Kyivstar Group Ltd., Ukraine’s largest telecommunications operator and the first Ukrainian company traded on the Nasdaq stock exchange, has signed a definitive agreement and completed the transaction to acquire 100% of Tabletki.ua’s, Kyivstar said on Tuesday.
Tabletki.ua is a popular digital platform for medical products that allows consumers to find, compare prices, and order medicines from a large network of pharmacies. The service joins Kyivstar’s rapidly expanding digital portfolio, which already includes the Helsi medical information system and the Uklon ride-hailing (taxi) service.
“Tabletki.ua already plays an important role in the daily lives of millions of Ukrainians. We will be able to combine Kyivstar’s experience in managing and developing digital business with Tabletki.ua’s strong foundation to make digital medical services more accessible to a wider audience and ensure the best convenience for everyone,” Kyivstar CEO Oleksandr Komarov is quoted in the release.
Tabletki.ua serves as a critical link between consumers and over 14,000 pharmacies across Ukraine, according to the release. In 2025, the platform processed 14 million online orders per month. For the 2024 fiscal year, the gross merchandise value (GMV) of goods booked via the platform reached Hr 45 billion ($1.05 billion), rising to Hr 57.3 billion ($1.19 billion) for the 12-month period ending Sept. 30, 2025.
Strategic valuation and financial growth
The agreed value of the transaction is $160 million, representing a price-to-earnings (P/E) multiple of 8.0x. According to unaudited management reports, Tabletki.ua demonstrated strong financial health leading up to the deal. For the 12 months ending Sept. 30, 2025, the platform reported an EBITDA of $24 million and a net profit of $20 million.
This acquisition is part of a broader investment strategy by Kyivstar and its parent company, VEON. The groups intend to invest $1 billion in Ukraine between 2023 and 2027. These funds are earmarked for infrastructure development, digital technology, and strategic acquisitions to bolster the country’s resilience. Currently, Kyivstar serves approximately 22.5 million mobile subscribers and 1.2 million fixed-line customers.
Expansion into telecommunications infrastructure
Beyond digital services, Kyivstar is seeking to expand its physical infrastructure through the acquisition of tower assets. The Antimonopoly Committee of Ukraine (AMCU) confirmed receiving repeated applications from VEON regarding the acquisition of tower assets from its competitor, Vodafone Ukraine, according to AIN.
The proposed deal involves gaining control over TOWER JV in Dubai and the Ukraine Tower Company, which manages the physical infrastructure assets of Vodafone Ukraine and Ukrainian Network Solutions. However, the committee returned the initial documents on Dec. 16 because they did not meet the requirements of the regulations governing the procedure for considering concentration cases.
The third major player on the market, Lifecell, has expressed concern about the merger of the two other operators’ infrastructure. The company claims that such a union would lead to structural imbalance and monopolization of the telecommunications market, which could affect national security.
In its statement, Lifecell emphasized that infrastructure diversity was vital to supporting defense and emergency services during the 2023 cyberattack on a major operator. In addition, excessive concentration of critical infrastructure could deter international investors who value market predictability and non-discriminatory access to resources.
“Any decisions on infrastructure consolidation must be made transparently, with the involvement of all market participants and the expert community, to protect long-term competition and national security,” Lifecell said.