In 2025, the mergers and acquisitions (M&A) market in Ukraine demonstrated a growth of 10%, reaching a total volume of announced and completed deals of $1.35 billion. Overall, 123 deals were concluded throughout the year, surpassing the figure from 2024, which had 114 deals.
This is reported by Business • Media
Domestic Investors Lead the M&A Market
The main activity in the M&A sector in Ukraine was driven by domestic investors. They accounted for 65% of the total number of deals and over 80% of the total market value. According to experts, the actual market figures may be even higher due to limited publicity and low levels of information disclosure regarding a significant portion of the deals.
“Given the limited publicity and low levels of information disclosure regarding a significant portion of the deals, the actual volume of Ukraine’s M&A market could reach around $1.7 billion,” experts believe.
Key Deals of the Year and Industry Outlook
The largest deal of 2025 was the acquisition of the online taxi service Uklon by the telecommunications group Kyivstar for $155 million. The second largest was the execution of an option to purchase 85% of the shares of the Vinnytsia Oil and Fat Plant (ViOil) by the American corporation Bunge for $138 million. This transaction confirmed the sustained interest of international strategic players in the Ukrainian agro-processing sector, especially under conditions of martial law.
The third largest deal was the purchase by the investment company City Capital Group of the first phase of the Leonardo business center and the Ukraine Department Store for $70 million. This became one of the largest transactions in the commercial real estate segment during the entire period of the full-scale war. Such dynamics indicate a gradual recovery of interest in quality core assets in the capital.
At the end of 2025, another significant deal was announced: the defense group EDGE from the UAE, owned by the sovereign fund of that country, plans to acquire a minority stake in the Ukrainian defense-tech company Fire Point. Already at the beginning of 2026, the Cypriot company Enselco Holding (Kapenata Limited) received permission from the Antimonopoly Committee of Ukraine to acquire the Agro-Region group of companies.