The Ukrainian mergers and acquisitions (M&A) market demonstrated significant growth in business activity in the first half of 2025. Domestic deals and entry into external markets contributed to an increase in both the number and total value of transactions.
This is reported by Finway
Market Dynamics and Key Transactions
In the first six months of 2025, 34 mergers and acquisitions were completed in Ukraine. The total value of disclosed M&A transactions reached 716 million USD, which is 21% higher than the same period last year. The number of transactions increased by 26%. Financial figures were disclosed for half of the deals, and the average deal size rose to 42 million USD (up from 37 million USD in 2024).
Among the main drivers of this growth, experts highlight the acquisition of the Spanish company Uvesa by the agricultural holding MHP for 270 million USD, as well as the purchase of the Uklon service by Kyivstar for 155 million USD. These transactions were pivotal for the market in the first half of the year.
“Deals like Kyivstar-Uklon and MHP-Uvesa demonstrate a strategic ambition for business expansion and integration, especially in the technology and agri-food sectors. Despite caution from foreign investors, local leaders are actively investing to strengthen their positions and create future business models,” noted analysts from KPMG in Ukraine.
Activity of Foreign Investors
In the first half of 2025, the number of transactions in which foreign investors purchased Ukrainian assets decreased to four, compared to six such transactions in the same period last year. Half of these were secured by European companies, while one deal each involved investors from the Middle East and North Africa, as well as North America.
Overall, analysts note that despite the caution of global players, Ukrainian companies continue to actively attract investments for development and integration into international markets, focusing on strategically strengthening their positions in promising sectors.