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Kyivstar, Ukraine’s largest telecom operator, is set to acquire a controlling stake in renewable energy producer Sanvin 11. Ukraine’s key antitrust regulator, the Antimonopoly Committee of Ukraine (AMCU), has granted Kyivstar permission to proceed with the purchase, according to a Nov. 6 decision from the committee. Kyivstar will gain control of Sanvin 11 by acquiring a share in the company’s charter capital that provides more than 50 percent of voting rights in its top management body, according to AMCU. On Sept. 23, Kyivstar submitted an application to acquire Sanvin 11, AMCU told Forbes Ukraine. The company has long been considering the acquisition of a small electricity producer to strengthen the resilience of its network during possible blackouts after continuing Russiaʼs attack on Ukraineʼs critical infrastructure, a source from Kyivstar’s top management told Economichna Pravda. Sanvin 11 is a Ukrainian renewable energy company registered on June 7, 2017. At the time of its founding, the company had a charter capital of Hr.10,000 (around $238), reflecting its beginnings as a small-scale energy producer. The company, headquartered in Odesa, specializes in electricity generation, transmission, and distribution, YouControl data shows. Sanvin 11’s revenue grew from Hr.61 million ($1.45 million) in 2020, to Hr.81.8 million ($1.94 million) in 2024, after a temporary dip in 2021-2022. The bottom line shifted from a loss of Hr.46.3 million ($1.1 million) in 2020, to a profit of Hr. 33.2 million (around $790,000) in 2024, according to YouControl. Sanvin 11 is fully owned by Merestono Limited, a company registered in Cyprus. The ultimate beneficial owners are Nataliia Bohachova, a Ukrainian citizen residing in Prague, Czech Republic, and Petro Rozenkrantz, an Israeli citizen residing in Raanana, Israel. Both hold indirect controlling stakes of 50% each. From mobile operator to digital holding: How Kyivstar diversified its portfolio Telecom and broadband remain Kyivstar’s core businesses, with a 47% share of Ukraine’s communications market and a place among the top three broadband internet providers. As of June 30, the company served nearly 23 million mobile customers and over 1.1 million fixed broadband users. The Kyivstar Group portfolio also includes: Kyivstar.Tech – 500 employees; $24.2 million revenue in 2024 Kyivstar TV – 2 million registered users as of the end of 2024 Helsi (e-health platform) – 97.9% ownership; $5.1 million revenue in 2024 Big data and cloud services – $11.2 million revenue in 2024, almost triple 2023’s results The company employs about 4,000 people, excluding Uklon. As of March 31, it held $712 million in cash and equivalents before completing the Uklon acquisition. The strategy of being “not just telecom” helped increase the company’s value, as did support from parent company VEON Ltd., a company incorporated in the Netherlands with its headquarters in Dubai. In August 2025, Kyivstar also debuted on the Nasdaq Stock Market. The New York debut initially valued Kyivstar at about $2.6 billion. At the time of writing, the company holds a “high” Earnings Quality Ranking (EQR) for the 3rd consecutive week, according to Kyivstar’s Nasdaq portfolio.
