Kyivstar announced the signing of an agreement to purchase 97% of the corporate rights of the product IT company Uklon, which is a developer of an online platform and application for ordering cars, and is currently represented in Ukraine and Uzbekistan. In addition to the car ordering service online or through the application, the company also provides a delivery service. What is the future of Uklon?
Kyivstar announced the signing of an agreement to purchase 97% of the corporate rights of the product IT company Uklon, which is a developer of an online platform and application for ordering cars, and is currently represented in Ukraine and Uzbekistan. In addition to the car ordering service online or through the application, the company also provides a delivery service. What is the future of Uklon?
"This agreement is an important signal for Ukrainian and international investors who are ready to join the reconstruction of Ukraine even despite the ongoing war. For Kyivstar, the investment in Uklon is a logical step in building an integrated digital ecosystem, as well as an important stage of inorganic growth and business scaling on the way to fulfilling VEON's investment commitments of $1 billion during 2023-2027," the mobile operator said in a press release.
For Uklon, this agreement opens up new horizons for development: from increasing strategic investments in digital services and creating additional jobs, to entering new markets with the support of the global digital operator VEON, the parent company of Kyivstar.
Currently, Uklon operates in 27 Ukrainian cities and the Bukovel tourist complex and unites over 100,000 active driver-partners on the platform, who together fulfill over 10 million orders monthly. In addition, since 2023, the company has begun international expansion by launching an online car ordering service in Uzbekistan.
“After closing the deal, we will invest in expanding the ecosystem of Uklon services and products, including multifunctional applications for passengers and drivers, in developing synergies between our businesses in Ukraine, in further expanding Uklon to other countries of VEON’s presence, as well as new markets where there is potential to create value for customers and shareholders,” says Zoya Dronshkevych, Director of Business Development and Corporate Strategy at Kyivstar.
After signing the agreement, Kyivstar and Uklon remain separate businesses , and the company's team, led by Uklon CEO Serhiy Grishkov, will continue to work on the development of the company's products and services in Ukraine and other markets.
The transaction is scheduled to close in April 2025, subject to customary closing conditions. Dragon Capital acted as exclusive financial advisor to Uklon in this transaction.
"Upon closing, Kyivstar will acquire 97% of Uklon's shares for $155.2 million. The transaction is subject to customary closing conditions and approvals. shares for a total of $155.2 million," VEON reported.
