Ahead of Its Historic Listing on Nasdaq, Kyivstar Group Completes Business Combination with Cohen Circle
Kyivstar Group Ltd. has completed its business combination with Cohen Circle Acquisition Corp. I (NASDAQ: CCIR), marking a historic milestone as the first pure-play Ukrainian investment opportunity on U.S. stock markets. The combined company will begin trading on Nasdaq on August 15, 2025, under the symbols "KYIV" and "KYIVW".
The transaction secured $178 million in proceeds, with only 25.4% redemption rate from Cohen Circle's public shareholders. VEON (Nasdaq: VEON) maintains an 89.6% stake in Kyivstar Group post-combination.
Kyivstar serves 23 million mobile and 1.1 million fixed connectivity customers in Ukraine. The company's portfolio includes digital healthcare platform Helsi, entertainment streaming service Kyivstar TV, and ride-hailing platform Uklon. Additionally, Kyivstar plans to launch Starlink Direct to Cell services commercially in Q4 2025.
Kyivstar Group Ltd. ha completato la fusione aziendale con Cohen Circle Acquisition Corp. I (NASDAQ: CCIR), segnando un traguardo storico come prima opportunità d'investimento puramente ucraina nei mercati azionari statunitensi. La società risultante inizierà la quotazione su Nasdaq il 15 agosto 2025, con i simboli "KYIV" e "KYIVW".
L'operazione ha raccolto 178 milioni di dollari, con un tasso di rimborso da parte degli azionisti pubblici di Cohen Circle pari solo al 25,4%. VEON (Nasdaq: VEON) mantiene una quota dell'89,6% in Kyivstar Group dopo la combinazione.
Kyivstar serve 23 milioni di clienti mobili e 1,1 milioni di clienti di connettività fissa in Ucraina. Il portafoglio comprende la piattaforma sanitaria digitale Helsi, il servizio di streaming Kyivstar TV e la piattaforma di ride-hailing Uklon. Inoltre, Kyivstar prevede di lanciare commercialmente i servizi Starlink Direct to Cell nel quarto trimestre 2025.
Kyivstar Group Ltd. ha completado su combinación empresarial con Cohen Circle Acquisition Corp. I (NASDAQ: CCIR), marcando un hito histórico como la primera oportunidad de inversión 100% ucraniana en los mercados bursátiles de EE. UU. La compañía combinada comenzará a cotizar en Nasdaq el 15 de agosto de 2025, bajo los símbolos "KYIV" y "KYIVW".
La transacción aseguró 178 millones de dólares, con una tasa de redención de solo el 25,4% por parte de los accionistas públicos de Cohen Circle. VEON (Nasdaq: VEON) mantiene una participación del 89,6% en Kyivstar Group tras la combinación.
Kyivstar presta servicio a 23 millones de clientes móviles y 1,1 millones de clientes de conectividad fija en Ucrania. Su cartera incluye la plataforma digital de salud Helsi, el servicio de streaming Kyivstar TV y la plataforma de transporte Uklon. Además, Kyivstar planea lanzar comercialmente los servicios Starlink Direct to Cell en el cuarto trimestre de 2025.
Kyivstar Group Ltd.가 Cohen Circle Acquisition Corp. I (NASDAQ: CCIR)와의 기업 합병을 완료하여 미국 증시에서 첫 순수 우크라이나 투자 기회라는 역사적 이정표를 세웠습니다. 합병 후 회사는 2025년 8월 15일부터 Nasdaq에 "KYIV" 및 "KYIVW" 티커로 상장됩니다.
이번 거래로 1억 7,800만 달러의 자금이 확보됐으며, Cohen Circle의 공모주주 중 환매 비율은 단지 25.4%에 그쳤습니다. VEON (Nasdaq: VEON)은 합병 이후에도 Kyivstar Group의 89.6% 지분을 보유합니다.
Kyivstar는 우크라이나에서 2,300만 명의 이동통신 고객과 110만 명의 유선 연결 고객에게 서비스를 제공합니다. 포트폴리오에는 디지털 헬스케어 플랫폼 Helsi, 스트리밍 서비스 Kyivstar TV, 라이드헤일링 플랫폼 Uklon이 포함되어 있습니다. 또한 Kyivstar는 2025년 4분기에 Starlink Direct to Cell 서비스를 상업적으로 출시할 계획입니다.
Kyivstar Group Ltd. a finalisé son rapprochement avec Cohen Circle Acquisition Corp. I (NASDAQ: CCIR), marquant une étape historique en tant que première opportunité d'investissement purement ukrainienne sur les marchés boursiers américains. La société issue de la fusion commencera à être cotée sur Nasdaq le 15 août 2025, sous les symboles "KYIV" et "KYIVW".
La transaction a permis de lever 178 millions de dollars, avec un taux de rachat des actionnaires publics de Cohen Circle de seulement 25,4 %. VEON (Nasdaq: VEON) conserve après la fusion une participation de 89,6 % dans Kyivstar Group.
