Ahead of Its Historic Listing on Nasdaq, Kyivstar Group Completes Business Combination with Cohen Circle
Kyivstar Group Ltd., Ukraine's leading digital operator and subsidiary of VEON (NASDAQ: VEON), has completed its business combination with Cohen Circle Acquisition Corp. I. The combined company will begin trading on Nasdaq on August 15, 2025, under the ticker symbols "KYIV" and "KYIVW", becoming the first pure-play Ukrainian investment opportunity in U.S. stock markets.
Following the transaction, which received strong investor support with only 25.4% redemption rate and secured USD 178 million in proceeds, VEON maintains an 89.6% stake in Kyivstar Group. The company serves nearly 23 million mobile customers and 1.1 million fixed connectivity users, offering digital services including healthcare platform Helsi, Kyivstar TV, and ride-hailing platform Uklon. Kyivstar also provides enterprise services and plans to launch Starlink Direct to Cell services in Q4 2025.
Kyivstar Group Ltd., principale operatore digitale ucraino e controllata di VEON (NASDAQ: VEON), ha completato la fusione con Cohen Circle Acquisition Corp. I. La societ脿 combinata inizier脿 la negoziazione al Nasdaq il 15 agosto 2025 con i ticker "KYIV" e "KYIVW", diventando la prima opportunit脿 di investimento puramente ucraina nei mercati azionari statunitensi.
A seguito dell鈥檕perazione, che ha ricevuto forte supporto dagli investitori con un tasso di rimborso del solo 25,4% e ha raccolto USD 178 milioni, VEON mantiene una partecipazione dell鈥�89,6% in Kyivstar Group. L鈥檃zienda serve quasi 23 milioni di clienti mobili e 1,1 milioni di utenti di connettivit脿 fissa, offrendo servizi digitali come la piattaforma sanitaria Helsi, Kyivstar TV e la piattaforma di ride-hailing Uklon. Kyivstar fornisce inoltre servizi per le imprese e prevede di lanciare i servizi Starlink Direct to Cell nel quarto trimestre del 2025.
Kyivstar Group Ltd., el principal operador digital de Ucrania y filial de VEON (NASDAQ: VEON), ha completado su fusi贸n con Cohen Circle Acquisition Corp. I. La compa帽铆a combinada empezar谩 a cotizar en el Nasdaq el 15 de agosto de 2025 bajo los s铆mbolos "KYIV" y "KYIVW", convirti茅ndose en la primera oportunidad de inversi贸n puramente ucraniana en los mercados burs谩tiles de EE.听UU.
Tras la transacci贸n, que cont贸 con un s贸lido respaldo de los inversores y solo un 25,4% de redenciones, y que asegur贸 USD 178 millones, VEON mantiene una participaci贸n del 89,6% en Kyivstar Group. La compa帽铆a atiende a casi 23 millones de clientes m贸viles y a 1,1 millones de usuarios de conectividad fija, ofreciendo servicios digitales como la plataforma de salud Helsi, Kyivstar TV y la plataforma de movilidad Uklon. Kyivstar tambi茅n ofrece servicios empresariales y planea lanzar los servicios Starlink Direct to Cell en el cuarto trimestre de 2025.
Kyivstar Group Ltd.電� 鞖绊伂霛检澊雮橃潣 雽�響� 霐旍韯� 靷梾鞛愳澊鞛� VEON (NASDAQ: VEON)鞚� 鞛愴殞靷, Cohen Circle Acquisition Corp. I鞕�鞚� 靷梾 瓴绊暕鞚� 鞕勲頄堨姷雼堧嫟. 瓴绊暕氩曥澑鞚� 2025雲� 8鞗� 15鞚� Nasdaq鞐� "KYIV" 氚� "KYIVW"霛茧姅 韹办护搿� 靸侅灔霅橂┌ 氙戈淡 欤检嫕鞁滌灔鞐� 觳� 氩堨Ц 靾滌垬 鞖绊伂霛检澊雮� 韴瀽 旮绊殞搿� 霌彪霅╇媹雼�.
