Veon announced plans to float its Ukrainian operator, Kyivstar, on the Nasdaq stock exchange through the signing of a letter of intent (LOI) with investment company Cohen Circle Acquisition Corp.
In a statement, Veon said the transaction would make Kyivstar the first “purely Ukrainian” company to be listed on the US stock exchange. The operator added that it also enables US-based and other international investors to contribute to Kyivstar’s growth and the broader recovery of the Ukrainian economy.
Kyivstar and Cohen Circle will explore a business combination to enable the listing, and Veon will hold a majority stake. The companies will announce more details regarding this business combination in Q2.
Veon delisted from the Euronext Amsterdam bourse in Q4 to transfer to New York. It also switched its headquarters.
VEON Group CEO Kaan Terzioglu (pictured) said: “The agreement that we have reached with Cohen Circle is a significant step in VEON’s ambition of crystallizing value for our investors, including through the listings of our key assets where relevant. It also underscores our commitment to rebuilding Ukraine through investments.”
The operator group drew criticism from shareholder Shah Capital last year, which hit out at the company’s performance and strategy.
