Cohen Circle, a Philadelphia-based SPAC founded by financial services veteran Betsy Cohen, raised $250 million in its IPO last October. Once the merger is finalized, Kyivstar will assume Cohen Circle’s listing at a pro forma valuation of $2.21 billion.
“Kyivstar is an inspiring business and a significant investment opportunity that stands to deliver growth for international investors as Ukraine moves into a rebuilding phase,” Cohen stated.
Legal and Financial Advisors Steering the Deal
Kyivstar and Veon are being represented by Latham & Watkins LLP and Ukrainian law firm Sayenko Kharenko. On the other side, Cohen Circle is receiving legal counsel from Morgan Lewis & Bockius LLP and Integrites.
Leading financial firms are also playing key roles in the transaction. Rothschild & Co is serving as lead financial adviser and capital markets adviser to Veon, while BTIG LLC is also assisting Veon on capital markets matters. Meanwhile, Cantor Fitzgerald & Co. is acting as the capital markets adviser to Cohen Circle.
Veon to Maintain Majority Stake
Kyivstar’s parent company, Veon, which is already listed on Nasdaq and operates across six countries, will retain at least 80% ownership in Kyivstar post-merger, ensuring continued strategic oversight.
