Kyivstar becomes first Ukrainian company to list on Nasdaq

NEW YORK/KYIV - VEON Ltd. (NASDAQ:VEON) and Cohen Circle Acquisition Corp. I (NASDAQ:CCIR) announced Thursday the completion of their business combination, making Kyivstar Group Ltd. the first Ukrainian company to list on the Nasdaq Stock Market. VEON, which has seen its stock surge over 100% in the past year according to InvestingPro data, currently trades near its 52-week high of $59.88.

Kyivstar Group, Ukraine’s leading digital operator, is expected to begin trading Friday under the ticker symbols "KYIV" and "KYIVW" for its common shares and warrants, respectively.

VEON will maintain an 89.6% stake in the newly listed entity following the transaction. Cohen Circle’s shareholders approved the business combination at a meeting held on Tuesday, with only 25.4% of public shareholders exercising redemption rights, resulting in $178 million of transaction proceeds.

Kyivstar serves nearly 23 million mobile customers and 1.1 million fixed-line customers in Ukraine. The company’s portfolio includes digital healthcare platform Helsi, entertainment streaming service Kyivstar TV, and ride-hailing platform Uklon. Kyivstar also provides enterprise services including cloud, cybersecurity, and AI solutions. With an impressive gross profit margin of 87.75% and annual revenue of $4.15 billion, the company demonstrates strong operational efficiency. InvestingPro analysis reveals 8 additional key metrics and insights available for subscribers.

"We are delighted to share this unique story with international investors seeking high-growth opportunities, and look forward to doing so on Nasdaq as the flagbearer of Ukrainian businesses on U.S. stock markets," said Oleksandr Komarov, President of Kyivstar, in the press release.

The company recently announced successful testing of Starlink Direct to Cell services, with plans to commercially launch satellite-powered connectivity in the fourth quarter of 2025.

Rothschild & Co served as lead financial advisor to VEON, while Cantor Fitzgerald and Oppenheimer acted as capital markets advisors to Cohen Circle for the transaction.

In other recent news, VEON Ltd. has finalized the sale of its 50.1% indirect stake in Sky Mobile LLC, operating under the Beeline brand in Kyrgyzstan, to the state-owned Eldik Bank. The transaction was completed with all necessary regulatory approvals, though specific financial terms were not disclosed. Additionally, VEON’s subsidiary, Kyivstar, has successfully conducted the first field test of Starlink Direct to Cell technology in Ukraine, marking a significant development in eastern Europe. This test, carried out in the Zhytomyr region, demonstrated the integration of satellite and terrestrial network capabilities using standard 4G smartphones.

Furthermore, VEON has secured approximately $52.3 million in non-redemption agreements for its proposed business combination with Cohen Circle Acquisition Corp. I. This transaction is expected to result in Kyivstar Group becoming the first pure-play Ukrainian company to be publicly listed on a U.S. stock exchange. In another financial move, VEON has completed the pricing of a $200 million private placement of senior unsecured notes due in 2029, with an annual interest rate of 9.000%. These notes, issued by VEON MidCo B.V., will be guaranteed by VEON Amsterdam B.V. and are expected to carry a BB- credit rating from S&P and Fitch. Additionally, Kyivstar has received regulatory approval to test Starlink Direct-to-Cell services in Ukraine, confirming the compatibility of its SIM cards with the Starlink system.

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