In a high-stakes move set to reshape Ukraine’s digital landscape, Kyivstar, the nation’s largest telecommunications provider, is gearing up to go public in a $2.2 billion merger with special purpose acquisition company (SPAC) Cohen Circle Acquisition Corp. I. The deal, announced Tuesday, is expected to close in the third quarter, paving the way for Kyivstar to debut on the Nasdaq under the ticker symbol “KYIV.”
A Bold Step for Kyivstar Amidst Adversity
Kyivstar, owned by Dubai-based digital services provider Veon Ltd., has continued to expand despite the ongoing war in Ukraine. The company serves 24 million customers and offers a range of digital services, including healthcare, streaming, and AI-driven cybersecurity solutions.
Kyivstar CEO Oleksandr Komarov called the merger a testament to the company’s resilience.
“Through the war, the Kyivstar team has succeeded in spearheading the resilience and rebuilding of Ukraine’s infrastructure while building the foundations of its future success as a leading digital services company in Ukraine,” Komarov said. “The progress towards Kyivstar’s listing will allow us to share this growth story with global investors.”
A De-SPAC Deal with Global Implications
The transaction follows the increasingly popular de-SPAC merger model, where a shell company, known as a SPAC, raises funds through an initial public offering (IPO) and later merges with a target company to take it public.
