Astana, November 6. VEON’s subsidiary Beeline Kazakhstan has completed the purchase of 100% of the Kazakh online classifieds business OLX for $81 million, VEON said.
The buyer acquired 100% of OLX Group LLP, called OLX KZ in the release, from OLX Global B.V. The price includes about $6 million of completion adjustments, and the deal closed after regulatory approvals were received, the text of the release says. The purchase was announced on October 21, 2025, with a price of $75 million named at the time, OLX Group reported. Closing took 381 days (editorial calculation); in October 2025 the industry outlet OnlineMarketplaces wrote that the deal was expected in the first quarter of 2026, OnlineMarketplaces reported. The release does not name which approvals were received.
The platform reaches more than 52% of Kazakhstan’s active internet audience and has about 9 million monthly active users. OLX KZ’s revenue, according to VEON, is just over $28 million for the year ended March 2026, Investing.com relays. OLX Group provides OLX KZ with transitional IT services so that users do not notice the handover.
The same day the Verny Capital group reported the deal. It called the acquisition its own and wrote that it was carried out through its portfolio company Beeline Kazakhstan. The group’s investor Bulat Utemuratov said: “Our task is to scale this asset while preserving its strengths and strengthening its technology component”, Forbes Kazakhstan carries the text of the release. In its release VEON writes that Beeline Kazakhstan is majority-owned by it; in September 2024 it named Verny Capital as the other shareholder. Neither release names the group’s current stake.
What it means: The deal announced in October 2025 has closed: by VEON’s document the buyer is Beeline Kazakhstan, while Verny Capital presents the purchase as its own acquisition through a portfolio company. The releases agree on the facts and differ only on who owns the buyer.
Who benefits: According to the parties, Beeline Kazakhstan gets a leading classifieds platform for its digital ecosystem, and Verny Capital expands its portfolio in digital services. OLX Group, as it explained in 2025, is concentrating on core categories and key markets. How much of the price economically falls to Verny Capital, the releases do not say.
Background: A classifieds platform is a site and app where individuals and companies post offers to sell goods, services, real estate and cars; such a platform earns mostly from paid listings. Beeline Kazakhstan is a telecom operator working through KaR-Tel LLP: it has 11.8 million mobile subscribers and about a million fixed internet users. Verny Capital is a Kazakh investment group; its key investor is Bulat Utemuratov. Transitional IT services are an arrangement under which the seller keeps supporting the technical operation of the sold service for a time while the buyer takes it over.
