Ukrainian telco Kyivstar, moves towards a Nasdaq listing, as its parent company, VEON, announces the signing of a business combination agreement with Cohen Circle Acquisition Corp.
The agreement will allow Kyivstar to list on the Nasdaq Stock Market in the United States, despite a month-long decline driven by investor concerns over Trump's tariffs.
VEON, which has been a major investor in Kyivstar, will retain at least 80% of the company’s equity following the closing of the business combination.
The transaction is expected to be completed in the third quarter of 2025, pending approval from Cohen Circle’s shareholders and other customary closing conditions. The move positions Kyivstar as one of the few companies from Ukraine to be listed on a major U.S. exchange.
Augie K. Fabela II, chairman and founder of VEON, commented: "Kyivstar’s listing on Nasdaq will be more than a financial milestone—it will mark a defining moment for Ukraine’s economic future," said Fabela.
"As one of Ukraine’s largest private sector investors, VEON is proud to pioneer this historic step, offering U.S. and global investors a unique opportunity to support and participate in Ukraine’s economic growth and resilience."
This is an increase from the previously announced $600 million over three years.
Kyivstar's CEO, Oleksandr Komarov, commented that the company's progress towards a Nasdaq listing would not only allow it to share its growth story with a global audience but also provide an opportunity for international investors to participate in Ukraine's recovery. "Through the war, the Kyivstar team has succeeded in spearheading the resilience and rebuilding of Ukraine’s infrastructure," said Komarov.
Betsy Cohen, Chairman and CEO of Cohen Circle commented. "Kyivstar is an inspiring business and a significant investment opportunity that stands to deliver growth for international investors as Ukraine moves into a rebuilding phase."
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