Armenian State Commission for Protection of Economic Competition made the decision to allow the merger of Veon Armenia CJSC and Team LLC.
Team LLC will acquire 100% stake in VEON Armenia CJSC.
The company has undertaken not to carry out mass layoffs (more than 10% of the total number of employees) for at least six months after the merger takes effect.
Team LLC was set up in April by Hayk Yesayan, former general director of one of Armenia’s biggest telecoms company, Ucom, as a new player in the market providing internet services and TV and radio broadcast services.
The value of the sale has not been disclosed. Team LLC said in its statement on Friday that the deal would close soon.