Mar 21, 2025 - Business

Ukrainian company plans to list shares in the U.S.

Dan Primack

Illustration of a large stack of hundred dollar bills wrapped in the Ukrainian flag colors. — Illustration: Aïda Amer/Axios

Kyivstar, the Ukrainian mobile operator that just agreed to list on the Nasdaq via a reverse merger, has agreed to buy local ride-hail and delivery firm Uklon for $155 million.

Why it matters: This suggests some level of economic optimism for the besieged country, even as that giant minerals deal with the U.S. remains in limbo.

Catch up quick: Kyivstar, which is majority owned by Dubai-based Veon, earlier this week agreed to go public on the Nasdaq at an implied $2.2 billion valuation via Cohen Circle Acquisition, a SPAC led by blank-check vets Betsy and Daniel Cohen.

It would be the first Ukraine-based business to list in the U.S., and the first non-fintech deal for Cohen Circle.

By the numbers: Uklon says it operates in 27 Ukrainian cities with more than 100,000 drivers on its platform. Last year it completed over 100 million rides and more than three million deliveries.

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Ukrainian company plans to list shares in the U.S.

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