Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 792

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 792
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 a Business Combination Agreement, dated March 18, 2025 (the “ Business Combination Agreement ”), by and among VEON Amsterdam B.V. (the “Seller”), VEON Holdings B.V. (the “Company”), Kyivstar Group Ltd. (“ New PubCo ”), Varna Merger Sub Corp. (“ Merger Sub ”), and Cohen Circle under which Cohen Circle will merge with and into Merger Sub, with Cohen Circle continuing as the surviving entity. Cohen Circle will be a wholly owned subsidiary of New PubCo. The shareholders of Cohen Circle and Seller will each receive New PubCo Ordinary Shares in the Transaction. We have been advised that the Transaction includes JSC Kyivstar and its subsidiaries LLC Kyivstar. Tech, Helsi Ukraine Limited Liability Company and Limited Liability Company Lan Trace, and excludes all other assets in Ukraine owned by the VEON Group, including UkraineTower Company. “Merger Consideration” means the Seller Share Consideration Number times $10.35, which is the price we assumed, with your permission, for the Cohen Circle Class A ordinary shares less the cash held by Cohen Circle. You have advised us that the Merger Consideration will be approximately $2.026 billion. The terms of the Transaction are more fully set forth in the Business Combination Agreement and capitalized terms used but not defined herein have the meanings ascribed to such terms in the Business Combination Agreement. You have requested our opinion as to (i) the fairness, from a financial point of view, to Cohen Circle of the consideration paid by Cohen Circle to the equityholders of the Company pursuant to the Business Combination Agreement, and ( ii) whether th e Company has an aggregate fair market value equal to at least 80 percent of the balance of funds in Cohen Circle’s trust account (excluding deferred underwriting commissions and taxes payable and subject to proportionate adjustments related to Nasdaq’s 80 percent test) (each an “ Opinion ” and, together, the “ Opinions ”). In connection with our review of the Transaction and in arriving at our Opinions, we have made such reviews, analyses, and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have reviewed: 1.a draft of the Business Combination Agreement, dated March 14, 2025; 2.certain documents filed by Cohen Circle with the U.S. Securities and Exchange Commission (the “ SEC ”), including the registration statement on Form S-1 initially filed September 20, 2024, and amendments