The transaction is reportedly at an advanced stage and could be announced in the near term. The discussions do not involve the sale of 100% of the business; instead, they focus on the acquisition of a minority or blocking stake, with Comfy’s founder Stanislav Ronis potentially retaining operational and strategic control of the company.
Comfy’s press office did not directly confirm the deal, stating that as part of its long-term strategy the company is considering various investment and partnership formats, while not planning to relinquish control of the business. Kyivstar declined to provide official comments on the potential acquisition. Following the publication of a report by Forbes Ukraine, a Kyivstar top executive unofficially denied that a deal had been concluded; the editorial team is seeking clarification.
According to market participants, Comfy’s valuation could exceed $300 million. Some sources point to a potential 4–7x EBITDA range, in line with valuation multiples of publicly listed European electronics retailers. At the same time, other experts estimate the business at a lower level, taking into account its financial performance and market structure.
Comfy’s revenue exceeded $1 billion in 2024, and the company maintains its leading position in Ukraine’s electronics retail market by sales volume. Its market share is estimated by management at approximately 24%.
The potential transaction is being considered as part of Kyivstar’s strategy to transform from a traditional telecom operator into a digital ecosystem. Between 2022 and 2025, the company invested in several non-telecom assets, including Helsi and Uklon, and submitted transactions involving Tabletki.ua and GigaCloud for review by Ukraine’s Antimonopoly Committee.
An equity stake in Comfy could provide Kyivstar with access to a large-scale retail and e-commerce infrastructure, as well as serve as a foundation for developing a marketplace and achieving synergies with the operator’s subscriber base.
As of today, the ownership structure of Comfi Trade LLC remains unchanged: the company is wholly owned by Cyprus-based Comfy Holding, with Stanislav Ronis and Svitlana Hutsul as the ultimate beneficial owners.
