Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 455

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 455
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 VEON Russia                                |     | Vimpelcom Management                  |
| June 2022                |     | VEON Georgia LLC                           |     | Miren Investments Ltd                 |
| March 2022               |     | Türk Telekomünikasyon Anonim Sirketi       |     | Turkey Wealth Fund Management Company |
| December 2021            |     | Vodafone Egypt                             |     | Vodacom                               |

Northland reviewed transaction values in the Selected Precedent Transactions based on the consideration paid in such transactions, as multiples of the target company’s most recent publicly reported LTM revenue and LTM EBITDA, available as of the closing date of the relevant transaction. Financial data of the Selected Precedent Transactions were based on public filings and other publicly available information. Financial data for VEON Holdings was based on historical financials provided by Cohen Circle’s management, VEON Holdings, and their advisors. The overall low to high LTM revenue multiples and LTM EBITDA multiples observed for the Selected Precedent Transactions were 1.5x to 2.0x (with a mean of 1.7x and a median of 1.7x) and 2.9x to 6.8x (with a mean of 4.3x and a median of 4.0x), respectively. Northland then applied the low to high of the LTM revenue multiples and the LTM EBITDA multiples derived from the Selected Precedent Transactions to corresponding data of VEON Holdings using VEON Holdings’ LTM revenues and LTM EBITDA’s. This analysis indicated approximate implied aggregate enterprise value reference ranges for Cohen Circle of $1.422 million to $1.803 million and $1.459 million to $3.475 million, respectively. No transaction used in the Selected Precedent Transactions analysis is identical to VEON Holdings or the Business Combination. In evaluating the Selected Precedent Transactions, 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