VEON Ltd. subsidiary Beeline Kazakhstan completes OLX KZ deal

Beeline Kazakhstan, a subsidiary of VEON Ltd., has completed the purchase of OLX Group LLP, known as OLX KZ, from OLX Global B.V. The total consideration was USD 81 million, including approximately USD 6 million in completion adjustments, and the deal closed after relevant regulatory approvals were received. The transaction brings a Kazakhstan classifieds platform into VEON's portfolio.

The acquisition advances VEON's digital operator strategy, which integrates digital services into its portfolio and scales them through its connectivity base. VEON's existing holdings span financial services, entertainment, healthcare, education and enterprise solutions. Recent additions include Uklon and Tabletki.ua in Ukraine, and TPL Insurance in Pakistan. VEON served 227.7 million digital customers in 2Q26, and digital revenue grew 53.6% year-on-year and accounts for over a quarter of Group revenue.

OLX KZ operates a platform for listings of goods, services, real estate and automotive items. It reaches more than 52% of Kazakhstan's active internet population with approximately 9 million monthly active users. The marketplace lets people buy, sell and earn, and lets businesses reach customers. It reported annual revenue of just over USD 28 million for the year ending March 2026.

Following completion, OLX Group will provide transitional IT services under a handover arrangement to ensure uninterrupted service for OLX KZ users. The agreement to acquire OLX KZ was first announced in October 2025. Beeline Kazakhstan, majority-owned by VEON, serves 11.8 million mobile customers and around one million fixed internet customers, and has pursued its digital operator strategy since 2018.

“This acquisition marks another milestone in the digital operator strategy that is reshaping VEON,” said Kaan Terzioglu, Chief Executive Officer of VEON. “Across our markets, we are building digital ecosystems that give millions of people meaningful access to digital financial services, healthcare, education and entertainment, and OLX KZ brings Kazakhstan's leading classifieds platform into that portfolio.”

“We welcome the OLX KZ team into Beeline Kazakhstan as we expand our digital ecosystem,” said Jabbor Kayumov, CEO of Beeline Kazakhstan. “Combining our connectivity leadership with OLX KZ's reach will deliver new digital experiences to millions of Kazakhs and strengthen our platform for long-term growth.” Forward-looking statements concern the acquisition and its integration into Beeline Kazakhstan's digital service portfolio, and are subject to risks described in VEON's SEC filings.