The Algerian government’s National Investment Fund (Fonds National d’Investissement, FNI) has completed the previously agreed buyout of a 45.57% stake in mobile operator Djezzy from international telecoms group VEON, thereby raising FNI’s share in Djezzy from 51% to 96.57%. A year earlier, on 1 July 2021 VEON exercised its put option to sell its entire stake in Djezzy to FNI, initiating a third-party valuation to determine a fair market value for the shares, which was later reported by VEON as USD682 million.
In the final sale announcement, FNI declared its aims ‘to preserve the solidity of the governance of the company while committing to continue its support for the development plan of Djezzy in order to maintain the course of growth and guarantee its sustainability and profitability.’ The announcement continued: ‘With the support of FNI, Djezzy is also committed to contributing to the emergence of start-ups and a knowledge-based economy and to further developing its network in order to improve the quality of its services.’
Source: https://www.commsupdate.com/articles/2022/07/05/veon-completes-sale-of-djezzy-stake-to-fni/