Core Viewpoint - The announcement of a business combination agreement between VEON Ltd. and Cohen Circle Acquisition Corp. I will lead to the listing of Kyivstar, Ukraine's leading digital operator, on the Nasdaq Stock Market, marking a significant milestone for Ukraine's economic future and providing international investors with a unique opportunity to engage with the Ukrainian market [1][4][5]. Company Overview - VEON will retain a minimum of 80% ownership of Kyivstar Group following the business combination, which is expected to close in Q3 2025, pending shareholder approval and customary closing conditions [2][20]. - Kyivstar serves over 24 million customers and is recognized as Ukraine's largest digital operator, providing a range of services including mobile and fixed communication, healthcare platforms, and enterprise solutions [8][10]. Financial Aspects - The transaction assigns a pro-forma valuation of USD 2.21 billion to Kyivstar at the time of closing [8]. - VEON plans to invest USD 1 billion into the development of new telecom technologies in Ukraine from 2023 to 2027 [10]. Strategic Importance - The listing of Kyivstar on Nasdaq is seen as a pivotal moment for Ukraine's economic growth, allowing global investors to support the country's rebuilding efforts [4][6][7]. - Kyivstar's strong financial profile and governance structure are expected to attract international investors as it transitions to a publicly listed company [5][6]. Management Commentary - VEON's leadership emphasizes the resilience and growth potential of Kyivstar, particularly in the context of Ukraine's ongoing recovery and infrastructure rebuilding efforts [6][7]. - The management team of Kyivstar expresses optimism about sharing their growth story with global investors and completing the business combination to facilitate further expansion [6][7].