The largest Ukrainian mobile operator, "Kyivstar", is considering investing in one of the leading cloud solution providers in Ukraine, GigaCloud.

According to Forbes Ukraine, "Kyivstar" has already submitted a request to the Antimonopoly Committee for the acquisition of a stake in GigaCloud.

"A key aspect of Kyivstar's development strategy as a digital operator is investing in new technologies and services. Therefore, we are looking into the possibility of investing in GigaCloud," — the press service of the company stated.

Kyivstar also confirmed that the application process to the Antimonopoly Committee has started, but the final agreement has not yet been signed. Sources from dev.ua report that "Kyivstar" intends to buy 80% of GigaCloud's shares.

"We have already submitted the application to the Antimonopoly Committee. GigaCloud, as a leading Ukrainian cloud provider, has explored numerous options for attracting investments to realize its ambitious plans. Ultimately, we found a partner in "Kyivstar", with whom we share a strategic vision," — commented GigaCloud CEO Nazar Kurachko.

According to sources, the deal could be valued at up to $30 million. One of the Kyivstar executives, speaking on condition of anonymity, noted that the company had been eyeing GigaCloud for some time, as acquiring this business would accelerate Kyivstar's cloud services, which are seen as a key growth driver for the non-telecom segment.

Kyivstar's big data and cloud services sector generated $11.2 million in revenue in 2024, showing nearly a threefold increase compared to 2023. The agreement is expected to boost revenues from this segment.

"Investing in GigaCloud is a logical step towards building an integrated digital ecosystem and an essential milestone in developing cloud services and scaling the business in line with VEON's investment commitments of $1 billion from 2023 to 2027," — the press service of Kyivstar stated.

31% of GigaCloud's shares are owned by Oleg Polishchuk, and another 45% by the current CEO Nazar Kurachko. The remaining shares are held by companies based in Cyprus and Malta. GigaCloud's revenue in 2024 was 410 million UAH, which is 29% more than in 2023.

It is worth noting that recently, Kyivstar's parent company, Kyivstar Group Ltd., announced the completion of its historic listing on the Nasdaq Stock Market, becoming the first Ukrainian company to have its shares listed on the exchange. In the first half of 2025, the operator increased its revenue by 36.1% compared to the same period last year, reaching 22.6 billion UAH. In the second quarter, revenue amounted to 11.9 billion UAH, which is 25.8% higher than in the second quarter of 2024.