UVCA member KPMG Ukraine offers its latest report on Ukrainian M&A activity over the past 9 months.
The period saw a moderate increase in overall transaction volume and a more significant uptick in total value, with total disclosed deal value reaching $2,139 million (nearly double the $1,103 million recorded in the same period of the previous year).
Global industrial company TCC Group Holdings’ planned acquisition of 100% of Ukrainian cement company IFCEM Group represented the aforementioned largest announced transaction yet, with a notional enterprise value of up to €750 million.
The span also saw five other transactions valued at or above approximately $100 million:
Agrifood concern MHP’s acquisition of a stake in Greek meat producer and distributor Th. Nitsiakos AVEE for $290 million.
US-Ukrainian defence and AI software company Swarmer’s acquisition of Ukrainian defence technology business Ratel Robotics for an estimated $224 million.
Ukrainian-founded online language learning platform Preply’s $150 million Series D funding round.
Kapenata Limited’s, part of Andriy Verevskyi’s Enselco Group, acquisition of Agro-Region Group for more than $100 million.
Polish insurance company PZU SA’s acquisition of Ukraine’s largest life insurer, MetLife Ukraine, for an estimated $100 million.
Furthermore, the following tendencies are observed.
Domestic deals decrease in proportion but still underpin the market.
Foreign investor activity shows a substantial year-over-year increase.
Investors remain focused on the technology, agriculture, energy, and defence sectors.
While transaction activity for the remainder of 2026 is expected to be supported by an existing pipeline of announced deals and investment initiatives, deal flow will be selective in terms of sectors of interest, with investments concentrated in defence and broader innovation and technology, agribusiness, energy resilience projects, and infrastructure-related investments. However, the pace of such dealmaking depends on security conditions, access to financing, external financial support, and the availability of adequate war-risk mitigation instruments.
The full version is available for free at this link.
