TEAM LLC successfully completed the acquisition of 100% of shares of VEON Armenia CJSC on Thursday, October 29, according to a press release from the company.

After almost six months of work, the parties managed to conclude the deal in this difficult period, TEAM added.

After signing the documents, co-founder Hayk Yesayan noted: "We at TEAM feel a personal and collective responsibility to help our country in this difficult time. We will work together with every employee in the newly formed family of TEAM LLC and VEON Armenia CJSC to create an Armenian technological miracle for the benefit of our homeland.

VEON Armenia CJSC (formerly ArmenTel) is an Armenian broadband and telecommunications company. It is part of VEON (formerly VimpelCom Ltd.), one of the world’s largest integrated telecommunications services operators, headquartered in Amsterdam, the Netherlands.

The Company applied to the Public Services Regulatory Commission to get permission to sell its shares to TEAM in June 2020.