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SIGNIFICANT TRANSACTIONS (Tables) | 12 Months Ended
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Dec. 31, 2025
Significant Transactions [Abstract] |
Disclosure of detailed information about business combination [text block] | The following table provides a summary of the proceeds raised net of transaction costs incurred in relation to the transaction:
| Amount
SPAC cash balance | 178 |
SPAC accrued transaction costs | (16) |
SPAC cash net of transaction costs | 162 |
Transaction costs incurred by VEON | (30) |
Net proceeds from the transaction | 132 |
The following table provides a summary of the fair value of consideration and the calculation of the listing expense as of the transaction date:
USD in millions, except share/warrant and per share/warrant data | Per share/warrant value | Shares / Warrants | Fair Value
Ordinary shares | $ | 12.70 |  | 22,597,245 | 287 |
Vesting securities - Tranche 1 | $ | 8.70 |  | 661,919 | 6 |
Vesting securities - Tranche 2 | $ | 8.10 |  | 661,919 | 5 |
Warrants fair value (Note 18) | $ | 3.35 |  | 7,666,629 | 26 |
Fair value of consideration |  |  | 324 |
Cohen Circle Net Assets Acquired |  |  | 162 |
Excess of fair value of consideration over Cohen Circle’s net assets (IFRS 2 Charge for listing service) |  |  | 162 |
The fair values of identifiable assets and liabilities of Uklon at the date of acquisition were:
| April 2, 2025
Non-current assets |
Intangible assets | 58 |
Current assets |
Trade and other receivables | 2 |
Cash and cash equivalents | 12 |
Non-current liabilities |
Deferred tax liability | (7) |
Current liabilities |
Trade and employee related payables | (6) |
Other current liabilities | (10) |
Fair value of identifiable net assets | 49 |
Goodwill resulting from acquisition | 109 |
Purchase consideration | 158 |
The following table shows the details of purchase consideration at the acquisition date:
| April 2, 2025
Cash paid * | 141 |
Fair value of contingent consideration | 16 |
Put option liability | 1 |
Total purchase consideration | 158 |
* Total cash consideration consisted of US$129 for the acquisition of 97% of Uklon Group’s shares and a US$12 payment to settle employee awards. The following table shows the details of cash outflow during the year ended December 31, 2025:
| December 31, 2025
Cash consideration | 153 |
Less: balances acquired |
Cash and cash equivalents | (12) |
Net outflow of cash - investing activities | 141 |
Summary of Detailed Information about Disposals | The following table shows the results for the Beeline Kyrgyzstan transaction that are accounted for in these financials as of December 31:
| 2025
Sale consideration | 45 |
Carrying amount of net assets at disposal * | (43) |
Gain on sale before reclassification of foreign currency translation reserve | 2 |
Reclassification of foreign currency translation reserve | (99) |
Loss on disposal | (97) |
* Net assets include US$5 relating to cash and cash equivalents at disposal. The following table shows the assets and liabilities disposed on August 13, 2025 relating to Beeline Kyrgyzstan operations as of:
| August 13, 2025
Non-current assets |
Property and equipment | 39 |
Intangible assets | 10 |
Deferred tax assets | 3 |
Current assets |
Inventories | 1 |
Trade and other receivables | 15 |
Other current assets | 12 |
Total assets disposed | 80 |
Non-current liabilities |
Debt and derivatives | 7 |
Current liabilities |
Trade and other payables | 22 |
Other non-financial liabilities | 8 |
Total liabilities disposed | 37 |
The following table shows the results for the Deodar sale transaction that are accounted for in these financials as of December 31:
| 2025
Sale consideration | 548 |
Carrying amount of net assets at disposal * | (200) |
Gain on sale before reclassification of foreign currency translation reserve and sale and lease back implication | 348 |
Right of use assets recognized | 333 |
Lease liabilities recognized | (633) |
Reclassification of foreign currency translation reserve | 454 |
Gain on disposal | 502 |
Deferred tax asset, net | 109 |
* Net assets include US$7 relating to cash and cash equivalents at disposal. The following table shows the assets and liabilities disposed on June 3, 2025 relating to Deodar operations as of:
| June 3, 2025
Non-current assets |
Property and equipment | 92 |
Goodwill | 58 |
Deferred tax assets | 65 |
Other non-current assets | 1 |
Current assets |
Trade and other receivables | 357 |
Other current assets | 65 |
Total assets disposed | 638 |
Non-current liabilities |
Debt and derivatives | 27 |
Other non-current liabilities | 9 |
Current liabilities |
Trade and other payables | 388 |
Debt and derivatives | 14 |
Total liabilities disposed | 438 |
The following table shows the assets and liabilities disposed of as the sale completion date, September 30, 2024:
| September 30, 2024
Non-current assets |
Property and equipment | 47 |
Intangible assets | 1 |
Deferred tax assets | 2 |
Other non-current assets | 1 |
Current assets |
Trade and other receivables | 32 |
Other current assets | 2 |
Cash and cash equivalents | 2 |
Total assets disposed | 87 |
Non-current liabilities |
Debt and Derivatives | 7 |
Other non-current liabilities | 8 |
Current liabilities |
Trade and other payables | 12 |
Other non-financial liabilities | 10 |
Total liabilities disposed | 37 |
The following table shows the results for the disposal of TNS+ that are accounted for in these financial statements as of December 31, 2024:
| 2024
Deferred consideration to be settled in cash | 138 |
Carrying amount of net assets at disposal | (50) |
Gain on sale before reclassification of foreign currency translation reserve and non-controlling interests | 88 |
Derecognition of non-controlling interest | 22 |
Reclassification of foreign currency translation reserve | (44) |
Gain on disposal of TNS+ | 66 |
* Net assets include US$2 relating to cash and cash equivalents at disposal.

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