Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 451

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 451
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 for approval of the Business Combination, and the transactions contemplated thereby, and all other information presented in this section is forward -lookingin nature and, therefore, should be read in light of the factors discussed under “ Cautionary Note Regarding Forward -Looking Statements.” Important criteria Cohen Circle used in evaluating prospective business transaction opportunities included: •Recurring revenue. •Strong management team. •Opportunities for growth. •Defensible and differentiated business niche. •Commitment to providing social and financial value. •Technology and risk management infrastructure. The Cohen Circle Board determined that Kyivstar met all of the above criteria. In particular, the Cohen Circle Board considered the following positive factors, although not weighted or in any order of significance: • Strong financial profile:As the leading mobile communication provider in the Ukraine, with revenue of $919million, profit for the period of $283million and Adjusted EBITDA of $515million in the year ended December31, 2024, Kyivstar has a strong financial profile with robust margins and operating leverage to continue to drive significant cash flow generation. • Strong management team:Led by JSC Kyivstar CEO Oleksandr Komarov, who was recognized by Forbes as the #1 Chief Executive Officer in the Ukraine in 2020 and Chief Financial Officer Boris Dolgushin, who has spent over 20 years within the VEON Group, Kyivstar has built a leading management team with deep experience in the telecommunications business. Management has demonstrated resilience in the face of a challenging wartime environment by continuing to deliver strong results, making investments in network quality and acquiring and integrating a portfolio of B2B and B2C products and services. • Opportunities for growth:Kyivstar is poised for growth both by continuing to expand the uptake of its suite of digital products, including Helsi, Ukraine’s leading digital health service, and Kyivstar TV, across its 24 million telecom consumers to expand its average revenue per user, as well as by continuing to make accretive acquisitions, such as its recent acquisition of Uklon, a ride -hailingservice with over 100 million rides delivered in 2024. • Defensible / differentiated business niche:As the clear leader in the Ukraine mobile telecom market, with a durable and recognized brand, as well as an ability to provide both new and existing digital products and services to its customer base, Kyivstar has carved out a highly defensible business niche. Further, Kyivstar’s response to wartime challenges has resulted in