A previous item reported an incorrect amount for the purchase price of Global Telecom Holding. It has been corrected.
The U.S.-listed shares of Veon Ltd. soared 23% in very active premarket trade Tuesday, after the Amsterdam-based provider of connectivity and internet services announced the sale of its 50% stake in Italy-based telecommunications company Wind Tre for the U.S. dollar equivalent of about $2.9 billion. Volume topped 970 million shares, to make the stock the most actively traded before the open. Veon said it expects to book a net profit of $1.1 billion on the Wind Tre deal, and plans to use the proceeds to pay down debt, support its dividend policy and pursue other strategic alternatives. Veon said it would use some of the proceeds to buy the assets of Global Telecom Holding in Pakistan and Bangladesh for about $2.6 billion. Veon's stock had tumbled 38% year to date through Monday, while the S&P 500 had gained 2%.