Beeline

Beeline - part of the VimpelCom Ltd group of companies

History

2024: Veon sells stake in Beeline Kyrgyzstan

On March 26, 2024, Veon holding announced the sale of its 50.1 percent stake in the telecommunications operator Beeline Kyrgyzstan. The asset is being bought out by CG Cell Technologies, which is part of Aktiv Corp Global's Nepalese group of more than 200 companies and 260 brands worldwide.

and Financial other parameters of the deal were not disclosed at the time of its announcement. Veon only noted that the sale of the Kyrgyz subsidiary is part of the holding's strategy to simplify the structure and is associated with an emphasis on larger markets for presence, where Veon can develop with the help of its digital operator model DO1440, which provides digital services in the field of finance, entertainment, health care and, Veon said in a formations statement.

𝓲

Unsplash

At the same time, CG Corp Global promises to continue the development of the infrastructure of Beeline Kyrgyzstan and provide subscribers with "modern, high-quality and reliable communication." To close the transaction on the sale of the operator Veon, it is necessary to obtain the approval of regulators.

According to Veon, the value of Beeline Kyrgyzstan is estimated at 3.4x EBITDA (company profit before interest, taxes, depreciation and amortization) at the end of 2023. Then the EBITDA indicator "Beeline Kyrgyzstan" increased by 15%, to $22 million.

Over the past two years, we have transformed Beeline Kyrgyzstan into a successful company with double-digit revenue growth for seven consecutive quarters, high penetration and quality of 4G services, and a solid foundation in digital solutions. I am proud of the work that the team under the leadership of Andrei Pyatakhin has done, now I am glad to pass the Chaudhary Group baton for the further and more targeted development of Beeline, which contributes to the digital transformation of Kyrgyzstan, said Veon CEO Kaan Terzioglu[1]

Notes