Kyivstar Group has agreed to acquire Ukrainian cloud infrastructure provider GigaCloud in a transaction valued at up to $50 million, expanding the company’s enterprise technology and cloud services portfolio.
The transaction includes a $41 million acquisition price, up to $4 million of deferred non-adjustable debt, approximately $3 million of performance-related consideration, and up to $2 million in reimbursement tied to qualifying investments.
Founded in 2016, GigaCloud serves more than 1,800 enterprise customers and provides cloud infrastructure for companies and public-sector organizations in Ukraine.
Based on unaudited management accounts, GigaCloud generated approximately $14 million in revenue and $4.7 million in EBITDA during 2025.
The acquisition will combine GigaCloud’s engineering, research and development, and cloud infrastructure capabilities with Kyivstar’s connectivity network, customer reach, investment capacity, cybersecurity services, and enterprise sales organization.
Following completion, GigaCloud is expected to continue operating as a separate business unit within Kyivstar Group, retaining its brand, management team, and existing customer relationships. The company’s founders are expected to continue leading the business.
Kyivstar sees the transaction as part of a broader strategy to expand beyond telecommunications into digital services and enterprise technology. The company already provides mobile and fixed connectivity, digital television, e-health, ride-hailing, big data, cloud, and cybersecurity services.
Kyivstar serves more than 21.8 million mobile customers and over 1.3 million fixed home internet customers. The group is Nasdaq-listed and is part of VEON.
The acquisition also reflects continued investment in Ukraine’s digital infrastructure. Demand for sovereign cloud services and resilient domestic technology infrastructure has increased as enterprises and government organizations seek secure computing environments within the country.
Kyivstar expects the combination to accelerate GigaCloud’s infrastructure investment and market reach while strengthening its own position as a broader digital services platform.
KEY QUOTES:
“By combining these capabilities with our connectivity, customer reach and investment capacity, we can help more businesses modernize their operations and build a larger enterprise technology business.”
Oleksandr Komarov, President Of Kyivstar Group
“Together with Kyivstar, we will be able to accelerate investment in our infrastructure, expand our market reach, and continue delivering the high-quality services our customers expect.”
Nazariy Kurochko, CEO And Co-Founder Of GigaCloud
