Armenia court ‘removes the obstacle’ for Team LLC to acquire VEON Armenia

3 Sep 2020

All obstacles barring the way to the acquisition of 100% of VEON Armenia’s shares by Armenian start-up Team LLC (Team.Telecom Armenia) have been ‘removed’, the latter has reported on its Facebook page. According to the newcomer’s 28 August post, the Court of First Instance of General Jurisdiction of the City of Yerevan has cleared the way for Team LLC to acquire VEON Armenia (trading as Beeline). The operator cites a filing on the DataLex judicial information system which notes that the court has ‘upheld/satisfied the claim of Team LLC on the elimination of obstacles’ that reportedly arose after the previous court decision of 13 July 2020. The Facebook post confirms: ‘It should be reminded that a few days ago the court upheld the motion of the plaintiff “Ucom" CJSC to apply a security measure, in particular, in order to secure the lawsuit, the court forbade “Team” LLC to sign a share purchase transaction of “VEON Armenia” rights. And now all the obstacles for the process of acquiring VEON Armenia by “Team” LLC have been removed.’

Armenian altnet Ucom filed a lawsuit in July with the Yerevan Court of General Jurisdiction against Team LLC, the new venture set up by brothers Hayk and Aleksandr Yesayan in April 2020 after they jumped ship from Ucom, in a bid to stop what it sees as ‘unfair competition’ from the newcomer. At the time, a Datalex entry said the plaintiff was demanding that Team LLC be barred from negotiations on the ‘acquisition of VEON Armenia shares and the deal on acquisition of the shares’ given it having an inside track on VEON’s business. Indeed, the report claimed that the jilted company had invited VEON’s parent to be involved in the lawsuit as a third party.

Armenia, Team LLC (Team.Telecom Armenia), Team Telecom Armenia (formerly Beeline), Ucom