Forbes Ukraine analyzed a telecom deal, under which VEON, the owner of Kyivstar, has filed an application with the Antimonopoly Committee of Ukraine and may merge with part of Vodafone Ukraine’s tower infrastructure.
Forbes Ukraine analyzed a telecom deal, under which VEON, the owner of Kyivstar, has filed an application with the Antimonopoly Committee of Ukraine and may merge with part of Vodafone Ukraine’s tower infrastructure.
According to Forbes Ukraine, on January 19, Ukraine Tower Company (UTC), owned by the Dutch telecom holding Veon, filed an application with the Antimonopoly Committee to acquire control over the assets of Ukrainian Network Solutions (UNS), a tower company associated with the operator Vodafone Ukraine. Both structures are engaged in the construction and maintenance of telecom towers and the leasing of sites for base stations.
Forbes also found out that UTC has filed another application with the Antimonopoly Service of Ukraine (AMCU), namely for control over the assets of Vodafone Ukraine in the form of a single property complex. The list of assets is not officially disclosed, but presumably these are towers that were not previously transferred to UNS management.
According to analysts surveyed by Forbes, the interest of Veon and Vodafone Ukraine in combining the tower business is primarily related to preparing assets for sale. Tower infrastructure generates stable income thanks to long-term lease contracts, but requires constant investment in maintenance and modernization. Combining the assets of two large operators allows to reduce infrastructure duplication, increase tower utilization and make the business clearer and more attractive for infrastructure funds or international tower companies, which usually do not work with small or disparate assets.
UNS was established at the end of 2023. In May 2024, Vodafone Ukraine transferred part of its towers to it and entered into a leasing agreement for the placement of base stations. In the first nine months of 2025, the company’s revenue amounted to UAH 528.8 million, and Forbes analysts estimate annual EBITDA at approximately $15 million. For UTC, this figure is $50–60 million per year.
Vodafone Ukraine confirmed to Forbes that there are no binding agreements with Veon, but the operator is considering scenarios for increasing the efficiency of infrastructure use, in particular through its merger with other players.
A top manager of one of the market companies, who asked not to be named due to the sensitivity of the issue, explained: if the AMCU gives the «green light», Veon and Vodafone will have equal shares in the joint structure — 50% each.
The publication also draws attention to the fact that the tower business is usually valued more expensively than the classic telecom. The reason is the stability of income: telecom towers are leased for many years and bring predictable cash flow. That is why when selling such assets, a higher multiplier is applied to their annual profit than in the case of mobile operators. According to the publication’s interlocutors, taking into account military risks and market restrictions, the combined tower business in Ukraine can be valued at approximately $300 million.
Previously, dev.ua wrote about how Kyivstar received approval from the Antimonopoly Committee of Ukraine for its first acquisition in renewable energy. The mobile operator plans to buy LLC Sanvin 11, which operates a solar power plant in Zhytomyr region with a capacity of 12.95 MW.
