VEON Ltd. has successfully listed Kyivstar on Nasdaq, marking a historic milestone for Ukrainian companies in U.S. markets.
Information on the Target
VEON Ltd. (Nasdaq: VEON) is a global digital operator and the parent company of Kyivstar Group Ltd, the leading telecommunications provider in Ukraine. Recently, VEON successfully celebrated a milestone week of events in New York City, culminating in a notable participation at the Nasdaq Opening Bell ceremony. This marks an important moment as Kyivstar becomes the first Ukrainian company to list its shares on a U.S. stock exchange.
The formal listing of Kyivstar's shares on Nasdaq, which occurred on August 15, 2025, followed the merger between Kyivstar Group Ltd and Cohen Circle Acquisition Corp I (Nasdaq: CCIR), finalized on August 14, 2025. Following this transaction, Kyivstar's shares and warrants now trade under the tickers “KYIV” and “KYIVW.” Kyivstar stands as Ukraine's only investment opportunity on American stock markets.
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Industry Overview in Ukraine
Ukraine's telecommunications industry has undergone significant transformations over the years, with robust growth driven by increasing digital adoption and technological advancements. With over 22.4 million mobile subscribers and a growing market for fixed communications,
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VEON Ltd.
invested in
Kyivstar Group Ltd.
in 2025
in a Public-to-Private (P2P) deal
Disclosed details
Transaction Size: $1,000M
Revenue: $1,500M
EBITDA: $600M
EBIT: $450M
Net Income: $250M
Enterprise Value: $8,000M
Equity Value: $5,000M
Multiples
EV/EBITDA: 13.3x
EV/EBIT: 17.8x
EV/Revenue: 5.3x
P/E: 20.0x
P/Revenue: 3.3x