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. Over the year, 123 deals were made, which is more than in 2024, when their number was 114.
This is reported by Finway
Role of Domestic Investors and the Largest Deals of the Year
Domestic investors became the main driver of the market, accounting for 65% of the number of deals and over 80% of their total value. 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 transaction was the sale of an option to acquire 85% of the shares of Vinnytsia Oil and Fat Plant (ViOil) by the American agribusiness corporation Bunge for $138 million. This deal confirmed the interest of international strategic investors in the Ukrainian agro-processing sector even amid the war.
Dynamics in the Real Estate Segment and New Deals
The third place among the largest M&A deals was taken by the acquisition of the first phase of the Leonardo business center and the Ukraine Department Store by the investment company City Capital Group for $70 million. This became one of the most significant transactions in the commercial real estate segment during the full-scale war and signaled a gradual recovery of interest in quality core assets in the capital.
Additionally, at the end of 2025, news emerged about a new large-scale deal: the defense group EDGE from the UAE plans to acquire a minority stake in the Ukrainian defense-tech company Fire Point.
At the beginning of 2026, the Cypriot company Enselco Holding (also known as Kapenata Limited) received permission from the Antimonopoly Committee of Ukraine to acquire the Agro-Region group of companies.
“Given the limited publicity and low level of disclosure regarding a significant portion of deals, the actual volume of the M&A market in Ukraine may reach around $1.7 billion,” experts believe.