鞚措矆 瓯半灅電� 韴瀽鞛愲摛鞚� 臧曧暅 歆�歆�毳� 氚涭晞 頇橂Г鞙澊 雼� 25.4%鞐� 攴胳长瓿�, 氙疙檾 1鞏� 7,800毵� 雼煬(USD 178 million)鞚� 鞛愱笀鞚� 頇曤炒頄堨姷雼堧嫟. 攴� 瓴瓣臣 VEON鞚� Kyivstar Group鞚� 歆�攵� 89.6%毳� 鞙犾頃╇媹雼�. 須岇偓電� 鞎� 2,300毵� 氇皵鞚� 瓿犼皾瓿� 110毵� 瓿犾爼 鞐瓣舶 靷毄鞛�鞐愱矊 靹滊箘鞀るゼ 鞝滉车頃橂┌, 項嫓(Helsi) 項姢旒�鞏� 頂岆灚韽�, Kyivstar TV, 霛检澊霌滍棨鞚茧 頂岆灚韽� Uklon 霌� 霐旍韯� 靹滊箘鞀るゼ 鞖挫榿頃╇媹雼�. Kyivstar電� 旮办梾鞖� 靹滊箘鞀る弰 鞝滉车頃橂┌ 2025雲� 4攵勱赴鞐� Starlink Direct to Cell 靹滊箘鞀るゼ 於滌嫓頃� 瓿勴殟鞛呺媹雼�.
Kyivstar Group Ltd., principal op茅rateur num茅rique d鈥橴kraine et filiale de VEON (NASDAQ: VEON), a finalis茅 sa fusion avec Cohen Circle Acquisition Corp. I. La soci茅t茅 issue de cette op茅ration commencera 脿 锚tre cot茅e au Nasdaq le 15 ao没t 2025 sous les symboles "KYIV" et "KYIVW", devenant la premi猫re opportunit茅 d鈥檌nvestissement purement ukrainienne sur les march茅s boursiers am茅ricains.
脌 l鈥檌ssue de la transaction, qui a re莽u un fort soutien des investisseurs avec un taux de rachat de seulement 25,4% et a permis de lever 178 millions USD, VEON conserve une participation de 89,6% dans Kyivstar Group. L鈥檈ntreprise dessert pr猫s de 23 millions de clients mobiles et 1,1 million d鈥檜tilisateurs de connectivit茅 fixe, proposant des services num茅riques tels que la plateforme sant茅 Helsi, Kyivstar TV et la plateforme de covoiturage Uklon. Kyivstar fournit 茅galement des services aux entreprises et pr茅voit de lancer les services Starlink Direct to Cell au quatri猫me trimestre 2025.
Kyivstar Group Ltd., der f眉hrende digitale Betreiber der Ukraine und Tochtergesellschaft von VEON (NASDAQ: VEON), hat die Unternehmenszusammenf眉hrung mit Cohen Circle Acquisition Corp. I abgeschlossen. Das kombinierte Unternehmen wird ab 15. August 2025 an der Nasdaq unter den Tickersymbolen "KYIV" und "KYIVW" gehandelt und ist damit die erste reine ukrainische Investitionsm枚glichkeit an den US-Aktienm盲rkten.
Nach der Transaktion, die mit nur 25,4% R眉cknahmerate auf breite Investorenunterst眉tzung stie脽 und USD 178 Millionen einbrachte, h盲lt VEON weiterhin 89,6% Anteil an Kyivstar Group. Das Unternehmen betreut nahezu 23 Millionen Mobilkunden und 1,1 Millionen Festnetzanschl眉sse und bietet digitale Dienste wie die Gesundheitsplattform Helsi, Kyivstar TV und die Ride鈥慔ailing鈥慞lattform Uklon an. Kyivstar bietet zudem Unternehmensl枚sungen an und plant die Einf眉hrung von Starlink Direct to Cell im vierten Quartal 2025.
