The Ukrainian mergers and acquisitions (M&A) market in 2025 continues to show positive dynamics, despite challenging geopolitical and military circumstances. In the first nine months of the current year, 45 deals were made in Ukraine with a total disclosed value of $806 million, indicating a 22% increase in the number of deals and an 8% rise in their value compared to the same period in 2024. It is worth noting that only 53% of the deals were accompanied by the disclosure of financial details, so the actual market volume may be even higher.
This is reported by Finway
Key Deals and Market Structure
The two largest deals of the current year accounted for over half (56%) of the total market value. Among them is the acquisition by the agricultural holding MHP of 92% of the shares of the Spanish meat producer Uvesa for €270 million, as well as the purchase by Kyivstar of the car-hailing and delivery service Uklon for $155 million. Both deals were concluded in the first half of 2025. Meanwhile, no deals worth over $100 million were recorded in the third quarter.
“This year, Ukraine has recorded 45 deals with a total disclosed value of $806 million, representing a 22% increase in deal volumes and an 8% increase in value compared to the same period in 2024.”
Analysis of Activity and Industry Leaders
The average deal size remained stable at $34 million, consistent with last year’s figures. The main drivers of the market continue to be Ukrainian investors, who accounted for 73% of all M&A transactions, with a total value reaching $442 million. The most active sectors remain IT, real estate, and construction, as well as the agricultural sector, confirming a sustained interest in innovative and strategically important areas of Ukraine’s economy.