Bullish indicating open at $55-$60, IPO prices at $37
KYIV - VEON Ltd. (NASDAQ: VEON), a global digital operator, has announced that its subsidiary, JSC Kyivstar, has agreed to acquire a 97% shareholding in Uklon, Ukraine’s leading ride-hailing and delivery platform. This move comes as part of VEON’s broader strategy to expand its digital services. The deal announcement comes as Cohen Circle Acquisition Corp. I (NASDAQ: CCIRU) trades near its 52-week high of $13.26, with InvestingPro data showing an impressive 28.5% return over the past six months.
The financial terms of the deal have not been disclosed, but Uklon’s key financial and operational metrics for the fiscal year 2024 were released, showing a revenue of $65 million and a 30% compound annual growth rate from FY21 to FY24. The platform reported over 100 million rides and 3 million deliveries in 2024, with services available in 27 Ukrainian cities and over 100,000 partner drivers by the end of the period. CCIRU, with a market capitalization of $387.35 million, maintains an excellent financial health score of 4.64 according to InvestingPro analysis.
This acquisition is poised to further strengthen Kyivstar’s service offerings. Kyivstar, already Ukraine’s largest digital operator, has been serving over 23 million mobile subscribers and more than 1.1 million home internet customers as of December 2024. The company is committed to investing $1 billion in telecom technologies in Ukraine from 2023 to 2027.
The announcement also follows VEON’s disclosure of its Fourth Quarter and Financial Year 2024 Trading Update and comes on the heels of a business combination agreement with Cohen Circle Acquisition Corp. I (NASDAQ: CCIRU) that, upon approval, will see Kyivstar listed on the Nasdaq Stock Market under the ticker symbol KYIV in the third quarter of 2025.
Founded 15 years ago in Kyiv, Uklon has grown to become the largest ride-hailing service in Ukraine without external financing. The company boasts a team of over 700 experts, including 250 software engineers, and offers a range of digital services including ride-hailing, delivery, and advertising technology.
The financial information provided in this announcement is preliminary, unaudited, and based on internal management accounts, which are subject to financial closing procedures that have not yet been completed. VEON cautions that the information should not be relied upon unduly as actual results may vary materially.
This strategic acquisition is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. The information regarding this acquisition is based on a press release statement. According to InvestingPro analysis, CCIRU appears to be trading above its Fair Value, with additional insights and detailed valuation metrics available for subscribers. Investors can access over 10 additional ProTips and comprehensive financial analysis through the platform.
In other recent news, VEON Ltd. and Cohen Circle Acquisition Corp. I announced a business combination agreement that will lead to Kyivstar, Ukraine’s leading digital operator, being listed on the Nasdaq Stock Market. The transaction assigns a pro-forma valuation of $2.21 billion to Kyivstar and is expected to be completed in the third quarter of 2025, pending necessary approvals. VEON will maintain at least 80% ownership in Kyivstar Group Ltd. following the merger. This development is seen as a significant opportunity for global investors to engage with Ukraine’s economic growth. Additionally, Cohen Circle Acquisition Corp. I has released its Passive Foreign Investment Company (PFIC) Annual Statement for the fiscal year 2024. This statement is crucial for U.S. shareholders to make qualified electing fund elections, impacting the taxation of income and gains. The release underscores the company’s adherence to U.S. tax regulations and commitment to transparency. Cohen Circle, previously known as FTAC Artemis Acquisition Corp., specializes in real estate and construction and is based in Philadelphia.
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