The transaction resulted in Ukraine’s leading digital operator becoming a U.S.-listed public company

Davis Polk advised Rothschild & Co. as the lead financial adviser and capital markets adviser to VEON in connection with the business combination between Kyivstar Group Ltd. and Cohen Circle Acquisition Corp. I, a special purpose acquisition company. The transaction resulted in Kyivstar Group becoming a U.S.-listed company.

The business combination valued Kyivstar Group at approximately $2.2 billion. It resulted in cash proceeds to the company of approximately $178 million, as a result of only 25.4% of Cohen Circle’s public shareholders exercising their redemption rights and certain non-redemption agreements that were entered into with institutional investors.

VEON, a global digital operator, was the parent of Kyivstar. VEON shares are listed on Nasdaq under the symbol “VEON.”

Kyivstar is Ukraine’s leading digital operator, serving nearly 23 million customers with mobile and 1.1 million customers with fixed connectivity services. Its portfolio of digital services includes the digital healthcare platform Helsi, with a registered user base of 29 million; the entertainment streaming platform Kyivstar TV; and Ukraine’s leading ride-hailing and delivery platform, Uklon. Kyivstar is also a top provider of enterprise services in Ukraine, supporting businesses with cloud, cybersecurity and AI solutions.

The Davis Polk capital markets team included partner Derek Dostal. All members of the Davis Polk team are based in the New York office.

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