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Veon (company)

From Wikipedia, the free encyclopedia
(Redirected from Vimpelcom)

VEON Ltd.
FormerlyVimpelCom Ltd. (2009–2017)
TypePublic
ISINBMG9349W1038
US91822M1062 Edit this on Wikidata
IndustryTelecommunications
PredecessorPJSC VimpelCom and Kyivstar
Founded2009; 17 years ago (2009)
FounderAugie K Fabela II
Headquarters
Dubai
,
United Arab Emirates
Area served
Key people
[2]
ProductsMobile telephony, mobile phones retailing, international telephony, broadband Internet, IPTV, city-wide Wi-Fi, domain name registrar and others
BrandsBeeline
RevenueIncrease US$4.4 billion (2025)[1]
Increase US$591 million (2025)[1]
Total assetsIncrease US$9.2 billion (2025)[1]
Owners
  • LPE Middle East Limited (LetterOne) (45.46%)
  • Stichting Administratiekantoor Mobile Telecommunications Investor (7.89%)
  • Lingotto Investment Management LLP (Exor) (8.17%)
  • Shah Capital Management Inc. (6.62%)
[1]
Number of employees
18,938 (2025)[1]
Divisions
Websitewww.veon.com

VEON Ltd. (formerly known as VimpelCom Ltd.)[3], also known as VEON Group, is a multinational telecommunications and digital services company.[4] Headquartered in Dubai, United Arab Emirates,[1] the company is publicly traded on the U.S.-based Nasdaq stock exchange.[3]

VEON operates in five markets in Europe and Asia: Bangladesh, Kazakhstan, Pakistan, Ukraine, and Uzbekistan.[1] Its principal telecommunications brands include Banglalink in Bangladesh, Jazz in Pakistan, Kyivstar in Ukraine, and Beeline in Kazakhstan and Uzbekistan.

As of the second quarter of 2026, VEON reported 151.5 million mobile subscribers. Its digital services recorded 227.7 million users active during the quarter in aggregate; VEON's definition of digital customers may count the same user more than once when the user is active across multiple services.[5]

History

[edit]

2009–2016

[edit]

VEON Ltd. was founded in 2009 as VimpelCom Ltd., a multinational holding company. Incorporated in Bermuda and headquartered in the Netherlands, VimpelCom was formed when Telenor and Alfa agreed to merge their assets in the telecommunications companies PJSC VimpelCom and Kyivstar. At the time of the incorporation, Kyivstar was Ukraine's largest wireless operator, while PJSC VimpelCom was the second-largest telecommunications operator in Russia.[6] Kyivstar had been founded in 1994[7] by Ihor Lytovchenko, who also served as its long-term CEO.[8] PJSC VimpelCom, founded in 1992 by American businessman Augie K Fabela II and Dmitry Zimin,[9] was established as a mobile carrier.[10] It launched its Beeline brand in 1993[citation needed] and listed on the New York Stock Exchange in 1996.[11]

Company logo until 2017

Under CEO Alexander Izosimov, VimpelCom acquired Orascom Telecom and Wind from Naguib Sawiris in 2011.[12] After a number of acquisitions, as of 31 December 2011 VimpelCom had 205 million customers across 20 countries,[13] and by 2012 it was the 13th-largest mobile network operator in the world by number of subscribers.[14] The company switched its listing from the NYSE Euronext to the Nasdaq on 10 September 2013.[15] It sold its majority stake in Wind Mobile to Globalive in 2014 for US$272 million.[16] In 2015, the government of Algeria acquired VimpelCom's 51% stake in Djezzy for US$2.6 billion.[17]

Between 2006 and 2012, VimpelCom and its Uzbek subsidiary Unitel made more than US$114 million in bribery payments in connection with entering and continuing to operate in the Uzbek telecommunications market.[18] U.S. prosecutors later identified the recipient as Gulnara Karimova, daughter of former Uzbek president Islam Karimov.[19] The investigations also concerned VimpelCom's prior dealings with Takilant Ltd.[20]

In February 2016, VimpelCom reached resolutions with the U.S. Securities and Exchange Commission, the United States Department of Justice and Dutch authorities over violations related to its business in Uzbekistan. VimpelCom paid approximately US$795 million in fines and disgorgement, while Unitel entered a guilty plea in the United States.[20][18] The resolutions also required VimpelCom to retain an independent compliance monitor for three years to assess its compliance program, internal accounting controls, recordkeeping and financial reporting procedures.[21]

VimpelCom reported revenue of US$9.78 billion in 2016,[22] while its assets were reported at US$33.85 billion.[23]

2017–2022

[edit]

In February 2017, VimpelCom renamed itself VEON, after the messaging platform that it had developed. The company said the rebranding was part of a shift towards positioning itself as a technology company rather than solely a telecommunications firm.[24][25] VEON began listing its shares on Euronext Amsterdam in April 2017.[26] In July 2017, VEON launched a personal internet platform named VEON in Ukraine, Bangladesh, Pakistan, Italy and Georgia.[27] Following a number of divestments and a business transformation, by mid-2017 VEON had around 200 million combined subscribers across 12 markets.[28]

