Group 1 - VEON Ltd. has completed the reorganization of VEON Holdings B.V. and finalized its consent solicitation process, facilitating a business combination with Cohen Circle Acquisition Corp. I, leading to Kyivstar Group Ltd. listing on Nasdaq under the ticker symbol KYIV [1][2] - The reorganization involved a legal demerger in the Netherlands, focusing VEON Holdings B.V. solely on Kyivstar and related assets, while other core businesses were transferred to newly formed Dutch entities [2] - VEON secured approval from 95.83% of its 2027 bondholders to transfer the issuer from VEON Holdings B.V. to VEON MidCo B.V., with unanimous support at a meeting held on January 30, 2025 [3] Group 2 - VEON operates across six countries, providing connectivity and digital services to nearly 160 million customers, contributing to economic growth through technology-driven services [4] - Kyivstar, as Ukraine's largest digital operator, serves over 23 million mobile subscribers and 1.1 million Home Internet fixed line customers, and has committed to invest USD 1 billion into the Ukrainian economy from 2023 to 2027 [5] - Kyivstar has allocated over UAH 2 billion in the past two years to support Ukraine during wartime, including assistance for the Armed Forces and social projects [5]

Core Insights - VEON Ltd. announced the acquisition of 97% of Uklon, a leading Ukrainian ride-hailing and delivery platform, by JSC Kyivstar [1][2] - Uklon reported a revenue of USD 65 million for FY 2024, with a compound annual growth rate (CAGR) of 30% from FY 2021 to FY 2024 [2] - The business combination agreement between VEON and Cohen Circle Acquisition Corp. I aims to list Kyivstar on the Nasdaq Stock Market under the ticker symbol KYIV, expected to close in Q3 2025 [3] Company Overview - VEON is a global digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services [5] - Kyivstar, Ukraine's largest digital operator, serves over 23 million mobile subscribers and has committed to invest USD 1 billion in telecom technologies from 2023 to 2027 [5] - Uklon, founded 15 years ago, is the largest ride-hailing player in Ukraine, with over 100,000 drivers and operations in 27 cities [6] Financial Metrics - Uklon achieved over 100 million rides and over 3 million deliveries in 2024 [2] - The company has a team of over 700 experts, including 250 software engineers, enhancing its technology platform [6]

Core Viewpoint - VEON Ltd. announces the acquisition of Uklon group, a leading Ukrainian ride-hailing and delivery platform, by its subsidiary Kyivstar, marking an expansion into digital consumer services and reinforcing confidence in Ukraine's digital growth potential [1][4][7]. Company Overview - VEON is a global digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that empower individuals and drive economic growth [9]. - Kyivstar is Ukraine's largest digital operator, with over 23 million mobile subscribers and more than 1.1 million Home Internet fixed line customers as of December 2024 [10]. - Uklon, founded 15 years ago, is the largest ride-hailing player in Ukraine, operating in 27 cities and uniting over 100,000 driver-partners [2][11]. Acquisition Details - Kyivstar will acquire 97% of Uklon shares for a total consideration of USD 155.2 million, with Uklon CEO Serhii Hryshkov expected to remain in his position [3]. - The acquisition is subject to customary closing conditions and approvals [3]. Strategic Importance - The acquisition is seen as a strategic investment in Ukraine's digital economy, complementing Kyivstar's existing digital services such as Helsi and KyivstarTV [4]. - Uklon has facilitated over 100 million rides and more than 3 million deliveries in 2024, indicating its significant market presence [2]. Future Prospects - VEON plans to explore the expansion of Uklon's capabilities beyond Ukraine and Uzbekistan, leveraging its digital operators in Kazakhstan, Pakistan, and Bangladesh [4]. - VEON has committed to investing USD 1 billion in Ukraine's digital future between 2023 and 2027, including partnerships to enhance connectivity [7]. Market Position - Uklon is recognized as a technology pioneer in ride-hailing and has successfully entered the delivery business, showcasing rapid organic development [6]. - The acquisition is expected to enhance Kyivstar's ability to offer digital experiences to millions of Ukrainians [5].

Core Viewpoint - VEON Ltd. and Cohen Circle Acquisition Corp. I have signed a business combination agreement that will lead to the listing of JSC Kyivstar on the Nasdaq Stock Market, marking a significant milestone for Ukraine's economic future and providing international investors with access to the Ukrainian market [1][4][5]. Company Overview - Kyivstar is Ukraine's largest digital operator, serving over 24 million customers with fixed and mobile communication services [8][10]. - The company has a strong consumer digital service portfolio, including a healthcare platform with over 28 million registered patients and a streaming platform with 2 million monthly active users [8]. - Kyivstar plans to invest USD 1 billion into new telecom technologies in Ukraine from 2023 to 2027 [10]. Business Combination Details - Following the business combination, Kyivstar Group will be listed on Nasdaq under the ticker symbol KYIV, with VEON retaining a minimum of 80% ownership [2]. - The transaction assigns a pro-forma valuation of USD 2.21 billion to Kyivstar at closing [8]. - The business combination is expected to close in Q3 2025, pending shareholder approval and customary closing conditions [2][20]. Management Commentary - VEON's Chairman emphasized that Kyivstar's listing will be a defining moment for Ukraine's economic future and a unique opportunity for global investors [4]. - The CEO of VEON highlighted Kyivstar's strong financial profile and governance structure, which are expected to attract international investors [5]. - Kyivstar's CEO noted the company's resilience during the war and its commitment to rebuilding Ukraine's infrastructure [6]. Advisors - Rothschild & Co is acting as the lead financial advisor to VEON, while BTIG, LLC and Cantor Fitzgerald & Co. are also involved as capital markets advisors [9].