Company: KYIV
Filing Date: 2025-06-05
Form Type: 425
Source: 0001213900-25-051631
Chunk: 2

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: 425
Chunk 2
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 International Financial
Center), United Arab Emirates (“PubCo”), and (5) Varna Merger Sub Corp., an exempted company incorporated with limited liability
in the Cayman Islands with registration number 419635 (together with VEON Holdings and PubCo, the “Kyivstar Group” and separately,
a “Kyivstar Group Company”), (together with the other transactions contemplated by the Business Combination Agreement, the
“Business Combination”).

Furnished as Exhibit 99.1 hereto and incorporated into this Item 7.01 by reference is an updated investor presentation that SPAC and PubCo have prepared for use in connection with the Business Combination.

The information in this Item 7.01, including Exhibit 99.1, is furnished
and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to liabilities under that section, and will not be deemed to be incorporated by reference into the filings
of the Company under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filings. This Current
Report on Form 8-K will not be deemed an admission as to the materiality of any information in this Item 7.01, including Exhibit 99.1.

Important Information About the Business Combination and Where to Find It

In connection with the previously announced Business Combination, PubCo
has filed with the SEC a registration statement on Form F-4, which includes a preliminary prospectus/proxy statement and will include
a definitive prospectus/proxy statement and other relevant documents, to be distributed to the Company’s shareholders in connection
with the Company’s solicitation of proxies for the vote by the Company’s shareholders with respect to the Business Combination
and other matters as described in the registration statement, as well as the prospectus relating to the offer and sale of the securities
of PubCo to be issued in connection with the Business Combination.

THIS CURRENT REPORT ON FORM 8-K IS NOT A SUBSTITUTE FOR THE REGISTRATION
STATEMENT, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS OR ANY OTHER DOCUMENT THAT THE COMPANY WILL SEND TO ITS SHAREHOLDERS IN CONNECTION
WITH THE BUSINESS COMBINATION.

INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE REGISTRATION
STATEMENT, PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENT