Uklon acquires Kyivstar: details of the $155 million deal
2 April 2025 19:43
The deal to acquire 97% of Uklon’s corporate rights by national telecom operator Kyivstar has been officially completed, with the deal amounting to USD 155.2 million. This is one of the largest tech M&A deals in Ukraine in recent years and a strong signal of the private sector’s willingness to invest in digital services, even in times of war, "Komersant Ukrainian" reports, citing a press release from the mobile operator.
What you need to know about the merger of Kyivstar and Uklon
Kyivstar, a part of the international telecommunications group VEON, has officially acquired the majority of corporate rights of the Ukrainian car call service Uklon. The deal was made as part of the mobile operator’s strategy to create a broad digital ecosystem, from telecommunications to fintech and logistics.
Despite the change of ownership, both companies will remain independent legal entities, and the Uklon team, led by CEO Sergiy Gryshkov, will continue to manage the project, develop products and services, while maintaining strategic autonomy. In addition, the company’s co-founder Vitaliy Dyatlenko will retain 3% of Uklon’s corporate rights.
Why the deal between Kyivstar and Uklon is important
Founded in 2009, Uklon was the first online car ordering service in Ukraine, long before global competitors entered the Ukrainian market. In 15 years, the company has managed to maintain its leadership position despite the emergence of Uber and Bolt thanks to its flexibility, local focus, and technical innovation.
Against the backdrop of hostilities, constant risk, and economic instability, a deal of this magnitude demonstrates the resilience of Ukrainian IT companies, their ability to grow, and the trust of strategic investors.
Read also: Uklon has integrated with Diia: what services are now available
What are the prospects for the foreseeable future?
Uklon will get new opportunities to scale to international markets, in particular through Kyivstar’s partner infrastructure and access to financing. Kyivstar, in turn, will have access to Uklon’s technological base and expertise, which will allow it to supplement its telecom services with new solutions in the areas of logistics, mobile payments, and app integration.
Both parties have already declared their intention to develop new delivery services, integrate with financial products, and expand Uklon’s presence outside Ukraine.
Who will manage the company?
After the transaction, Uklon will be managed by a new Supervisory Board, headed by Kyivstar CEO Oleksandr Komarov. It will include representatives of both companies:
- Zoya Dronshkevich (Kyivstar Business Development Director)
- Borys Dolgushyn (Kyivstar CFO),
- uklon co-founders Sergiy Smus and Vitaliy Dyatlenko.
Uklon CEO Sergiy Grishkov emphasized that the company’s team remains in full force, and cooperation with Kyivstar opens up new horizons both in terms of investment and development of digital culture, which will allow Uklon to become an even more competitive player.
Financial terms and taxes
Under the terms of the deal, the settlement was made in UAH. The proceeds will be used to pay 23% of taxes, including military duty, to the State Budget of Ukraine. In addition, 12% of the transaction amount will be used for remuneration for Uklon employees who participated in the incentive and stock option program.
Deal advisors
The transaction was supported by leading legal and financial advisors. Sayenko Kharenko provided legal support to Kyivstar, and KPMG Ukraine provided financial support. Imagine Lawyers represented Uklon’s legal interests and Dragon Capital provided exclusive financial support.
The deal between Kyivstar and Uklon demonstrates that Ukrainian tech business remains attractive for investment despite the war. This is a positive signal for the entire IT industry and proof that even in difficult times, strategic agreements can be successfully implemented, opening up new prospects for both parties.
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