VEON (VEON) and Cohen Circle Acquisition Corp. I (CCIRU) said Monday they have signed a letter of intent to enter a business combination with a goal of indirectly listing Kyivstar, VEON's digital operator in Ukraine, on the Nasdaq exchange.
If the transaction is completed, Kyivstar would become the "first purely Ukrainian investment opportunity" that would trade in the US, the companies said, adding that VEON will continue to be the majority stakeholder in the publicly listed entity.
The companies also said they expect to provide more details about the business combination upon the signing of a definitive agreement, anticipated to occur by Q2.
VEON shares were 0.5% higher in recent trading.
Price: 45.43, Change: +0.35, Percent Change: +0.78
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