A Memorandum of Understanding (MoU) between VEON Holdings B.V. and Cohen Circle sets out a plan for combining Kyivstar’s business with a listed entity, paving the way for the operator to trade on the U.S. stock market. If successful, this would place Kyivstar among the first Ukrainian companies to list shares on Nasdaq.
Deal Structure and Timeline
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MoU Highlights
Under the terms of the memorandum, both parties intend to pursue a business combination and subsequent listing of Kyivstar on Nasdaq. VEON will retain a controlling stake in the newly listed company. -
Reorganization Under Dutch Law
VEON will reorganize VEON Holdings, creating two entities.- VEON Holdings will ultimately own Kyivstar, associated subsidiaries, and additional assets.
- A Newly Formed Company will hold VEON’s other major operating subsidiaries.
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Transaction Timing
The agreement is expected to be signed by early Q2 of 2025. Details of the final arrangement will be released post-signing.
Key Voices
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Augie K. Fabela II, Chairman & Founder of VEON
“With the listing of Kyivstar on Nasdaq, we’re opening up the U.S. and global markets for Ukraine. We’re demonstrating the country’s growth potential and offering U.S. investors direct access to future economic opportunities.”
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Oleksandr Komarov, CEO of Kyivstar
“This isn’t just a business deal—it’s a statement of faith in Ukraine’s future. I’m convinced our step today will inspire other investors to see Ukraine’s potential now, without waiting for the end of the war.”
About Kyivstar
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Leading Operator in Ukraine
Kyivstar provides services to around 24 million subscribers. Its network infrastructure includes extensive mobile and fixed-line coverage. -
Digital Services
- Helsi: A healthcare platform with 28 million registered users.
- Kyivstar TV: A popular film and television streaming platform.
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Corporate Solutions
The company supports enterprise customers with cloud services, cybersecurity tools, and AI solutions. Kyivstar Tech focuses on software development. -
Satellite Partnership
A recent agreement with Starlink (Direct to Cell) will integrate satellite communications into mobile devices, further bolstering Ukraine’s telecommunications reliability.
Bigger Picture
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One of the First Ukrainian Nasdaq Listings
A successful listing would mark a major milestone, offering global investors exposure to Ukraine’s evolving technology and telecom sectors. -
VEON’s Wider Investments
VEON has pledged a $1 billion investment strategy in Ukraine. This partnership with Cohen Circle signals growing international confidence in the country’s post-war economic landscape. -
Industry Impact
Should the listing go ahead as planned, analysts anticipate increased investor interest in Ukrainian enterprises across various tech and infrastructure fields.
Summary
With a planned business combination and a future Nasdaq listing, Kyivstar is set to become a standout example of Ukraine’s emergent global reach. The collaboration among VEON, Cohen Circle, and one of the country’s leading telecom operators underscores renewed optimism—and investment—in Ukraine’s economic recovery and development.
