The total volume of announced and completed M&A transactions in Ukraine amounted to USD 1.35 billion in 2025, which is 10% more than in 2024 (USD 1.2 billion).
This is stated in the materials of InVenture, the Ukrainian News agency reports.
The number of transactions also showed a moderate increase - up to 123 deals in 2025 compared to 114 deals in 2024, which indicates a gradual recovery in investment activity despite military risks and limited access to capital.
The calculation includes corporate acquisitions, investment transactions in the technology sector, privatization of state property, and the sale of collateral and distressed assets. Transactions of Ukrainian companies outside the country were not taken into account.
Low transparency of deals remains one of the key structural problems of the market: approximately 15% of transactions cannot be valued due to the lack of public data. Some of these deals, according to our estimates, could exceed tens of millions of dollars. In addition, several dozen transactions with checks over USD 1 million did not come to the public eye - they were not covered by the media, were not subject to inspection by the Antimonopoly Committee of Ukraine, or were settled outside the banking system.
Given the limited publicity and low level of disclosure for a significant portion of transactions, InVenture estimates the actual size of the M&A market in Ukraine in 2025 to be higher than officially reported. According to our expert estimates, the real market size could reach around USD 1.7 billion.
Internal investors remained the key driving force of the Ukrainian M&A market in 2025. They accounted for 81 deals, or 65% of the total, with a cumulative volume of about USD 1.1 billion, equivalent to more than 80% of the total market value. This structure reflects the adaptation of Ukrainian capital to the conditions of the war economy, better awareness of risks and opportunities among local investors, as well as their willingness to work with distressed, restructured and undervalued assets.
Foreign investors participated in 43 deals in 2025 (or 35% of the total), but their contribution remained limited in value terms, amounting to about USD 250 million, which corresponds to only 19% of the total market volume. This imbalance reflects the persistence of high country risk, cautious international capital, and the focus of foreign investors on targeted, strategic, or specialty opportunities with asymmetric risk and return profiles.
In 2025, as in the previous year, no mega-deals were recorded on the Ukrainian M&A market. The market remained segmented, with medium and large transactions dominating, reflecting both military risks and limited investor willingness to take on large-scale country commitments.
The largest deal of 2025 was the acquisition of Uklon, an online taxi service by Kyivstar telecommunications group, for USD 155 million. The deal was indicative of strategic consolidation in the digital and consumer-tech segments and confirmed the interest of large Ukrainian corporations in scaling ecosystem business models.
The second largest transaction was the exercise of an option to acquire 85% of the Vinnytsia Oil and Fat Plant (ViOil) by the American agro-industrial corporation Bunge for USD 138 million. This deal emphasized the continued interest of international strategic investors in the Ukrainian agro-processing sector even in times of war
The third place in terms of volume was taken by the acquisition of the first stage of the Leonardo business center and the Ukraina department store for USD 70 million by the investment company City Capital Group of businessman Ofer Kerzner, which became one of the largest transactions in the commercial real estate segment during the full-scale war and a signal of a gradual return of interest in high-quality core assets in Kyiv.
In 2026, the investment and M&A market in Ukraine will largely depend on the security situation: any stabilization or de-escalation of the war will boost investment confidence and unlock pent-up investment demand, while new escalations will maintain a high level of country risk and deter activity.
As the Ukrainian News agency earlier reported, in Ukraine the number of M&A deals increased by 22% to 45 in the 3rd quarter of this year compared to the same period last year, according to the auditor KPMG Ukraine.
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