MegaFon Buys 50% Stake in Euroset

13 July 2017 (13:01)

UrBC, Yekaterinburg, July 13, 2017. MegaFon and Veon (Vimpelcom) decided to stop doing business together in Euroset, the former’s press service reports.

The company decided to buy a 50% stake in the retail chain from Vimpelcom and will thus obtain 100% of Euroset’s shares. Vimpelcom will receive a half of Euroset’s retail outlets in return (there are currently 4,200 outlets operating throughout the country).

‘We are grateful to VEON for the retail trade partnership we’ve enjoyed for the last five years. The agreement we have allows both parties to work on their independent retail strategies and optimize their national distribution networks. The current deal means MegaFon will be able to improve its customer service, while Euroset will keep on developing as a retail chain,’ says MegaFon’s Director-General Sergey Soldatenkov.

The deal must get the regulatory bodies’ approval in accordance with the terms and conditions that apply. The agreement will come into effect after all the requirements have been compiled with and the regulatory authority’s approval has been granted.

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