VEON and Cohen Circle Secure $52.3M for Kyivstar Listing

VEON Ltd. and Cohen Circle Acquisition Corp. have secured $52.3 million in non-redemption agreements for the Kyivstar Group listing, making it the first pure-play Ukrainian company on a US stock exchange. The business combination aims to close in Q3 2025, pending shareholder approval. This strategic move reflects strong market confidence in Kyivstar's investment potential and aligns with VEON's strategy to optimize its assets.

VEON Ltd. and Cohen Circle Acquisition Corp. have secured $52.3 million in non-redemption agreements to facilitate the listing of Kyivstar Group on the Nasdaq Stock Market. The business combination, expected to close in the third quarter of 2025, pending shareholder approval, positions Kyivstar Group as the first pure-play Ukrainian company to be publicly listed on a U.S. stock exchange. The move reflects strong market confidence in Kyivstar's investment potential and aligns with VEON's strategy to optimize its assets in Ukraine.

The non-redemption agreements, totaling approximately $52.3 million, were signed with accredited institutional investors, including Helikon and Clearline. These commitments cover approximately 5.05 million CCIR Class A shares, securing the minimum $50 million cash condition for the business combination. Upon completion, Kyivstar Group is expected to be listed under the ticker symbol "KYIV."

Kaan Terzioglu, CEO of VEON Group, expressed optimism about the support for Kyivstar's listing, while Betsy Cohen, Chairman and CEO of Cohen Circle Acquisition Corp. I, highlighted the investment opportunities in Kyivstar Group. VEON plans to invest $1 billion in Ukraine from 2023 to 2027, focusing on infrastructure and technology development.

The potential positives of this business combination include enhanced visibility and investment appeal for Kyivstar Group. However, there are also potential negatives, such as the reliance on non-redemption agreements and forward-looking statements that carry inherent risks and uncertainties. Additionally, external factors like the geopolitical situation in Ukraine could impact operations and investor sentiment.

Kyivstar Group, operating Ukraine's leading digital operator, serves over 23 million mobile customers and 1.1 million home internet customers. The company provides a wide range of services, including 4G, big data, cloud solutions, cybersecurity, and digital TV. VEON, together with Kyivstar Group, intends to invest $1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development.

References:

[1] https://www.nasdaq.com/articles/veon-ltd-and-cohen-circle-acquisition-corp-i-announce-523-million-non-redemption