The VEON telecommunications group, which includes the Kyivstar mobile operator, and Cohen Circle Acquisition Corp. I ("Cohen Circle"), a specialized asset acquisition company, on Tuesday, March 18, announced the signing of a business combination agreement aimed at the indirect listing of Kyivstar, the leading electronic communications operator in Ukraine, on the Nasdaq Stock Market in the United States.
The company has said this in a statement, the Ukrainian News agency reports.
The statement said that after the completion of the business combination, Kyivstar Group Ltd. (Kyivstar Group) will become the parent company of Kyivstar and will be registered on the Nasdaq Stock Exchange under the ticker KYIV.
It is noted that VEON will own at least 80% of the issued and outstanding capital of Kyivstar Group immediately upon closing of the transaction, which is expected to occur in the 3rd quarter of 2025, and is subject to the approval of Cohen Circle shareholders and other customary closing conditions.
At the time of closing, the estimated value of Kyivstar will be USD 2.21 billion.
Kyivstar has the largest mobile and fixed-line network in the country and serves approximately 24 million subscribers.
Kyivstar's portfolio of digital services for customers includes the Helsi healthcare platform with more than 28 million registered patients and the Kyivstar TV cinema and television platform, while services for corporate clients include cloud solutions, cybersecurity and artificial intelligence solutions, as well as the Kyivstar Tech software development division.
As the Ukrainian News agency earlier reported, on January 14, VEON Group, which includes the Kyivstar mobile operator, and Cohen Circle signed a letter of intent to list Kyivstar on the Nasdaq Stock Exchange in New York.
At the end of 2024, the telecommunications group VEON, which includes the Kyivstar mobile operator, announced that Kyivstar had signed an agreement with Starlink to begin implementing revolutionary Direct to Cell satellite communications in Ukraine.
VEON's largest shareholder is LetterOne Group, which was created by the founders of the russian Alfa Group, Mikhail Fridman, German Khan, and Alexei Kuzmichev.
In 2022, they left the board of directors after russia's full-scale invasion of Ukraine and the imposition of sanctions against Fridman.
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