- Strong investor confidence demonstrated by low redemption rate of 25.4%
- Secured USD 178 million in transaction proceeds
- Large market presence with 23 million mobile and 1.1 million fixed connectivity customers
- Diverse digital services portfolio including healthcare, entertainment, and ride-hailing platforms
- Strategic partnership with Starlink for Direct to Cell services launch in Q4 2025
- High ownership concentration with VEON holding 89.6% stake
- Operating in a challenging geopolitical environment
Insights
Kyivstar's Nasdaq listing via SPAC merger creates first Ukrainian pure-play investment opportunity with strong investor confidence shown by low redemption rates.
The completion of the business combination between Kyivstar Group and Cohen Circle represents a significant milestone in global capital markets. With only
The transaction structure leaves VEON with
The deal attracted institutional investors including Helikon and Clearline through non-redemption agreements, suggesting sophisticated market participants see value in this unique investment proposition. The involvement of high-profile advisors - Rothschild & Co, BTIG, Cantor Fitzgerald, and Oppenheimer - further validates the transaction's credibility and complexity.
For investors, this creates a rare opportunity to invest directly in Ukraine's digital infrastructure and recovery story through a Nasdaq-listed vehicle with proper governance and disclosure requirements, rather than through more opaque or indirect channels.
Kyivstar's market position in Ukraine is formidable, serving nearly 23 million mobile customers and 1.1 million fixed connectivity users in a country of approximately 40 million people. This represents extraordinary market penetration despite ongoing conflict conditions. The company has strategically diversified beyond traditional telecom services into high-growth digital verticals:
- Digital healthcare through Helsi platform (29 million registered users)
- Entertainment streaming via Kyivstar TV
- Ukraine's leading ride-hailing/delivery platform Uklon
- Enterprise cloud, cybersecurity and AI solutions
- Software development services through Kyivstar Tech
Most notably, Kyivstar's partnership with Starlink and planned Q4 2025 launch of satellite-powered Direct to Cell services represents cutting-edge innovation in telecom resilience. This technology enables connectivity in areas where traditional infrastructure is compromised - a critical capability in Ukraine's context.
Kyivstar's diversification strategy closely resembles successful digital operator transformations seen in other emerging markets, where telecom companies evolved from connectivity providers into digital ecosystem players spanning fintech, entertainment, and essential services. This positions the company to capture higher-margin digital service revenue streams beyond traditional telecom offerings.
The company's ability to maintain and expand services despite infrastructure challenges demonstrates exceptional operational resilience, likely resulting in strong customer loyalty and brand equity that will benefit long-term market position.
Kyiv, New York, Dubai, and Philadelphia 鈥� 14 August 2025听 - VEON Ltd. (Nasdaq: VEON) (鈥淰EON鈥�), a global digital operator and parent company of Ukraine鈥檚 leading digital operator JSC Kyivstar (鈥淜yivstar鈥�), and Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (鈥淐ohen Circle鈥�), a special purpose acquisition company, have today closed the previously announced business combination between Kyivstar Group Ltd. and Cohen Circle (the 鈥淏usiness Combination鈥�), which will make Kyivstar Group Ltd. a U.S.-listed company.