Kyivstar dessert 23 millions de clients mobiles et 1,1 million de clients en connectivité fixe en Ukraine. Le portefeuille comprend la plateforme de santé numérique Helsi, le service de streaming Kyivstar TV et la plateforme de VTC Uklon. Par ailleurs, Kyivstar prévoit de lancer commercialement les services Starlink Direct to Cell au quatrième trimestre 2025.
Kyivstar Group Ltd. hat seine Unternehmenszusammenführung mit Cohen Circle Acquisition Corp. I (NASDAQ: CCIR) abgeschlossen und damit einen historischen Meilenstein als erste reine ukrainische Investitionsmöglichkeit an den US-Aktienmärkten gesetzt. Das kombinierte Unternehmen wird ab dem 15. August 2025 an der Nasdaq unter den Symbolen "KYIV" und "KYIVW" gehandelt.
Die Transaktion sicherte 178 Millionen US-Dollar an Erlösen, bei einer Rücknahmerate der öffentlichen Cohen Circle-Aktionäre von lediglich 25,4%. VEON (Nasdaq: VEON) hält nach der Kombination weiterhin einen Anteil von 89,6% an Kyivstar Group.
Kyivstar betreut in der Ukraine 23 Millionen Mobilfunkkunden und 1,1 Millionen Festnetzkunden. Zum Portfolio gehören die digitale Gesundheitsplattform Helsi, der Streamingdienst Kyivstar TV und die Ride‑Hailing‑Plattform Uklon. Zudem plant Kyivstar, Starlink Direct to Cell im vierten Quartal 2025 kommerziell einzuführen.
- First pure-play Ukrainian investment opportunity on U.S. stock markets
- Strong investor confidence demonstrated by low redemption rate of 25.4%
- Secured $178 million in transaction proceeds
- Large customer base with 23 million mobile and 1.1 million fixed connectivity users
- Diversified 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
- Operational risks due to ongoing geopolitical situation in Ukraine
Insights
Kyivstar's Nasdaq listing via SPAC marks historic first pure-play Ukrainian investment on US markets with strong investor confidence shown by low redemption rates.
Kyivstar Group's business combination with Cohen Circle represents a landmark transaction for Ukrainian businesses entering US capital markets. With only
This transaction creates the first pure-play Ukrainian investment opportunity on Nasdaq, with trading expected to commence August 15 under ticker symbol "KYIV." The SPAC structure provided Kyivstar a more efficient path to public markets compared to traditional IPOs, which likely would have faced significant hurdles given current market conditions for emerging market listings.
VEON maintains controlling interest with an
Kyivstar brings substantial scale to public markets with nearly 23 million mobile customers and 1.1 million fixed connectivity customers, plus diversified digital services spanning healthcare, entertainment, ride-hailing, and enterprise solutions. The planned Q4 2025 commercial launch of Starlink Direct to Cell services represents a significant technological advancement that could enhance service delivery in challenging infrastructure environments.
Kyiv, New York, Dubai, and Philadelphia, Aug. 14, 2025 (GLOBE NEWSWIRE) -- VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and parent company of Ukraine’s leading digital operator JSC Kyivstar (“Kyivstar”), and Cohen Circle Acquisition Corp. I (Nasdaq: CCIR) (“Cohen Circle”), a special purpose acquisition company, have today closed the previously announced business combination between Kyivstar Group Ltd. and Cohen Circle (the “Business Combination”), which will make Kyivstar Group Ltd. a U.S.-listed company.
The combined company will operate as Kyivstar Group Ltd. (the “Company”), the common shares and warrants of which are expected to start trading on the Nasdaq Stock Market (“Nasdaq”) on or about August 15, 2025 under the ticker symbols “KYIV” and “KYIVW,” 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’s shareholders approved the Business Combination at its extraordinary general meeting held on August 12, 2025. Prior to Cohen Circle’s extraordinary general meeting, holders of only
“We are making history with the listing of Kyivstar on Nasdaq, having completed the business combination” said Augie Fabela, Chairman and Founder of VEON.“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’s leading stock exchange for technology companies – and to making Ukraine’s success story and bright future visible and accessible to U.S. investors.”
“Today’s milestone opens a new chapter in Kyivstar’s 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’s own interest, and continuing with the trust of institutional and retail investors, as evidenced by the low redemption rates we saw,” said Kaan Terzioglu, VEON Group CEO. “I would like to thank Cohen Circle and all VEON and Kyivstar investors for their confidence in Ukraine’s and Kyivstar’s investment case, and for supporting VEON in its decision to stand with Ukraine.”
“Kyivstar’s 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,” said Oleksandr Komarov, President of Kyivstar.
“We 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’t be more excited about this transaction,” said Betsy Cohen, Chairman and CEO of Cohen Circle.
Kyivstar is Ukraine’s 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’s 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’s 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.
Advisors
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.
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: www.kyivstar.ua.
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 “forward-looking statements,” 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 “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” 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’s 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’s 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’s, VEON’s or Cohen Circle’s 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 “Risk Factors” 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
pr@veon.com
Kyivstar
Media and Investor Contact:
Kyivstar@icrinc.com
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