According to a statement, completion of the transaction would make Kyivstar the first “purely Ukrainian investment opportunity” to be publicly listed on a US stock exchange. This would enable “US and other international investors to participate more directly in Kyivstar’s growth and the broader recovery of the Ukrainian economy.”
Kyivstar is Ukraine’s largest digital operator, with more than 20 million customers. It provides services including digital healthcare platform Helsi, as well as streaming platform Kyivstar TV. It has recently signed an agreement with Starlink to facilitate direct-to-cell satellite connectivity.
VEON chair and founder, Augie K Fabela II, said: “We are proud to be opening American and global markets for Ukraine with Kyivstar's benchmark Nasdaq listing. As Ukraine's largest private investor, this milestone amplifies our 'Invest in Ukraine NOW!' campaign, showcasing the country’s growth potential and offering American investors direct access to its future economic opportunities."
VEON Group CEO, Kaan Terzioglu, said: “The agreement that we have reached with Cohen Circle underscores our commitment to rebuilding Ukraine through investments. We are excited to see investor interest in Kyivstar’s growth story and the appreciation of Ukraine’s potential.
“We are determined to work diligently towards the successful completion of this process, which will make Kyivstar a unique US-listed opportunity for international investors while also highlighting the overall investment case for Ukraine.”
A definitive agreement is expected to be signed between the two companies by the second quarter of this year.
