Company: KYIV
Filing Date: 2025-07-10
Form Type: 425
Source: 0001213900-25-062813
Chunk: 5

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: 425
Chunk 5
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; 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.

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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. 
 99.1        |     | Description                                                                  
 Press Release, dated July 10, 2025.                                          |
|:------------|:----|:-----------------------------------------------------------------------------|
| 104         |     | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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SIGNATURE</div>

Pursuant to the requirements of the Securities Exchange Act of 1934