- Kyivstar to go public on Nasdaq through a business combination with Cohen Circle Acquisition Corp.
- VEON to retain at least 80% ownership, reinforcing its commitment to Ukraine’s digital future.
What happened: Kyivstar’s Nasdaq listing marks a new era for Ukraine’s digital economy
Ukrainian telecommunications giant Kyivstar is set to list on the Nasdaq Stock Market through a business combination agreement with Cohen Circle Acquisition Corp., marking a significant milestone for Ukraine’s business landscape. Despite ongoing economic challenges and market turbulence fueled by investor concerns over Trump-era tariffs, Kyivstar and its parent company, VEON, are forging ahead with the deal, valuing the company at over $2 billion.
The agreement, announced this week, will enable Kyivstar to enter the U.S. stock exchange, pending approval from Cohen Circle’s shareholders and other regulatory conditions. VEON, a long-time investor in Kyivstar, will retain at least 80% of the company’s equity post-transaction, ensuring continued strategic oversight. The deal is expected to close in the third quarter of 2025.
Augie K. Fabela II, chairman and founder of VEON, described the move as more than just a financial milestone, highlighting its broader economic significance. “Kyivstar’s listing on Nasdaq will mark a defining moment for Ukraine’s economic future,” Fabela noted. Kyivstar’s CEO, Oleksandr Komarov, echoed these sentiments, emphasizing the company’s commitment to resilience and rebuilding Ukraine’s digital infrastructure, despite the ongoing war.
This listing is also part of VEON’s larger strategy to invest in Ukraine’s digital infrastructure, with its commitment rising to $1 billion in investments through 2027—an increase from the previously pledged $600 million over three years.
Betsy Cohen, Chairman and CEO of Cohen Circle, hailed Kyivstar as an “inspiring business and a significant investment opportunity” that aligns with Ukraine’s broader economic rebuilding efforts. The transaction will place Kyivstar among the select few Ukrainian companies to debut on a major U.S. exchange, offering a unique investment opportunity for international stakeholders.
Also read: Verizon’s cautionary forecast shakes US telecom market
Also read: Verizon’s subscriber growth warning hits US telecom stocks
Why it’s important
Kyivstar’s Nasdaq listing signifies a major milestone for Ukraine’s corporate sector, highlighting its resilience amid geopolitical and economic challenges. As one of Ukraine’s leading telecommunications providers, Kyivstar’s move to the U.S. stock market underscores the country’s ongoing integration into global financial systems.
The listing also reflects growing international investor interest in Ukraine’s economic recovery. With VEON retaining majority ownership, the move signals strong foreign investor confidence in Ukraine’s digital sector, even as global markets remain volatile due to geopolitical uncertainties and tariff concerns.
Additionally, Kyivstar’s transition to a publicly traded company will provide greater transparency and access to international capital, essential for Ukraine’s long-term economic stabilization. VEON’s $1 billion investment in Ukraine’s digital infrastructure further solidifies the role of private capital in national rebuilding efforts. By expanding broadband access and strengthening telecommunications networks, the company aims to play a pivotal role in Ukraine’s post-war economic resilience.
Finally, the successful completion of this deal could pave the way for more Ukrainian firms to seek international capital, boosting foreign direct investment and reinforcing Ukraine’s economic positioning in the global marketplace.