The combined company will operate as Kyivstar Group Ltd. (the 鈥淐ompany鈥�), the common shares and warrants of which are expected to start trading on the Nasdaq Stock Market (鈥淣asdaq鈥�) on or about August 15, 2025 under the ticker symbols 鈥淜YIV鈥� and 鈥淜YIVW,鈥� respectively, making the Company the first and only pure-play Ukrainian investment opportunity in U.S. stock markets. As of the closing of the Business Combination, VEON holds an
Cohen Circle鈥檚 shareholders approved the Business Combination at its extraordinary general meeting held on August 12, 2025. Prior to Cohen Circle鈥檚 extraordinary general meeting, holders of only
鈥淲e are making history with the listing of Kyivstar on Nasdaq, having completed the business combination鈥� said Augie Fabela, Chairman and Founder of VEON.鈥� Kyivstar is a stellar example of how private sector can accelerate the resilience and rebuilding of a country. We look forward to making this impressive investment case accessible to investors on the world鈥檚 leading stock exchange for technology companies 鈥� and to making Ukraine鈥檚 success story and bright future visible and accessible to U.S. investors.鈥�
鈥淭oday鈥檚 milestone opens a new chapter in Kyivstar鈥檚 brilliant track-record. Over the course of the past 5 months, we have seen many instances of investor confidence in Kyivstar, starting with Cohen Circle鈥檚 own interest, and continuing with the trust of institutional and retail investors, as evidenced by the low redemption rates we saw,鈥� said Kaan Terzioglu, VEON Group CEO. 鈥淚 would like to thank Cohen Circle and all VEON and Kyivstar investors for their confidence in Ukraine鈥檚 and Kyivstar鈥檚 investment case, and for supporting VEON in its decision to stand with Ukraine.鈥�
鈥淜yivstar鈥檚 story is a unique combination: visionary and future-looking strategy, robust execution, strong growth, prudent capital deployment and commitment to rebuilding our home country Ukraine. We are delighted to share this unique story with international investors seeking high-growth opportunities, and look forward to doing so on Nasdaq following our listing as the flagbearer of Ukrainian businesses on U.S. stock markets,鈥� said Oleksandr Komarov, President of Kyivstar.听
鈥淲e are proud to have accomplished our goal of bringing Kyivstar to the U.S. public markets and highlighting its compelling investment case. This is a business that has consistently demonstrated its ability to navigate challenging environments with focus, conviction, and purpose. The team behind Kyivstar is best-in-class, and we couldn鈥檛 be more excited about this transaction,鈥� said Betsy Cohen, Chairman and CEO of Cohen Circle.
Kyivstar is Ukraine鈥檚 leading digital operator, serving nearly 23 million customers with mobile and 1.1 million customers with fixed connectivity services. Its portfolio of digital services includes the digital healthcare platform Helsi, with a registered user base of 29 million; the entertainment streaming platform Kyivstar TV; and Ukraine鈥檚 leading ride-hailing and delivery platform, Uklon. Kyivstar is also a top provider of enterprise services in Ukraine, supporting businesses with cloud, cybersecurity, and AI solutions. Through Kyivstar Tech, it is a growing player in Ukraine鈥檚 software development landscape and a preferred partner for international technology companies such as Starlink.
Kyivstar recently announced the successful testing of Starlink Direct to Cell services, and plans to commercially launch satellite-powered Direct to Cell in Q4 2025, further enhancing its ability to deliver essential connectivity across Ukraine.
础诲惫颈蝉辞谤蝉听
Rothschild & Co acted as the lead financial advisor and capital markets advisor to VEON. BTIG, LLC acted as capital markets advisor to VEON. Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. acted as capital markets advisors to Cohen Circle. Latham & Watkins LLP and Sayenko Kharenko served as counsel to VEON Group and Kyivstar. Morgan, Lewis & Bockius LLP and INTEGRITES served as counsel to Cohen Circle.听
About Kyivstar Group
Kyivstar Group operates Ukraine's leading digital operator, serving nearly 23 million mobile customers and over 1.1 million home internet fixed line customers as of June 30th, 2025. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years. For more information, visit: .
About VEON
VEON is a digital operator that provides services to over 150 million connectivity customers and approximately 120 million monthly active digital users. Operating across five countries that are home to more than
About Cohen Circle
Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more technology and/or financial services businesses.
Forward-Looking Statements
This press release contains 鈥渇orward-looking statements,鈥� as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements generally are identified by the words 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渇orecast,鈥� 鈥渇uture,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥渙pportunity,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥渟hould,鈥� 鈥渟trategy,鈥� 鈥渨ill,鈥� 鈥渨ill be,鈥� 鈥渨ill continue,鈥� 鈥渨ill likely result,鈥� 鈥渨ould鈥� and similar expressions (including the negative versions of such words or expressions).
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the listing of Kyivstar Group鈥檚 common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the Business Combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management鈥檚 current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group鈥檚, VEON鈥檚 or Cohen Circle鈥檚 actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the inability to complete the Business Combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the Business Combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled 鈥淩isk Factors鈥� included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.
Contact Information
VEON
Hande Asik
Group Director of Communications
Kyivstar
Media and Investor Contact:
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FAQ
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