Company: KYIV
Filing Date: 2025-06-05
Form Type: 425
Source: 0001213900-25-051631
Chunk: 5

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-05
Form: 425
Chunk 5
---
 result of the announcement and consummation of the Business
Combination; the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things,
competition, the ability of PubCo to grow, retain its management and key employees; costs related to the Business Combination; changes
in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in the registration statement on Form F-4 filed with the SEC by PubCo on June 5, 2025. Forward-looking statements
are inherently subject to risks and uncertainties, many of which VEON, Kyivstar and the Company cannot predict with accuracy and some
of which neither VEON, the Company nor Kyivstar might even anticipate. The forward-looking statements contained in this Current Report
on Form 8-K speak only as of the date of this filing. VEON and Kyivstar do not undertake to publicly update any forward-looking statement
to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal
securities laws.

<div align='center'>2</div>

No assurances can be made that the parties will successfully
close the Business Combination, or close the Business Combination on the timeframe currently contemplated. The Business Combination
is subject to the approval of the Company’s shareholders, the approval of the Registration Statement by the SEC, as well as other regulatory approvals and customary conditions to closing.

No Offer or Solicitation

This Current Report on Form 8-K shall not constitute a solicitation
of a proxy, consent or authorization with respect to any securities in respect of the Business Combination. This Current Report on Form
8-K is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy
any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention
of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the
Securities Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being filed herewith:

| Exhibit No. |     | Description                                                                  |
| 99.1        |     | Investor Presentation, dated June