Cohen Circle Greenlights Kyivstar Acquisition
Kyivstar is one step closer to trading on Nasdaq. On August 12, shareholders of Cohen Circle — the SPAC set to merge with Kyivstar Group — voted in favor of the takeover. The approval clears a critical hurdle in the process.
While often mistaken for a traditional IPO, Kyivstar is actually going public via a SPAC merger — a deal with a company that’s already listed on an exchange. Cohen Circle, formed in 2024 specifically for this transaction, will acquire Kyivstar Group and take it public under the Nasdaq ticker.
For the transaction to proceed, Cohen Circle’s shareholders needed to approve it by majority vote, which they did during the August 12 meeting. Investors who couldn’t attend voted remotely by August 8, after receiving notice from their brokers.
Kyivstar —> KYIV
The vote is significant, but not the final step.
Next, all required documents will be submitted to Nasdaq for review. Approval can take anywhere from a few days to several weeks, depending on whether regulators request changes. Sources close to the deal told Scroll.media the process is «like going through every legal circle of hell» — precision is everything.
Once approved, Kyivstar’s ticker will officially change to KYIV (with warrants trading as KYIVW), and the company will begin operating under the routine reporting obligations of a public entity.
According to market sources, KYIV shares could become available «very soon.»
Kyivstar expects to raise up to $200 million when trading begins.
What Kyivstar Is Bringing to Nasdaq
The entity going public is Kyivstar Group, headquartered in Dubai, UAE, with Kyivstar’s core telecom operations based in Kyiv. Alexander Komarov, head of Kyivstar in Ukraine, will also serve as president of Kyivstar Group.
Kyivstar’s portfolio spans several business lines:
- Telecom & wired internet — Kyivstar holds a 47% share of Ukraine’s communications market and is among the top three wired internet providers. In 2024, it acquired a fixed-line operator for $2M.
- Kyivstar.Tech — 500 employees, $24.2M revenue in 2024.
- Kyivstar TV — 2M registered users as of end-2024.
- Uklon — 97% acquired in 2025 for $155.2M.
- Helsi — stake increased to 97.99% in 2025; $5.1M revenue in 2024.
- Big data & cloud services — B2B division with $11.2M revenue in 2024, nearly triple the previous year’s figure.
The company employs 4,000 people, excluding Uklon staff. Kyivstar.Tech accounts for 13% of the headcount, while Helsi represents 5%.
As of March 31, 2025, Kyivstar held $712M in cash and cash equivalents before completing the Uklon purchase.
Looking ahead, Kyivstar says it will focus on expanding value-added services (VAS) and continue pursuing acquisitions, with M&A firmly embedded in its growth strategy.
Cohen Circle Greenlights Kyivstar Acquisition
Kyivstar is one step closer to trading on Nasdaq. On August 12, shareholders of Cohen Circle — the SPAC set to merge with Kyivstar Group — voted in favor of the takeover. The approval clears a critical hurdle in the process.
While often mistaken for a traditional IPO, Kyivstar is actually going public via a SPAC merger — a deal with a company that’s already listed on an exchange. Cohen Circle, formed in 2024 specifically for this transaction, will acquire Kyivstar Group and take it public under the Nasdaq ticker.
For the transaction to proceed, Cohen Circle’s shareholders needed to approve it by majority vote, which they did during the August 12 meeting. Investors who couldn’t attend voted remotely by August 8, after receiving notice from their brokers.
Kyivstar —> KYIV
The vote is significant, but not the final step.
Next, all required documents will be submitted to Nasdaq for review. Approval can take anywhere from a few days to several weeks, depending on whether regulators request changes. Sources close to the deal told Scroll.media the process is «like going through every legal circle of hell» — precision is everything.
Once approved, Kyivstar’s ticker will officially change to KYIV (with warrants trading as KYIVW), and the company will begin operating under the routine reporting obligations of a public entity.
According to market sources, KYIV shares could become available «very soon.»
Kyivstar expects to raise up to $200 million when trading begins.
What Kyivstar Is Bringing to Nasdaq
The entity going public is Kyivstar Group, headquartered in Dubai, UAE, with Kyivstar’s core telecom operations based in Kyiv. Alexander Komarov, head of Kyivstar in Ukraine, will also serve as president of Kyivstar Group.
Kyivstar’s portfolio spans several business lines:
- Telecom & wired internet — Kyivstar holds a 47% share of Ukraine’s communications market and is among the top three wired internet providers. In 2024, it acquired a fixed-line operator for $2M.
- Kyivstar.Tech — 500 employees, $24.2M revenue in 2024.
- Kyivstar TV — 2M registered users as of end-2024.
- Uklon — 97% acquired in 2025 for $155.2M.
- Helsi — stake increased to 97.99% in 2025; $5.1M revenue in 2024.
- Big data & cloud services — B2B division with $11.2M revenue in 2024, nearly triple the previous year’s figure.
The company employs 4,000 people, excluding Uklon staff. Kyivstar.Tech accounts for 13% of the headcount, while Helsi represents 5%.
As of March 31, 2025, Kyivstar held $712M in cash and cash equivalents before completing the Uklon purchase.
Looking ahead, Kyivstar says it will focus on expanding value-added services (VAS) and continue pursuing acquisitions, with M&A firmly embedded in its growth strategy.
