VEON to sell Djezzy stake to Algerian National Investment Fund

2 Jul 2021

Amsterdam-based telecoms group VEON has announced that it has exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algerie to the Algerian National Investment Fund (Fonds National d’Investissement, FNI). Omnium owns Algerian mobile operator, Djezzy.

The exercise of the option initiates a process under which a third-party valuation is undertaken to determine the fair market value at which the transfer shall take place. In a brief statement, the group noted: ‘This important step will further streamline VEON’s operations, allowing for an improved focus on our core markets.’

Algeria, Optimum Telecom Algerie (Djezzy), VEON