Allen & Overy and EPAM Advise on Veon's Sale of Mobile Network Towers in Russia

Allen & Overy and EPAM Advise on Veon's Sale of Mobile Network Towers in Russia

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Allen & Overy has advised Veon and VimpelCom on their RUB 70.65 billion sale of mobile network towers in Russia to Service-Telecom. Egorov Puginsky Afanasiev & Partners supported Service-Telecom in obtaining FAS clearance for the transaction, while Freshfields Bruckhaus Deringer reportedly advised Service-Telecom on the deal.

According to Allen & Overy, “Veon is a leading global provider of connectivity and internet services, and parent of VimpelCom, which operates in Russia under the Beeline brand. Service-Telecom is an operator of passive infrastructure across various regions in Russia.”

The transaction involves the full sale of the National Tower Company, a Veon subsidiary, which operates a portfolio of approximately 15,400 mobile network towers in Russia. According to the firm, VimpelCom will retain its active network infrastructure and the majority of its rooftop towers.

“The competition for telecommunications infrastructure as an asset class remains strong, including on the disposal of VimpelCom’s towers, with assets priced at attractive valuation multiples,” A&O global co-head of TMT Tom Levine noted.

A&O’s team was led by London-based Counsel Andrew Kenning and Senior Associate Eimear Coady and included Partners Tome Levine and Sara Pickersgill as well as Moscow-based Partner Anton Konnov and Senior Associate Aleksey Mareev.

EPAM's team included Partner Anna Numerova and Senior Associate Ksenia Firsova.