Ukraine's largest mobile operator, "Kyivstar," is exploring the opportunity to invest in the major cloud solutions provider, GigaCloud.
According to Forbes Ukraine, "Kyivstar" has already submitted an application to the Antimonopoly Committee for the purchase of a stake in GigaCloud.
"Investing in innovative technologies and new services is a key aspect of Kyivstar's strategic development as a digital operator. To this end, the company is considering investing in GigaCloud," — stated representatives from the press service.
"Kyivstar" also confirmed that the request to the Antimonopoly Committee has been submitted, but the final agreement has not yet been signed. Sources from dev.ua indicate that "Kyivstar" intends to acquire 80% of GigaCloud's shares.
"A request has been submitted to the Antimonopoly Committee. As the leading cloud provider in Ukraine, GigaCloud has explored various investment opportunities over the past 20 months to realize our ambitious plans. Ultimately, we chose a partner that shares our strategic vision," — said CEO Nazarij Kurochko.
Sources indicate that the deal could amount to up to $30 million. One anonymous top manager from "Kyivstar" revealed that the company has been eyeing GigaCloud for some time, as this acquisition would streamline their cloud business.
Kyivstar’s B2B segment, which includes big data and cloud services, generated $11.2 million in revenue by the end of 2024, marking nearly a threefold increase compared to 2023. The deal will further boost revenue from this segment.
"Investing in GigaCloud will be a logical step toward building an integrated digital ecosystem and an essential stage in the development of cloud services, aligning with VEON's investment commitments of $1 billion from 2023 to 2027," — stated the company's press service.
31% of GigaCloud's shares belong to Oleg Polishchuk, while 45% belong to the current CEO, Nazarij Kurochko. The remainder is owned by companies in Cyprus and Malta. GigaCloud's revenue in 2024 reached UAH 410 million, which is 29% more than in 2023.
Recently, the parent company of "Kyivstar," Kyivstar Group Ltd., announced the completion of a historic listing on the Nasdaq Stock Market. "Kyivstar" became the first Ukrainian company to have its shares listed on the exchange. In the first half of 2025, the operator increased revenue by 36.1% compared to the same period last year, reaching UAH 22.6 billion. In the second quarter, revenue reached UAH 11.9 billion, which is 25.8% higher than in the second quarter of 2024.