Shareholders of the American special purpose company (SPAC) Cohen Circle Acquisition Corp. at an extraordinary meeting on August 12 approved a merger agreement with Kyivstar Group Ltd. This decision paves the way for the Ukrainian telecom operator to enter the American stock exchange Nasdaq.
Shareholders of the American special purpose company (SPAC) Cohen Circle Acquisition Corp. at an extraordinary meeting on August 12 approved a merger agreement with Kyivstar Group Ltd. This decision paves the way for the Ukrainian telecom operator to enter the American stock exchange Nasdaq.
Instead of a traditional initial public offering (IPO), Kyivstar has chosen a faster and cheaper path — a merger with an already public SPAC company. The deal will create a public company, Kyivstar Group Ltd, which will own Kyivstar and trade on Nasdaq under the ticker KYIV.
Economic Truth writes that the merger process will take place in several stages:
The current owner of Kyivstar, Veon, will retain a controlling stake of over 80% of the new company. According to forecasts, the share of public investors could reach about 10%.
The day before the vote, Reuters reported that the company plans to raise between $50 million and $200 million. An agreement with institutional investors for $52 million has already been concluded.
Recall, Kyivstar was previously valued at $2.21 billion. Chairman and CEO of Cohen Circle Acquisition Corp. I. Betsy Cohen called Kyivstar an “inspiring business” and said that it is a significant investment opportunity that can provide growth for international investors as “Ukraine enters a recovery phase.”
