Kyivstar first submitted an application on 19 September 2025, seeking to acquire 80% of the company. However, on 3 October, the AMCU rejected the filing, stating that it “did not meet the requirements of the regulation governing the review of applications and cases related to economic concentration.” A revised application was submitted on 24 October 2025, and the committee is currently reviewing the documentation.
According to sources cited by dev.ua, GigaCloud employees have been informed about the sale of 80% of the company to Kyivstar, although the transaction has not yet been officially registered. GigaCloud CEO Nazarii Kurochko said the company had explored various investment options over the past 20 months and ultimately chose a partner with a shared strategic vision.
GigaCloud is among Ukraine’s leading cloud service providers. Its clients include agribusiness holding Kernel, the public procurement system Prozorro, and Kyiv’s TSUM department store. In 2024, the company reported revenue of more than UAH 410 million and net profit of UAH 45.6 million, up 29% year-on-year. GigaCloud’s infrastructure is hosted across three data centers: GigaCenter and BeMobile in Kyiv, and Atman in Warsaw. Market experts estimate the deal value at $12–15 million.
Kyivstar’s parent company, VEON, has committed to investing $1 billion in Ukraine’s economy over five years. A significant share of these investments is allocated to mergers and acquisitions: in 2025, Kyivstar acquired ride-hailing service Uklon and increased its stake in healthtech startup Helsi. The company’s next potential move could be the acquisition of pharmaceutical booking platform Tabletki.ua.
Kyivstar is Ukraine’s largest mobile operator, serving 23 million subscribers. The company owns digital services including Helsi, Kyivstar TV, and Uklon, provides corporate solutions in cloud technologies, cybersecurity, and artificial intelligence, and is preparing to launch Direct to Cell satellite connectivity in partnership with Starlink. Since 15 August, shares of Kyivstar Group Ltd. have been traded on Nasdaq under the ticker KYIV.
The potential acquisition of GigaCloud would form part of Kyivstar’s strategy to expand its footprint in Ukraine’s digital market, although the final outcome will depend on the AMCU’s review of the renewed application.
