Kyivstar, the largest mobile operator in Ukraine, is exploring the option to invest in GigaCloud, a leading cloud solutions provider.

According to Forbes Ukraine, Kyivstar has already submitted an application to the Antimonopoly Committee of Ukraine for purchasing a stake in GigaCloud.

"A crucial part of Kyivstar's strategic development as a digital operator involves investing in new technologies and services. This is why the company is interested in GigaCloud," a spokesperson stated.

Kyivstar has also confirmed that the application to the AMC has been filed, but the final agreement is yet to be signed. Sources from dev.ua indicate that Kyivstar aims to acquire 80% of GigaCloud's shares.

"We have submitted the application to the AMC. GigaCloud, being the largest cloud provider in Ukraine, has been exploring various investment opportunities over the last 20 months and found a strategic partner," said GigaCloud CEO Nazarii Kurochko in a comment to Scroll.media.

According to sources, the deal could be worth up to $30 million. An anonymous top manager from Kyivstar revealed to Scroll.media that their company has been eyeing GigaCloud for some time, as this acquisition will accelerate their cloud business.

Kyivstar's B2B business in big data and cloud services generated $11.2 million in revenue in 2024, showing nearly a threefold increase compared to 2023. The deal will significantly boost revenue from this segment.

"Investing in GigaCloud will be a logical step toward building an integrated digital ecosystem and a key phase in the development of cloud services, in line with VEON's investment commitments of $1 billion from 2023 to 2027," the company stated.

31% of GigaCloud's shares belong to Oleg Polishchuk, and another 45% to the current CEO, Nazarii Kurochko. The remaining shares are held by companies from Cyprus and Malta. GigaCloud's revenue for 2024 was 410 million UAH, a 29% increase compared to 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 whose shares were listed on the exchange. In the first half of 2025, the operator increased its revenue by 36.1% compared to last year, reaching 22.6 billion UAH, with the second quarter alone generating 11.9 billion UAH, 25.8% more than in Q2 2024.