The AMCU will review Kyivstar's proposed acquisition of GigaCloud
On Thursday, July 9, the Antimonopoly Committee of Ukraine is set to issue a ruling on the application filed by Kyivstar, the country’s largest mobile operator, to acquire control over the cloud service provider GigaCloud. The AMCU’s decision will determine whether the company can complete the deal to acquire one of Ukraine’s leading cloud service providers.
According to the committee’s meeting agenda, the potential acquisition is accompanied by a corporate agreement to be signed between Kyivstar and GigaCloud’s owners—Nazlami Limited, Telliani Limited (both based in Malta), and Zvityaga Limited (Cyprus), which own 48.43%, 20.42%, and 31.15% of the LLC, respectively.
As previously reported, in June 2025, Kyivstar launched its own cloud service for Ukrainian users, Kyivstar Cloud, which is available to small, medium, and large businesses, as well as public sector organizations.
Kyivstar CEO and President Oleksandr Komarov noted in mid-May of this year during a conferencecall regarding the operator’s Q1 2026 earnings report, noted that the company views the cloud business as one of the key areas for future growth and is seeking opportunities to expand it both organically and through acquisitions
“We recently launched our own cloud business in Ukraine, our own data center, and began commercializing it at the end of 2025,” he said.
According to Komarov, the company aims to prepare for the post-war growth of the cloud services market in terms of both its service portfolio and its market share and existing capabilities.
He clarified that currently, the company’s main business in this area is reselling Microsoft services and, to a lesser extent, Amazon services.
In the first quarter of 2026, Kyivstar increased its EBITDA by 28.5% to 7.5 billion UAH, while revenue grew by 31.3% to 13.9 billion UAH.
According to financial reports, revenue from the cloud service of the subsidiary Kyivstar.Tech rose from 105 million UAH to 192 million UAH.
According to data from YouControl, Gigacloud’s revenue in 2025 grew by 37.1% to 561.44 million UAH, and its net profit increased 3.8-fold to 130.26 million UAH. The company’s beneficiaries are listed as Ukrainians Oleg Polishchuk (31.15%) and Nazarii Kurochko (44.93%).
On July 8 of this year, GigaCloud announced the launch of a sovereign cloud in Ukraine—a cloud infrastructure that complies with government regulations regarding the storage, processing, and transmission of data within the country.
“It is important for our clients to understand where their services are stored, who administers them, and whether this complies with the requirements of regulators and partners. That is why we provide a sovereign cloud that ensures control over data, with Ukrainian-language support, payments made to a Ukrainian legal entity, and a transparent supply chain,” commented GigaCloud CEO Nazarii Kurochko on the launch.
According to the company, the sovereign cloud will be particularly useful for government agencies, critical infrastructure facilities (CIFs), financial institutions, the defense sector, healthcare, energy, and other sectors, as well as for companies participating in government procurement that must demonstrate compliance with security requirements, provider transparency, and audit readiness.
Source: AMCU
See also:
Kyivstar Begins Phasing Out 3G
Kyivstar plans to re-elect Pompeo and Shymkiv to the board of directors
