VEON’s Kyivstar Delivers First Messages via Starlink in Direct to Cell Satellite Connectivity Test in Ukraine

Dubai and Kyiv, August 12, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, today announces that Kyivstar, its digital operator in Ukraine, has successfully conducted a test of satellite and terrestrial network integration using Starlink Direct to Cell technology. This is the first field test of of Starlink Direct to Cell in eastern Europe.  

During the pilot in the Zhytomyr region, Kyivstar CEO Oleksandr Komarov and Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, exchanged messages directly via Starlink Direct to Cell satellite using regular 4G-enabled smartphones. The successful exchange confirmed the technology’s viability for Ukraine.

Direct to Cell data service from Starlink, which will enable video communication via messaging apps, is still being developed and tested, and is planned to be made available to a wider audience in the future.

This marks a major milestone in integrating satellite connectivity into Ukraine’s telecommunications infrastructure, with the aim of providing reliable and resilient connectivity when terrestrial connectivity is unavailable. Kyivstar and Starlink intend to commercially launch Direct to Cell connectivity in the fourth quarter of the year starting with messaging services.

“Ukraine has become the first country in Eastern Europe to conduct field testing of the Direct to Cell technology. This is an important step in the development of infrastructure that will provide access to communication even in places where traditional networks are absent. Despite all the challenges of wartime, we continue to develop innovative solutions, because reliable communication under any circumstances and in any location is one of our key priorities. Therefore, this Kyivstar project is an example of effective partnership between the state, business, and technology companies, which opens the way to the future of communication without borders,” said Mykhailo Fedorov, First Deputy Prime Minister of Ukraine - Minister of Digital Transformation of Ukraine.

"This cutting-edge technology is a breakthrough for Ukraine as well as Kyivstar. We continue to invest in the most advanced technologies, not only to provide seamless services for Ukrainians today, but also to define the connectivity landscape of Ukraine for the future. We look forward to making this transformative capability available for our customers in the coming months," said Oleksandr Komarov, Kyivstar CEO.

“Our partnership with Starlink integrates terrestrial networks with satellite platforms, ensuring that nothing stands between our customers and connectivity –  not power outages, deserts, mountains, floods, earthquakes or even landmines,” added Kaan Terzioglu, VEON Group CEO. “For Kyivstar and Ukraine, this is more than backup: it’s a fully resilient, next-generation network architecture. By combining ground and space-based infrastructure, we are redefining what reliable connectivity means in humanitarian and crisis situations, and we look forward to extending this capability across our other markets.”

While continuing to invest in Ukraine’s resilient infrastructure, Kyivstar and VEON are also progressing towards the listing of Kyivstar Group Ltd, Kyivstar’s parent company, on Nasdaq Stock Market (“Nasdaq”) in collaboration with Cohen Circle Acquisition Corp I (“Cohen Circle”; Nasdaq: CCIR). Following the completion of the business combination with Cohen Circle, Kyivstar Group Ltd is expected to be listed on Nasdaq under the ticker symbol KYIV.

About VEON 
VEON is a digital operator that provides converged connectivity and digital services to nearly 170 million customers. 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 
Kyivstar is Ukraine's largest digital operator, serving approximately 23 million mobile subscribers and over 1.1 million home internet fixed line customers as of December 31, 2024. The company provides services across a wide range of mobile and fixed line technologies, including 4G, big data, cloud solutions, cybersecurity, digital TV, and more. VEON, together with Kyivstar, intends to invest USD 1 billion in Ukraine during 2023-2027, through investments in infrastructure and technological development, charitable donations and strategic acquisitions. Kyivstar has been operating in Ukraine for. For more information, visit: www.kyivstar.ua.

