Market Activity

Why Is The VEON Stock Rising 27% In Pre-Market Trading?

As of the most recent check, VEON Ltd. (VEON) shares were up 27.01% to $0.5906 in pre-market trading on reports that the global digital operator has been selling some of its assets. What assets have VEON been selling? Following a competitive procedure, VEON Ltd. (VEON) announced that it has reached an agreement to sell VEON’s Russian business to a number of senior members of PJSC VimpelCom’s (“VimpelCom”) management team, led by its current CEO Aleksander Torbakhov. A 3.2x multiple of the estimated enterprise value to 2022E EBITDA is implied by the management buyout of VimpelCom, which suggests an expected enterprise