VEON Holdings B.V. made an offer to acquire 42.31% stake in Global Telecom Holding S.A.E. (CASE:GTHE) for EGP 10.6 billion on February 5, 2019. VEON Holdings B.V. made an offer to acquire 42.31% stake in Global Telecom Holding S.A.E. for EGP 10.1 billion on June 26, 2019. VEON Holdings will acquire approximately 2 billion shares of Global Telecom at EGP 5.3 per share. As of June 26, 2019, the offer price per share was changed to EGP 5.08 per share. VEON intends to take Global Telecom Holding private following the tender offer. The offer is subject to the approval of the Egyptian Financial Regulatory Authority. The transaction is also subject to approval from shareholders of Global Telecom Holding S.A.E. As of June 26, 2019, the transaction was approved by the Egyptian Financial Regulatory Authority. As of July 22, 2019, the transaction was unanimously approved by the independent Directors of the Board of Global Telecom Holding. As of July 24, 2019, the transaction is expected to be complete by the end of 2019. The mandatory tender offer in relation to Global Telecom Holding will expire on August 6, 2019. The aggregate number of shares validly tendered and accepted for purchase and not validly withdrawn was, 1.914 billion shares and are expected to be executed within 5 business days. Following execution VEON will hold 98.24% stake in GTH's total outstanding equity. Citi acted as financial advisor to VEON. Vincent Le Stradic, Etienne Jacquet, Pierre Cedric Ekombol, Mahecor Diouf of Lazard Frères Banque SA acted as financial advisor to Global Telecom Holding. Mark Dwyer, Nicholas Larvin, Kevin Walsh, Gerald Rokoff and Ben Forgiel-Jenkins of DLA Piper acted as legal advisors to VEON.