VEON’s Kyivstar Acquires GigaCloud, Expanding Cloud Services for Ukrainian Businesses

Acquisition of GigaCloud, valued at up to USD 50 million, expands secure, resilient cloud infrastructure for Ukrainian businesses and public institutions

New York, Dubai & Kyiv, 29 October 2026 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Company”), today announces that its Ukrainian digital operator Kyivstar (Nasdaq: KYIV; KYIVW) (the “Company” or “Kyivstar”) is to acquire GigaCloud, one of Ukraine’s leading cloud infrastructure providers. Valued at up to USD 50 million, the acquisition will expand the secure, resilient digital infrastructure that Ukrainian businesses and public institutions need to operate, innovate and grow. It also accelerates VEON’s strategy to build cloud services for enterprise customers and reinforces Kyivstar’s long-term commitment to Ukraine’s digital economy.

Founded in 2016, GigaCloud is one of Ukraine’s leading cloud infrastructure providers, serving more than 1,800 enterprise customers and supporting digital transformation across a broad range of industries. Following completion of the transaction, GigaCloud will become a subsidiary of Kyivstar.  Its expertise and strong reputation in cloud technology will be combined with Kyivstar’s financial strength and growth strategy to accelerate GigaCloud’s expansion and strengthen Ukraine’s digital infrastructure.

“Digital infrastructure is ultimately about people: the entrepreneurs building businesses, the teams delivering public services, and the families who depend on them. Kyivstar’s acquisition of GigaCloud strengthens the secure, resilient foundation Ukraine needs to keep growing and to give its people better opportunities,” said Kaan Terzioglu, CEO of VEON Group.

The acquisition develops Kyivstar’s strategy to evolve from a telecommunications operator into a leading digital ecosystem and technology platform company. By expanding its presence in the fast-growing cloud computing sector, Kyivstar is seeking to create a powerful platform for enterprise IT compute, AI, cybersecurity, and data-driven solutions.

“This transaction is a significant step in executing Kyivstar’s long-term strategy to build Ukraine’s leading digital ecosystem. As demand for cloud computing, AI capabilities, and secure data infrastructure continues to grow, we see substantial opportunities to expand our presence in high-value digital services. GigaCloud has established itself as a trusted market leader with exceptional talent, proven technological expertise, and strong customer relationships. Together, we intend to accelerate the development of sovereign digital infrastructure, unlock new growth opportunities, and create a stronger, more diversified technology business positioned to deliver long-term value for all stakeholders,” said Oleksandr Komarov, President of Kyivstar Group Ltd.

The purchase underscores Kyivstar’s commitment to expanding its digital business portfolio where recent acquisitions have included the acquisition of e-mobility operators Uklon and E-wings, clean energy companies Six Solar Power Plants and Sunvin, internet service provider Shtorm and digital healthcare company Tabkletki. Kyivstar is committed to support the development of Ukraine’s digital economy through long-term investments in infrastructure and innovation.
 

About VEON
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity customers and more than 228 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology driven services that empower individuals and drive economic growth. VEON is listed on Nasdaq. For more information, visit: https://www.veon.com

About Kyivstar Group Ltd.
Kyivstar Group Ltd. is a Nasdaq-listed holding company that operates JSC Kyivstar, Ukraine’s leading digital operator and the first Ukrainian company to list on a U.S. stock exchange. Kyivstar Group Ltd.’s companies provide a broad range of connectivity and digital services, including mobile and fixed-line voice and data, ride-hailing, e-health, digital TV, and enterprise solutions such as Big Data, cloud, and cybersecurity. For more information, please visit investors.kyivstar.ua.

About GigaCloud
GigaCloud is a leader in the Ukrainian cloud market. Since 2016, GigaCloud has supported the digital transformation of more than 1,800 companies through cloud technologies. The company serves large enterprises and is a leading partner of the public sector in implementing digital transformation initiatives powered by cloud solutions.  GigaCloud’s infrastructure includes five data centers located in Ukraine and Poland across three availability zones. GigaCloud leverages state-of-the-art technologies to build secure, resilient, and highly available cloud infrastructure.

Forward-Looking Statements
This release contains “forward-looking statements”, within the meaning of the Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements relating to VEON's performance and strategic ambitions in Ukraine with the acquisition of GigaCloud. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON's performance and strategic ambitions in Ukraine with the acquisition of GigaCloud, among others discussed in the section entitled “Risk Factors” in VEON’s 2025 Form 20-F filed with the SEC on March 16, 2026 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.