Friday, August 28 2020 16:58

ArmInfo. All obstacles on the way to the acquisition of 100% of "Veon Armenia" shares by "Team Telecom Armenia" LLC have been removed. This was reported by the press service of the "Team" company.

According to the source, yesterday the court of general jurisdiction  of Yerevan satisfied the claim of "Team Telecom Armenia" company for  the elimination of obstacles that arose after the court decision of  July 13.  Thus, the court decision to cancel the security of the  claim of "Ucom" CJSC on the part according to which it was forbidden  to conclude a deal for the purchase by Team LLC of shares of Veon  Armenia CJSC and the submission for registration of the rights  arising from the deal, entered into force from the moment of its  issuance. The court decision is available on DataLex information  system. 

ArmInfo reported that on July 13, the court of general jurisdiction  of first instance of the city of Yerevan partially satisfied the  petition for securing the claim of Ucom CJSC, according to which Team  LLC was prohibited from concluding a deal to acquire shares of Veon  Armenia CJSC and submitting the rights arising from the deal for  registration . Ucom CJSC considered that in the process of  negotiations around the acquisition of shares of Veon Armenia CJSC by  Team LLC, undisclosed information belonging to Ucom CJSC was used,  and the violation of the fiduciary obligations of the Team LLC  founders in relation to Ucom CJSC is unfair competition. "Ucom" filed  a motion for the application of a means of securing a claim, in  particular, to prohibit Team LLC from negotiating a deal on the  acquisition of shares in Veon Armenia CJSC, as well as to conclude a  deal on the acquisition of shares in Veon Armenia CJSC ( sign the  transaction and submit for registration the rights arising from the  transaction).

It should be noted that Team LLC was established quite recently by  the former top management of another large telecommunications  operator in Armenia - Ucom. Before the personnel reshuffle at "Ucom",  they discussed the possible acquisition of "Veon Armenia" by this  very company, as well as the buyout of "Ucom" itself by its top  management represented by the Yesayan brothers. However, neither the  one nor the other transaction took place and, according to market  participants who commented on the new claim of"Team", the transaction  may well take place. While "VEON"' decision to leave Armenia is  connected with the decision of this international group of companies  not to work in low-profit small markets and to concentrate on the  global field.