Ucom derails Team’s Veon buy as Novatel declares interest

Ucom derails Team’s Veon buy as Novatel declares interest

Armenian operator Ucom has confirmed that Yerevan’s First Instance Court of General Jurisdiction has imposed an “interim measure” halting Team LLC’s acquisition of Veon Armenia (Beeline).

In a statement on its website, Ucom said that the court had “partially” approved its legal challenge against the takeover of Beeline by Team LLC, a firm established in April 2020 by former Ucom executives Hayk and Aleksandr Yesayan.

Ucom held back additional details, noting that it would provide them “if needed”. TeleGeography reported that Team had relied on “undisclosed information possessed by Ucom” while negotiating with Beeline, prompting Ucom to allege unfair competition.

Therefore, Team’s acquisition of Beeline could be in jeopardy despite receiving regulatory clearance last month – a situation exacerbated by start-up operator Novatel declaring its intent to acquire 100% of Veon’s local unit, as reported by local news outlet ARKA.

Founded in June, Novatel is owned by Armenian entrepreneurs and its CEO Minas Yerznkyan confirmed that discussions regarding its proposed acquisition of Beeline had “advanced sufficiently”. While no offer has been made, Novatel has laid out plans for Beeline’s future as a high-speed 4G/5G fixed and mobile provider.

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