About Starlink Direct to Cell
As the world’s leading provider of launch services, SpaceX is leveraging its deep experience with both spacecraft and on orbit operations to deploy and operate the world’s most advanced constellation of satellites to provide connectivity globally, including directly to most cellular devices. Starlink satellites with Direct to Cell capability have an advanced eNodeB modem onboard that acts like a cellphone tower in space, allowing network integration similar to a standard roaming partner. Direct to Cell enables connectivity in remote regions, providing peace of mind when customers need it most. Direct to Cell works with existing LTE phones wherever you can see the sky. No changes to hardware, firmware, or special apps are required, providing seamless access to text, voice, and data. Learn more at https://www.starlink.com/business/direct-to-cell Follow Starlink on X https://x.com/Starlink

No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the transactions mentioned herein or Kyivstar Group Ltd.’s proposed listing on the Nasdaq Stock Exchange (“Nasdaq”). This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Forward-Looking Statements
This press release contains “forward-looking statements,” as the phrase is defined in 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. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “opportunity,” “plan,” “project,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions (including the negative versions of such words or expressions).

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements relating to, among other things, the listing of Kyivstar Group’s common shares and warrants on Nasdaq, the expected investment opportunity in Kyivstar Group following the closing of the Business Combination, including the expectation that Kyivstar Group will be the only pure-play Ukrainian investment opportunity and the growth potential of Kyivstar Group. These statements are based on VEON, Cohen Circle and Kyivstar Group management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Kyivstar Group’s, VEON’s or Cohen Circle’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the occurrence of any event, change or other circumstances that could give rise to the termination of the inability to complete the Business Combination due to the failure to obtain the necessary shareholder approvals or to satisfy other conditions to closing; changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; the decision by the SEC to deem effective the Registration Statement; the ability to meet the Nasdaq listing standards upon closing of the Business Combination and admission of Kyivstar Group for trading on Nasdaq; changes in applicable laws or regulations; the escalation or de-escalation of war between Russia and Ukraine; the successful integration of Uklon; continued growth in digital services; and other risks and uncertainties set forth in the section entitled “Risk Factors” included in the Registration Statement filed by Kyivstar Group with the SEC on June 5, 2025 and in any other subsequent filings with the SEC by Kyivstar Group or Cohen Circle. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON, Kyivstar and Cohen Circle cannot predict with accuracy and some of which neither VEON, Kyivstar Group nor Cohen Circle might not even anticipate. The forward-looking statements contained in this press release speak only as of the date of this release. VEON, Kyivstar Group and Cohen Circle do not undertake to publicly update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws.

Additional Information and Where to Find It 
In connection with the Business Combination, Kyivstar Group Ltd. and VEON Holdings B.V. have filed on June 5, 2025 a registration statement on Form F-4 (File No. 333-287802) (as amended, the “Registration Statement) as co-registrants that includes a preliminary proxy statement/prospectus of Cohen Circle and a preliminary prospectus of Kyivstar Group. Cohen Circle has mailed a definitive proxy statement/prospectus relating to the business combination and other relevant documents to its shareholders. Cohen Circle and the combined company may also file other documents regarding the Business Combination with the SEC. This press release does not contain all of the information that should be considered concerning the Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Cohen Circle’s shareholders and other interested persons are advised to read the registration statement of the combined company and the proxy statement/prospectus which will form a part thereof and the amendments thereto and all other relevant documents filed or that will be filed in connection with the Business Combination, as these materials will contain important information about Kyivstar, VEON, Cohen Circle, the combined company and the Business Combination. The registration statement of the combined company and the proxy statement/prospectus which forms a part thereof and other documents that are filed with the SEC may be obtained without charge at the SEC’s website at www.sec.gov or by directing a written request to: Cohen Circle Acquisition Corp. I, 2929 Arch Street, Suite 1703, Philadelphia, PA 19104.

Participants in the Solicitation 
Cohen Circle, Kyivstar, certain shareholders of Cohen Circle, VEON and certain of Cohen Circle’s, Kyivstar’s and VEON’s respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from the shareholders of Cohen Circle with respect to the Business Combination. A list of the names of such persons and information regarding their interests in the Business Combination is contained in the registration statement of the combined company and the proxy statement/prospectus which forms a part thereof. Shareholders, potential investors and other interested persons should read the registration statement of the combined company and the proxy statement/prospectus which forms a part thereof carefully before making any voting or investment decisions. Free copies of these documents may be obtained from the sources indicated above. 
 

Contact Information