“In 2024, the M&A market in Ukraine, despite the challenges of the war, demonstrated adaptation and growth, reaching deals worth $743 million. An important role was played by IT, the agricultural sector, privatization and energy. In 2025, further development is expected against the background of global challenges and new investment opportunities, says Svitlana Shcherbatiuk, director of KPMG in Ukraine, head of the “support of corporate agreements, investments and markets” […]”, — write: businessua.com.ua
In 2024, the M&A market in Ukraine, despite the challenges of the war, demonstrated adaptation and growth, reaching deals worth $743 million. An important role was played by IT, the agricultural sector, privatization and energy. In 2025, further development is expected against the backdrop of global challenges and new investment opportunities, says Svitlana Shcherbatiuk, director of KPMG in Ukraine, head of the “support of corporate deals, investments and capital markets” department.
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In 2024, the market M&A adapted to the realities of war. Deals in the range of $5 million to $500 million in 2024 exceeded the same figure in 2023 in total value. This indicates a gradual recovery of the M&A market, which is supported by a large number of deals among small and medium-sized companies.
But the volume of deals on the Ukrainian M&A market in 2024 is comparable to 2023: 47 deals were announced, two fewer than in 2023. The total value of dozens of M&A deals on the Ukrainian market in 2024 is $743 million. And these are only those agreements where the amount was announced.
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M&A agreements in Ukraine, 2017–2024. Photo infographic Forbes Ukraine
The data covers transactions worth more than $5 million, as well as purchase agreements of companies with annual revenue of more than $10 million, where the amount paid by the buyer was not disclosed. Deal values are based on data released by Mergermarket and Refinitiv, as well as company press releases and publicly available market valuations.
A year of transformations for the Ukrainian M&A market2024 was a year of ups and downs for the Ukrainian M&A market, reflecting a combination of economic challenges and new opportunities. Market dynamics were influenced by key industry trends and strategic shifts that Ukrainian companies underwent while adapting to the realities of the war.
The IT sector remained the leading driver of activity and continues to attract the attention of foreign investors. Although some of the Ukrainian assets were bought by foreign investors, Ukrainian IT companies also focused on international expansion, using M&A, in particular in the US and UK markets. IT companies seek to geographically diversify their business and strengthen their global competitive positions.
The agricultural sector continues to attract interest from foreign investors due to its sustainability and long-term growth potential. Among the notable deals is the acquisition of 12.6% of MHP shares by SALIC, which demonstrates the confidence of foreign investors in the sector.
Ukrainian agricultural companies concluded agreements both in the domestic and foreign markets, strengthening their market positions and expanding the geography of their presence. An example is the acquisition by MHP of several poultry farms in Albania.
Top 10 M&A deals in Ukraine by value in 2024. Photo infographic Forbes Ukraine
Sectoral shifts and strategic initiativesM&A deals involving Ukrainian investors were not limited to horizontal mergers, but increasingly included vertical integration and diversification strategies. For example, MHP’s acquisition of assets in the domestic market, such as “Meat Farm” (production of meat products), “Vegetable Treasury” (production of vegetables) and KTL (logistics), is a vivid example of such a strategy.
A similar interest in real estate is demonstrated by deals in retail, such as the acquisition by the Aurora store chain of the West Gate Logistics warehouse complex from Dragon Capital.
Investors have shown increased interest in the real estate sector, which is due to the strengthening of confidence in its potential for further growth. The privatization of the Ukraina Hotel signals confidence in the long-term recovery of the industry and the growth of real estate values.
Overall, privatization deals played a prominent role in shaping M&A market activity in 2024. The State Property Fund of Ukraine has accelerated a major privatization program with notable deals, such as the privatization of the titanium product manufacturer OGHC, the aerated concrete manufacturer Aerok, and the aforementioned privatization of the Ukraina Hotel.
These transactions demonstrate investor confidence in the economic recovery and create opportunities for domestic and international players. It is expected that privatization will continue to Art will simulate M&A activity.
Top 10 M&A deals in Ukraine by value in 2024. Photo infographic Forbes Ukraine
Innovation and sustainability in the field of energyIn 2024, investors did not ignore the energy sector of Ukraine. Ukrainian companies began to prepare for winter, implementing measures to protect energy supplies from possible Russian attacks. This included a combination of M&A and the creation of its own generating capacity: the installation of solar panels on the roofs of Epicenter hypermarket centers and terminals, which already has a capacity of up to 9.4 MW. The company plans to invest another $76 million to cover 1 million square meters by 2025. m solar panels.
The OKKO gas station network has installed solar panels at half of its gas stations and plans to equip all possible facilities, while at the same time attracting €60 million from the EBRD for the construction of a plant for the production of bioethanol in the Ternopil region. OKKO is also developing two wind power projects in the Volyn region with a planned total capacity of 335 MW, which should be put into operation in 2025-2026.
Looking to the future: challenges and prospectsWhile meeting all the challenges in 2025 may prove to be a daunting task, investors who dare to act now can gain a competitive advantage by getting in early. The war continues to cast a shadow of uncertainty, but Ukrainian business is showing resilience, diversifying operations and expanding its international presence. This emphasizes the potential of Ukrainian business in the post-war environment.
In 2024, Ukrainian investors were more active in buying foreign assets to diversify and take advantage of international opportunities, and this trend is likely to continue in 2025.
A case in point is the intention of MHP, which was announced in December, to acquire UVESA Group, one of the leaders in the poultry and pork market in Spain. This agreement is in line with MHP’s strategy, which is aimed at expanding the company’s global presence, transforming into an international culinary corporation, and at the same time making significant investments in the development of local businesses in Ukraine.
In 2025, the Ukrainian economy will face serious challenges. The invasion of the Russian Federation continues to increase uncertainty, affecting stability, and the results of the US elections and possible changes in the policies of Donald Trump may affect the amount of support and the economic course of Ukraine.
Adaptation of Ukrainian business to challenges and use of new opportunities will be the key to economic recovery. In 2025, Ukraine hopes for international support, government initiatives and business sustainability for the development of the M&A market.
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