Company: KYIV
Filing Date: 2025-07-17
Form Type: F-4/A
Source: 0001213900-25-064873
Chunk: 456

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-17
Form: F-4/A
Chunk 456
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 corresponding data of VEON Holdings. This analysis indicated approximate aggregate implied enterprise value reference ranges for VEON Holdings of approximately $1.089 million to $2.295 million, $1.287 million to $4.002 million, and $1.422 million to $3.443 million based on LTM revenue, LTM gross profit, and LTM EBITDA of $919 million, $819 million, and $511 million, respectively. No company used in the Selected Publicly Traded Companies analysis is identical to VEON Holdings. In evaluating the Selected Publicly Traded Companies, Northland made judgments and assumptions based on its experience and professional judgment concerning differences between the business, financial and operating characteristics of VEON Holdings and with respect to industry performance, general business, economic, market and financial conditions, and other matters which are beyond Cohen Circle’s and VEON Holdings’ control. These include, among other things, the impact of competition on the business of VEON Holdings or its industry generally, industry growth and the absence of any adverse material change in VEON Holdings’ financial condition and prospects or those of VEON Holdings or its industry or the financial markets in general, which could affect the public trading value of the Selected Publicly Traded Companies to which VEON Holdings is being compared. Analysis of Selected Precedent Transactions As part of its financial analyses, Northland reviewed publicly available financial data, ratios and multiples for certain transactions that closed between January 1, 2021 and the date of the opinion, involving companies within the telecommunications services industry, where greater than 50% ownership was sought or sold, that Northland determined, based on its professional judgment, to be similar to VEON Holdings in one or more respects, including (but not limited to) the nature of the business, size, diversification, geographic locations, growth rates, and financial performance, for purposes of this analysis, including the following five transactions (the “ Selected Precedent Transactions”):

| Transaction Closing Date |     | Target                                     |     | Buyer/Seller                          |
| September 2024           |     | Lifecell LLC/LLC Global Bilgi/LLC Ukrtower |     | DVL Telecom SAS                       |
| October 2023             |     | VEON Russia                                |     | Vimpelcom Management                  |
| June 2022                |     | VEON Georgia LLC                           |     | Miren Investments Ltd                 |
| March 2022               |     | Türk Telekomün