Telenor Sells Stake in VEON

September 25, 2017

Cleary Gottlieb represented Citigroup and Morgan Stanley in two SEC-registered offerings by Telenor ASA of a total of 160 million common shares in VEON Ltd (formerly VimpelCom Ltd.), in the form of common shares and American Depository Shares (ADS).

The transactions closed on April 12, 2017, and September 25, 2017, respectively, and raised approximately $624 million in total. Cleary previously represented the underwriters in Telenor’s initial disposition of a portion of its ownership stake in VEON in September 2016 through an offering of bonds exchangeable into VEON ADS and concurrent SEC-registered offering of ADS.

Telenor is a leading provider of telecommunications and related services to consumers and enterprises in the Nordic region and internationally. VEON is an international communications and technology company providing services to customers in 12 countries across Europe and Asia.