Investment Commitment Highlights for Kyivstar Group
VEON Ltd. and Cohen Circle Acquisition Corp. I proudly announce a pivotal development in the investment landscape. They executed non-redemption agreements amounting to around USD 52.3 million with accredited institutional investors, including prominent firms like Helikon and Clearline. This strategic commitment encompasses 5.05 million Class A shares of Cohen Circle, ensuring that the minimum cash requirement of USD 50 million is met for the forthcoming business combination.
Upcoming Listing on Nasdaq
The eagerly anticipated closing of this business combination is slated for the third quarter of 2025, pending approval from Cohen Circle's shareholders and fulfillment of customary closing conditions. With the successful culmination of this deal, Kyivstar Group is set to debut on the Nasdaq Stock Market, trading under the ticker symbol "KYIV." This marks a significant milestone as it positions Kyivstar as a leading digital operator in Ukraine.
CEO Insights on Investor Support
Kaan Terzioglu, CEO of VEON Group, expressed his enthusiasm about the high level of investor support for the listing. "We look forward to completing the business combination and presenting Kyivstar Group as the first dedicated Ukrainian company to be publicly traded on a U.S. stock exchange," he stated.
Chairman's Remarks on Long-Term Potential
Betsy Cohen, the Chairman and CEO of Cohen Circle, emphasized the profound confidence shared by investors participating in these agreements. She noted, "The caliber of investors reflects our firm belief in Kyivstar Group's long-term potential and highlights the investment case for this remarkable success story emerging from Ukraine."
About Kyivstar Group
Kyivstar Group is recognized as Ukraine's leading digital operator, serving over 23 million mobile customers and more than 1.1 million fixed line internet customers as of its most recent reporting. The company, along with its subsidiaries, offers a diverse array of services, such as 4G connectivity, big data solutions, cloud technologies, and cybersecurity, enhancing their customers' digital experiences.
VEON's Commitment to Ukraine
In partnership with Kyivstar Group, VEON has committed to investing USD 1 billion in Ukraine from 2023 to 2027. This investment will focus on infrastructure development, innovation in technology, charitable contributions, and strategic acquisitions, significantly contributing to the growth of Ukraine's digital economy.
About VEON
VEON is a prominent digital operator, extending its services to nearly 160 million customers across six countries, which comprise over 7% of the global population. The company is dedicated to transforming lives with its technology-driven services, enhancing connectivity and promoting economic growth in its regions of operation. VEON operates under Nasdaq.
About Cohen Circle
Cohen Circle Acquisition Corp. I is a special purpose acquisition company, supported by Cohen Circle, LLC. It is designed to merge or acquire businesses in technology and financial services. Its units, ordinary shares, and warrants trade on Nasdaq under the symbols "CCIRU," "CCIR," and "CCIRW," respectively.
Frequently Asked Questions
What is the significance of the non-redemption agreements?
The non-redemption agreements are crucial as they secure approximately USD 52.3 million, ensuring the necessary cash condition for the business combination between Kyivstar Group and Cohen Circle is met.
When is the expected closing date for the business combination?
The closing of the business combination is anticipated for the third quarter of 2025, subject to shareholder approvals and other necessary conditions.
What exchange will Kyivstar Group be listed on?
Kyivstar Group is expected to be listed on the Nasdaq Stock Market under the ticker symbol "KYIV." This listing will enhance its visibility to investors globally.
How many customers does Kyivstar Group currently serve?
As of December 31, 2024, Kyivstar Group serves over 23 million mobile customers and more than 1.1 million fixed line internet customers.
What is VEON's investment strategy in Ukraine?
VEON’s strategy includes investment commitments of USD 1 billion in Ukraine from 2023-2027, aimed at enhancing digital infrastructure, increasing technology development, and supporting community initiatives.
