The Italian-based Milano Finanza publication obtained the documents which indicated that the investment will make Exor the third-largest shareholder in Veon.
Run by Italy’s Agnelli family, Exor recorded revenues of more than $136 billion in 2021. The firm is the 37th largest group in the world by revenue according to the 2021 Fortune Global 500 List.
This news comes following the resignations of key individuals to the Veon board.
Veon’s largest shareholder is LetterOne, an investment company founded by Russian oligarch Mikhail Fridman.
The company owns 48% of Veon and invests in several companies in the telecoms, technology and energy sectors.
Board member of the company and Fridman’s fellow Russian oligarch Petr Aven both appeared on the list of more than 370 Russian individuals sanctioned by the British government.
Fridman, who reportedly has close ties to Russian president Vladimir Putin resigned from the Veon board earlier this month with Robert Jan van de Kraats, a former board member leaving his role just a week later.
However, despite key figures being sanctioned, Kaan Terzioglu, Veon’s CEO stated in a letter to investors that the company was not subject to sanctions.
Veon serves around 218 million customers globally and closed 2021 with a turnover of just under $8 billion.
Its Russian segment of the business was responsible for around half of the turnover although Veon also has a significant presence in Ukraine, where it is one of the few companies guaranteeing connectivity.
Although the company’s shares have plummeted around 70% since October.
