Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 407

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 407
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ON Holdings and VEON Group and subsequently representatives of Rothschild and Cohen Circle met telephonically to discuss a potential transaction structure as well as VEON Holdings’ business, strategy, capital needs and potential opportunities of growth. In November of 2024, Ms. Cohen, Mr. Cohen, Ms. Abrams, Mr. Jagota, Mr. Blomstrom and Max Smeal, Cohen Circle’s Chief Financial Officer, met with certain members of VEON Holdings’ management team, including Oleksandr Komarov, Chief Executive Officer, and Boris Dolgushin, Chief Financial Officer, to discuss the VEON Holdings’ business and strategy in further detail. On or about such date, Cohen Circle began its formal due diligence review of VEON Holdings, with representatives of Cohen Circle receiving access to a data room established by Rothschild and VEON Holdings. In December of 2024, Ms. Abrams, Mr. Jagota and Mr. Blomstrom met with certain representatives of VEON Group, including Kaan Terzio ğlu, Group Chief Executive Officer, Sir Brandon Lewis, Member of the Board of Directors, Anand Ramachandran, Chief of Staff and Head of M&A and Investor Relations, and others, to discuss a potential transaction. From November 2024 until the announcement of the transaction, Cohen Circle continued to perform due diligence on VEON Holdings, with Ms. Cohen and Ms. Abrams overseeing the process. On December 16, 2024, representatives of Rothschild provided Cohen Circle with an initial non -bindingletter of intent (the “LOI”) with respect to a potential transaction, providing for (i) a proposed valuation of $1.5 billion (excluding capitalized leases and assuming net cash of $560 million), (ii) a minimum cash condition in favor of VEON Holdings of at least $100 million (inclusive of trust proceeds and any PIPE), (iii) Cohen Circle’s right to appoint a board member prior to closing and (iv) the use of a portion of the proceeds to repay a loan note issued by VEON Holdings to VEON Group. On December 18, 2024, Mr. Jagota, on behalf of Cohen Circle and its Sponsor, provided Rothschild with a revised draft of the LOI, reflecting (i) a lock -upapplicable to the Sponsor and at least 95% of shares issued to VEON Holdings’ existing equity holders that would expire on the earlier of 180 days after the closing or such time as the stock price