Kroll’s Financial Advisory Practice Helped Guide Kyivstar to a Landmark Nasdaq Listing

On August 14, 2025, VEON Ltd. (Nasdaq: VEON), a leading global digital operator, and Cohen Circle Acquisition Corp. I (Nasdaq: CCIRU) successfully completed a business combination that resulted in the listing of Kyivstar Group Ltd. (Nasdaq: KYIV) on the Nasdaq Stock Market. With trading commencing on August 15, 2025, Kyivstar became the first and only pure-play Ukrainian investment opportunity listed on U.S. stock markets—a milestone moment for the company and its investors.

Kroll served as the financial advisor to VEON and Kyivstar, providing end-to-end expertise throughout the complex de-SPAC transaction. Services rendered:

 

Carve-out Financial Statements

• Supported the preparation of Kyivstar’s carve-out financials, ensuring compliance and transparency.

SEC Reporting Expertise

• Provided strategic advisory support in the preparation of IFRS-based audited combined financial statements post-reorganization and the pro forma combined financial information of Kyivstar and the SPAC.

Interim Financials With Full Comparatives

• Aligned with both IFRS and SEC requirements, incorporated pro forma redemption scenarios pre- and post-closing.

Valuation Analyses

• Provided essential valuation support to underpin the pro forma financial statements.

Technical Accounting Advisory

• Offered on-call guidance for complex accounting issues throughout the transaction.

F-4 Registration Statement Support

• Ensured the completeness, accuracy, and compliance of pro forma financial information within the SEC regulatory filings.

 

About Kyivstar Group

Kyivstar Group operates Ukraine's leading digital operator, serving nearly 23 million mobile customers and over 1.1 million home internet fixed line customers as of June 30, 2025. Kyivstar Group and its subsidiaries provide services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV and more. VEON, together with Kyivstar Group, intends to invest USD 1 billion in Ukraine during 2023-2027, through social investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar Group and its subsidiaries have been operating in Ukraine for more than 27 years.

About VEON Group

VEON is a digital operator that provides services to over 150 million connectivity customers and approximately 120 million monthly active digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is headquartered in Dubai and listed on NASDAQ. 

About Cohen Circle

Cohen Circle Acquisition Corp. I is a special purpose acquisition company sponsored by investment firm Cohen Circle, LLC and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more technology and/or financial services businesses.