provision of tower infrastructure services for an initial period of 8 years, and multiple extensions.