In March 2018, CEO Jean-Yves Charlier resigned, and CEO duties were temporarily assumed by VEON's chair, Ursula Burns. Burns was appointed CEO in December 2018 while remaining chair. In October 2019, VEON hired Sergi Herrero and former Turkcell CEO Kaan Terzioğlu as joint chief operating officers.[29] They succeeded Burns as co-CEOs in February 2020,[30] and in June 2020 Gennady Gazin succeeded Burns as chairman.[31]

In 2020, VEON purchased the remaining 15% stake in Jazz from Abu Dhabi Group, giving it full ownership.[32] The company also sold its Armenian operations to Team LLC in 2020.[33] In July 2021, Terzioğlu became VEON's Group CEO,[34] with oversight of VEON's executives and regional CEOs assigned to separate markets. The company sold its Georgia unit for US$45 million in June 2022.[35] In August 2022, VEON completed the sale of its remaining stake in Djezzy to the government of Algeria for US$682 million.[36]

Following Russia's full-scale invasion of Ukraine in February 2022, VEON announced the sale of its Russian operations in November 2022.[37]

2023–2025

[edit]

VEON completed the sale of its Russian operations on 9 October 2023, ending its presence in the Russian market.[38] Following the sale, the company reduced the size of its board from 11 to seven members.[39]

On 25 November 2024, VEON delisted its shares from Euronext Amsterdam, leaving Nasdaq as the company's sole public trading venue.[40] In December 2024, the company moved its group headquarters from Amsterdam to the Dubai International Financial Centre in the United Arab Emirates.[41]

In August 2025, VEON completed the sale of its 50.1% indirect stake in Sky Mobile, which operates under the Beeline brand in Kyrgyzstan, to state-owned Eldik Bank.[42] On 15 August, shares of Kyivstar began trading on Nasdaq under the ticker symbol KYIV, making it the first Ukrainian company to list on a United States stock exchange.[43]

For 2025, VEON reported total revenue of US$4.399 billion, compared with US$4.004 billion in 2024.[1]

Owners

[edit]

VEON's major shareholders as of 1 March 2026 were:[1]

  • 45.46% of common shares held by LPE Middle East Limited, an affiliate of LetterOne
  • 7.89% held by Stichting Administratiekantoor Mobile Telecommunications Investor
  • 8.17% held by Lingotto Investment Management LLP
  • 6.62% held by Shah Capital Management Inc.

Subsidiaries

[edit]

VEON operates telecommunications and digital-services businesses in five markets.[1]

  • Banglalink (Bangladesh) – VEON's telecommunications and digital-services operator in Bangladesh, with 35.0 million mobile subscribers in the second quarter of 2026.[5]
  • Beeline (Kazakhstan) – VEON's telecommunications and digital-services operator in Kazakhstan, with 11.7 million mobile subscribers in the second quarter of 2026.[5]
  • Jazz (Pakistan) – VEON's telecommunications and digital-services operator in Pakistan, with 75.4 million mobile subscribers in the second quarter of 2026. Jazz launched 5G services in March 2026.[5][44]
  • Kyivstar (Ukraine) – VEON's telecommunications and digital-services operator in Ukraine, with 21.8 million mobile subscribers in the second quarter of 2026. Kyivstar began trading on Nasdaq in August 2025, becoming the first Ukrainian company listed on a U.S. stock exchange.[5][43]
  • Beeline (Uzbekistan) – VEON's telecommunications and digital-services operator in Uzbekistan, with 7.7 million mobile subscribers in the second quarter of 2026.[5]

See also

[edit]

