VEON (VEON) and Cohen Circle Acquisition Corp. I (CCIRU) said Tuesday they have signed a business combination agreement that will result in the listing of Ukrainian digital operator JSC Kyivstar on the Nasdaq.

The deal assigns a $2.21 billion pro-forma valuation to Kyivstar at closing, which is expected to occur in Q3, the companies said.

VEON will own at least 80% of Kyivstar Group, the parent company of Kyivstar, after the completion of the business combination, the companies said.

Kyivstar Group will be listed on Nasdaq under the ticker symbol "KYIV" after the deal closes, the companies said.