Veon Amsterdam B.V., the largest shareholder of Kyivstar Group Ltd., has reduced its stake in the operator to 83.6% following a secondary public offering of shares on the Nasdaq exchange. A total of 14.38 million ordinary shares of Kyivstar were sold at a price of $10.5 per share, according to the company’s website. The majority of the shares sold belonged to Veon, with a portion coming from other minority shareholders.
Prior to the transaction, Veon held a 89.6% stake in Kyivstar; following the sale, its ownership decreased to 83.6%. The largest shareholder of Veon is LetterOne Holdings, which controls 45.5% of the company’s shares. LetterOne was founded by shareholders of Alfa Group, including Mikhail Fridman, who, according to the company, has been removed from any management and business processes at LetterOne and Veon since February 2022, with his assets in LetterOne frozen under U.S. and UK sanctions.
Kyivstar is Ukraine’s largest mobile operator. In addition to its telecommunications business, the company owns the country’s largest medical information system, Helsi, as well as the leading online ride-hailing service Uklon. In the near future, Kyivstar may also acquire the country’s largest pharmacy price aggregator, Tabletki.ua.
In August 2025, Kyivstar listed on Nasdaq through a merger with Cohen Circle, a special purpose acquisition company (SPAC) that had already been listed on the exchange.
