Ukrainian telco Kyivstar has edged closer to its merger with US-based special purpose acquisition company (SPAC) Cohen Circle Acquisition Corp.

Shareholders at Cohen Circle voted to approve the $2.2 billion merger with Kyivstar, as reported by Ukrainian website Scroll Media.

The move paves the way for Kyivstar, the largest telecommunications company in Ukraine, to become the first Ukrainian business listed on the Nasdaq exchange.

Veon, the parent company of Kyivstar, announced the merger in March. Once approved, Kyivstar will trade on Nasdaq as 'KYIV'.

Reuters separately reported this week that Kyivstar expects to raise between $50 million and $200 million in the landmark listing.

In January, Veon revealed that it signed a letter of intent with Cohen Circle to combine their businesses and indirectly list Kyivstar on Nasdaq. Veon itself also trades on Nasdaq after delisting from Amsterdam in 2024.

Veon said it will own a minimum of 80 percent of the issued and outstanding equity of Kyivstar Group immediately following the closing of the business combination.

Veon CEO Kaan Terzioglu previously said in June that Kyivstar's listing on the Nasdaq would be a "landmark development" for the country and the company.

Kyivstar is Ukraine's largest mobile network operator, serving close to 24 million customers.

Last year, Veon increased its investment in the carrier to $1 billion for the period between 2023 and 2027.

By the end of 2026, Kyivstar wants to cover 98 percent of the population with 4G coverage.

Parent company Veon also this week completed the sale of its 50.1 percent indirect stake in Kyrgyzstan telco Sky Mobile (Beeline Kyrgyzstan) to the government via state-owned Eldik Bank.