Ukraine’s Kyivstar Group said it plans to list on the Nasdaq in the coming months at a $2.21 billion valuation, betting on the tech-heavy U.S. index to attract international investors.
Veon, the digital operator that controls Kyivstar, said it signed an agreement with special purpose acquisition company Cohen Circle Acquisition Corp. I to list the Ukrainian telecommunication group on the Nasdaq Stock Market under the ticker KYIV.
“Investing in Kyivstar now becomes more directly accessible to international investors as Kyivstar progresses towards becoming a Nasdaq-listed company,” Veon Chief Executive Kaan Terzioglu said in a statement.
Veon said it would own at least 80% of the issued and outstanding equity of Kyivstar Group immediately after the listing, expected in the third quarter subject to approval from Cohen Circle’s shareholders and other conditions.
The announcement comes two months after Veon said it had inked a letter of intent to enter into a business combination with Cohen Circle Acquisition Corp. I, a SPAC backed by investment firm Cohen Circle.
Betsy Cohen, chief executive of the SPAC, said Kyivstar represents a significant investment opportunity for international investors once Ukraine moves into a rebuilding phase. President Trump is set to speak to Russian President Vladimir Putin on Tuesday as part of efforts from the White House to bring the war to an end.
Founded in 1994, Kyivstar counted more than 23 million mobile subscribers and more than 1.1 million home internet fixed line customers as of December last year. The group’s consumer digital service portfolio includes healthcare platform Helsi, with more than 28 million registered patients, and streaming platform Kyivstar TV, with 2 million monthly active users.
Kyivstar in December signed an agreement with Elon Musk’s Starlink to bring direct-to-cell satellite connectivity to Ukraine. The company expects to launch Starlink direct-to-cell services with messaging functionalities in the fourth quarter, before subsequently expanding to voice and data services.
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