Orrick Advises Telenor on Secondary Offering of 90 Million VEON Shares

September.27.2017

Orrick advised Norwegian mobile telecom company Telenor ASA (OSL: TEL) on its registered offering of 90 million shares in VEON Ltd. (formerly known as VimpelCom Ltd.) (NASDAQ: VEON; Euronext Amsterdam: VEON) in the form of common shares and American Depositary Shares (ADSs) at a public offering price of $4.15 per ADS/share. Telenor received $365 million in net proceeds in the transaction, which closed on September 25. The transaction represents 5.1% of VEON's total outstanding shares and leaves Telenor with approximately 256.7 million VEON ADSs (14.6% of VEON's outstanding shares). Telenor expects to transfer the balance of the remaining VEON ADSs pursuant to its $1 billion, three-year exchangeable bond due 2019. This transaction follows Telenor's earlier sell-downs of 234 million VEON ADSs in secondary offerings completed in September 2016 and April 2017.

Citigroup and Morgan Stanley acted as joint global coordinators and joint bookrunners for the offering.

The Orrick team advising Telenor was led by emerging markets partners Peter O'Driscoll and Nell Scott and included associates Daria von Mensenkampff, Susannah Nagle, Konstantin Kasyan, Tatiana Baudry and Siddharth Fresa.