VEON Expands its Digital Commerce Footprint with Acquisition of OLX in Kazakhstan
Key Highlights
- ➤VEON completes 100% OLX KZ acquisition for $81 million
- ➤OLX KZ reaches over 52% of Kazakhstan’s active internet population
- ➤OLX KZ reports just over $28 million annual revenue in 2026
- ➤VEON served 227.7 million digital customers in 2Q26
- ➤VEON digital revenue grows 53.6% year-on-year in 2Q26
Expert Statements
Kaan Terzioglu, Chief Executive Officer of VEON
“This acquisition marks another milestone in the digital operator strategy that is reshaping VEON”
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.”
Jabbor Kayumov, CEO of Beeline Kazakhstan
“We welcome the OLX KZ team into Beeline Kazakhstan as we expand our digital ecosystem”
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.”
Yelena Kim, General Manager of OLX KZ
“Joining Beeline Kazakhstan's digital ecosystem opens a new chapter for OLX KZ and our market-leading classifieds platform”
Yelena Kim, General Manager of OLX KZ
“We look forward to scaling our operations and combining our marketplace with Beeline Kazakhstan's connectivity and digital services to deliver greater value to buyers and sellers across the country.”
New York, Dubai, Astana, [November 6, 2026] – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), today announces that its subsidiary Beeline Kazakhstan has completed the acquisition of 100% of OLX Group LLP (“OLX KZ”) from OLX Global B.V. for a total consideration of USD 81 million (inclusive of approximately USD 6 million of completion adjustments), following receipt of relevant regulatory approvals.
OLX KZ is a scaled platform for goods, services, real estate and automotive listings, reaching more than 52% of Kazakhstan’s active internet population with approximately 9 million monthly active users. The acquisition adds a marketplace through which people buy, sell and earn, and businesses reach customers. It reported annual revenue of just over USD 28 million in 2026[1].
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