Bullish indicating open at $55-$60, IPO prices at $37
NEW YORK – VEON Ltd. (NASDAQ: VEON), a global digital operator, and Cohen Circle Acquisition Corp. I (NASDAQ: CCIRU), a special purpose acquisition company, announced a business combination agreement that will result in Kyivstar, Ukraine’s leading digital operator, being listed on the Nasdaq Stock Market under the ticker symbol KYIV.
The transaction, which assigns a pro-forma valuation of $2.21 billion to Kyivstar at closing, is expected to complete in Q3 2025, subject to approval from Cohen Circle’s shareholders and other customary closing conditions. VEON will retain a minimum of 80% ownership in Kyivstar Group Ltd., the parent company of Kyivstar, post-closing.
Kyivstar is Ukraine’s largest digital operator, serving over 24 million customers with an array of services including mobile and fixed communication, a healthcare platform, streaming TV, and enterprise solutions such as cloud and cybersecurity. The company, as part of its growth strategy, is also venturing into digital services and international partnerships, including a collaboration with Starlink for direct-to-cell deployment.
The listing on Nasdaq is seen as a significant step for Ukraine’s economic future, providing U.S. and global investors access to a unique investment opportunity in the country’s growth and resilience. VEON’s Chairman and Founder, Augie K Fabela II, expressed pride in pioneering this historic step, while VEON Group CEO Kaan Terzioglu highlighted Kyivstar’s strong financial profile and robust governance structure as appealing to international investors.
Oleksandr Komarov, CEO of Kyivstar, remarked on the company’s success in maintaining resilience and rebuilding Ukraine’s infrastructure through the war, positioning it for future success as a leading digital services company. Betsy Cohen, Chairman and CEO of Cohen Circle Acquisition Corp. I, also noted Kyivstar as a significant investment opportunity that stands to deliver growth for international investors.
Advisory roles in the transaction include Rothschild & Co as lead financial advisor to VEON, with BTIG, LLC and Cantor Fitzgerald & Co. advising on capital markets. Legal counsel is provided by Latham & Watkins LLP and Sayenko Kharenko for VEON Group and Kyivstar, and by Morgan, Lewis & Bockius LLP and INTEGRITES for Cohen Circle.
This news article is based on a press release statement and does not constitute financial advice. For deeper insights into Cohen Circle’s financial metrics and additional ProTips, including detailed valuation analysis and growth prospects, explore InvestingPro, your comprehensive source for investment research and analysis.
In other recent news, Cohen Circle Acquisition Corp. I has released its Passive Foreign Investment Company (PFIC) Annual Statement for the fiscal year 2024. The disclosure, made in a Form 8-K filing with the Securities and Exchange Commission, provides important tax-related information for its Class A ordinary shareholders. This statement is crucial for U.S. shareholders who wish to make qualified electing fund (QEF) elections, impacting how income and gains from these shares are taxed. The release underscores the company’s compliance with U.S. tax regulations and its dedication to transparency. Cohen Circle Acquisition Corp. I, formerly known as FTAC Artemis Acquisition Corp., has reaffirmed its status as an emerging growth company, which allows for certain reduced reporting requirements. The company has emphasized that the filing of this report aligns with its regular disclosure practices and does not signal any immediate operational changes. Investors are encouraged to review the full PFIC Annual Statement to understand the financial activities and performance of the company during the previous fiscal year.
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