VEON acquires 33.75% stake in JungoTV portfolio

VEON (NASDAQ:VEON) agreed to acquire a 33.75% equity stake and control rights in JungoTV Holdco, expanding its entertainment portfolio through an investment that includes the All Women's Sports Network.

The proposed transaction combines $5 million in cash with approximately 2.35 million existing Kyivstar shares held by VEON, representing a reference value of approximately $42.3 million for the shares and an indicative total consideration of $47.3 million.

JungoTV Holdco's portfolio includes the All Women's Sports Network (AWSN), and the transaction will give VEON control rights despite its minority equity ownership of 33.75%.

The consideration comprises $5 million in cash payable upon signing and approximately 2.35 million existing Kyivstar Group (NASDAQ:KYIV) shares, valued at an agreed reference price of $18 each, or approximately $42.3 million.

No new Kyivstar shares will be issued, and the transferred shares will be subject to staged lock-up and orderly sell-down restrictions.

VEON expects the transaction to close in 2027, subject to regulatory approvals and customary conditions, and plans to distribute JungoTV programming across Pakistan, Bangladesh, Uzbekistan, Kazakhstan and Ukraine, while existing US-based management remains in place.

VEON operates telecommunications and digital services businesses across Pakistan, Bangladesh, Uzbekistan, Kazakhstan and Ukraine, providing mobile connectivity and expanding into financial services, cloud computing and digital entertainment.