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Global Telecom shareholders approve VEON deal

Global Telecom Holding SAE shareholders approved VEON Ltd. unit VEON Holdings BV's offer to acquire substantially all of the operating assets of Global Telecom Holding.

Following that approval, VEON completed the intragroup transfers of Jazz, Banglalink and Med Cable.

VEON also confirmed that the second settlement payment of $82.3 million relating to outstanding tax liabilities of Global Telecom Holding and its Egyptian subsidiaries has now been paid to the Egyptian Tax Authority.

As a result, Global Telecom Holding resolved all outstanding tax liabilities in Egypt for the tax years 2000 through 2018.