References

[edit]
  1. 1 2 3 4 5 6 7 8 9 10 11 "VEON Ltd. Form 20-F for the fiscal year ended December 31, 2025". U.S. Securities and Exchange Commission. 16 March 2026. Retrieved 25 September 2026.
  2. ↑ "VEON Shareholders Re-elect Board and Chairman". U.S. Securities and Exchange Commission. 11 May 2026. Retrieved 25 September 2026.
  3. 1 2 "VEON Ltd. – EDGAR Entity Landing Page". U.S. Securities and Exchange Commission. Retrieved 25 September 2026.
  4. ↑ UzDaily. "VEON Group CEO Kaan Terzioğlu: We will go beyond the traditional telecom company". UzDaily.uz. Retrieved 23 September 2024.
  5. 1 2 3 4 5 6 "VEON 2Q26 and 1H26 Earnings Release and Operating Highlights". U.S. Securities and Exchange Commission. 31 July 2026. Retrieved 25 September 2026.
  6. ↑ Nicholson, Chris V. (5 October 2009). "Telenor and Alfa Reach Deal on VimpelCom". DealBook, The New York Times. Retrieved 2 May 2012.
  7. ↑ "'Account Compromise' Caused December Cyberattack – Kyivstar President". Kyiv Post. 11 February 2024.
  8. ↑ "Kyivstar founder Ihor Lytovchenko to quit company". Kyiv Post. 16 June 2014.
  9. ↑ "Founders". About.beeline.ru. Archived from the original on 27 September 2013. Retrieved 22 September 2013.
  10. ↑ "Founders". About.beeline.ru. Archived from the original on 27 September 2013. Retrieved 22 September 2013.
  11. ↑ "Vimpelcom to move stock listing to Nasdaq". Reuters. 7 August 2013. Retrieved 10 October 2024.
  12. ↑ "VEON CEO to arrive today". October 2022.
  13. ↑ "Fact Sheet(s)". Vimpelcom.com. Archived from the original on 7 February 2013. Retrieved 2 May 2012.
  14. ↑ Pavliva, Halia (12 April 2012). "VimpelCom Rises as Orascom Rejects Fine, Files for Arbitration". Bloomberg. Retrieved 2 May 2012.
  15. ↑ "Nasdaq snags telecom VimpelCom from NYSE". MarketWatch. Archived from the original on 22 August 2017. Retrieved 22 August 2017.
  16. ↑ "Vimpelcom to sell Wind Mobile stake to Canadian minority owner". Reuters. 15 September 2014.
  17. ↑ "VimpelCom closes Djezzy deal with Algerian government". Developing Telecoms. 4 February 2015. Retrieved 6 March 2017.
  18. 1 2 "VimpelCom Limited and Unitel LLC Enter into Global Foreign Bribery Resolution of More Than $795 Million". United States Department of Justice. 18 February 2016. Retrieved 25 September 2026.
  19. ↑ "Former Uzbek Government Official And Uzbek Telecommunications Executive Charged In Bribery And Money Laundering Scheme Involving The Payment Of Nearly $1 Billion In Bribes". United States Department of Justice. 7 March 2019. Retrieved 25 September 2026.
  20. 1 2 "VimpelCom Ltd. Form 6-K – Settlements regarding Uzbekistan investigation". U.S. Securities and Exchange Commission. Retrieved 25 September 2026.
  21. ↑ "VimpelCom Ltd. Annual Report on Form 20-F". U.S. Securities and Exchange Commission. Retrieved 25 September 2026.
  22. ↑ "VimpelCom on the Forbes Global 2000 List". Forbes. Retrieved 2 June 2016.
  23. ↑ "VEON on the Forbes Global 2000 List". Forbes. Retrieved 15 August 2018.
  24. ↑ "Google and Facebook face an unlikely competitor in emerging markets: a telecom giant". Quartz. 28 February 2017. Retrieved 6 March 2017.
  25. ↑ "VEON". 26FIVE. Archived from the original on 26 October 2021. Retrieved 26 October 2021.
  26. ↑ "VEON to list on the Euronext Amsterdam". VEON. Archived from the original on 8 January 2019. Retrieved 22 August 2017.
  27. ↑ "VEON Launches Personal Internet Platform in Major Markets". VEON. Archived from the original on 1 December 2017. Retrieved 21 November 2017.
  28. ↑ "VEON Business". VEON. Retrieved 15 July 2017.[dead link]
  29. ↑ "VEON hires ex Turkcell CEO". Digital TV Europe. 28 October 2019. Retrieved 28 October 2019.
  30. ↑ Burkitt-Gray, Alan (14 February 2020). "New co-CEOs for Veon as Ursula Burns reverts to chairmanship". Capacity Media. Retrieved 9 June 2020.
  31. ↑ Boyadzhieva, Yanitsa (2 June 2020). "Veon settles on new chair, board members". Mobile World Live. Retrieved 9 June 2020.
  32. ↑ News Desk (29 September 2020). "Veon to buy remaining shares in Jazz for 100pc ownership". Profit by Pakistan Today. Retrieved 30 September 2020.
  33. ↑ "VEON Ltd. Annual Report for the year ended December 31, 2020". U.S. Securities and Exchange Commission. 2021. Retrieved 16 September 2026.
  34. ↑ "Kaan Terzioğlu". VEON.
  35. ↑ "Veon sells Georgia unit for $45M". Mobile World Live. 9 June 2022.
  36. ↑ "Veon completes sale of Djezzy Algeria stake". Mobile World Live. 5 August 2022.
  37. ↑ "VEON enters the final stages in the sale of its Russia operations". VEON. 30 May 2023. Retrieved 4 June 2023.
  38. ↑ Marrow, Alexander (9 October 2023). "Veon completes Russia exit as Vimpelcom sale closes". Reuters. Retrieved 10 October 2024.
  39. ↑ "Veon Russia exit prompts board downsizing". Mobile World Live. 29 June 2023.
  40. ↑ "VEON Shares Now Trade Exclusively on Nasdaq in New York". Nasdaq. 25 November 2024. Retrieved 16 September 2026.
  41. ↑ "Veon finalises Dubai HQ shift". Mobile World Live. 19 December 2024.
  42. ↑ "Veon completes sale of Beeline in Kyrgyzstan". Interfax. 13 August 2025. Retrieved 16 September 2026.
  43. 1 2 "Kyivstar CEO says Russia-Ukraine peace deal would boost value after U.S. listing". Reuters. 15 August 2025. Retrieved 16 September 2026.
  44. ↑ Lipscombe, Paul (24 March 2026). "Jazz and Zong launch 5G services in Pakistan". Data Center Dynamics. Retrieved 27 August 2026.
[edit]
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