Kyivstar Wins Shareholder Approval for $2.2B SPAC Merger, Nasdaq Listing Nears

Cohen Circle shareholders have approved a $2.2 billion merger with Ukraine’s Kyivstar, setting the stage for the country’s largest telecom operator to become the first Ukrainian company listed on the Nasdaq.

The deal will see Kyivstar merge with US-based special-purpose acquisition company Cohen Circle Acquisition Corp. The company will now prepare its listing documents for Nasdaq review – a process that could take from several days to weeks, according to Scroll.media. People familiar with the transaction describe the filing stage as passing through “every possible legal circle of hell,” with no margin for error.

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Once approved, Kyivstar shares will trade under the ticker “KYIV” and its warrants under “KYIVW.” The company expects to raise up to $200 million in fresh investment, with trading to begin “very soon,” Scroll.media reported.

Kyivstar controls 47% of Ukraine’s communications market and is one of the three largest broadband providers. 

Beyond its core telecom operations, the Kyivstar Group includes: Kyivstar.Tech, employing 500 people with $24.2 million in 2024 revenue; Kyivstar TV, with two million registered users; ride-hailing service Uklon, in which it acquired a 97% stake in 2025 for $155.2 million; and health-tech company Helsi, now 97.99% owned and generating $5.1 million in 2024. Its B2B big data and cloud division earned $11.2 million last year, nearly triple its 2023 revenue.

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The group employs about 4,000 people and had $712 million in cash and equivalents as of March 31, before the Uklon acquisition. 

Kyivstar says its strategy is to expand beyond telecom, aiming for 20% of profits from other sectors by the end of 2025, according to Kyivstar’s business development officer, Zoia Dronshkevych. 

Kyivstar aims to invest in assets where it can transform traditional industry approaches, for example in e-health and private clinics. The company is also searching for opportunities in advertising tech.

Veon Ltd., Kyivstar’s parent company, first signed a memorandum of understanding with Cohen Circle in January 2025 to enable the Nasdaq listing.

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