Ukraine

There are clear signs of recovery in the Ukrainian M&A market. For the third consecutive year, it has posted an increase in deal activity. With a total of 132 deals recorded in 2019, numbers were up 25.7% y-o-y and represented nearly two-and-a-half times those recorded in 2016.

Deal value also continues to climb back up, reaching EUR 1.7bn, the highest in six years. 

There has been a sizable shift in sector activity with telecoms & IT coming out of nowhere to claim the top spot, up from four to 26 deals, while the traditionally strong agriculture & farming sector dropped from second to fifth place with just 11 deals. Energy & utilities is the third busiest sector, up by 12 deals to a total of 17.

The highest value deals were still very much driven by domestic investors, but as the market is increasing in attractiveness, it is only a question of time before foreign investors return in greater numbers.

Volume and number of deals

Top five deals

	#1 Target: VF Ukraine Sector: Telecoms & IT Stake: 100% Buyer: NEQSOL Holding Country of buyer: Azerbaijan Deal Value: EUR 666,8m Value Source: 1
	#2 Target: Ocean Plaza Trade Centre Sector: Real Estate & Construction Stake: 100% Buyer: Ocean Plaza Project Country of buyer: Cyprus Deal Value: EUR 268,6m Value Source: 2
	#3 Target: Kyivoblenergo Sector: Energy & Utilities Stake: 94% Buyer: DTEK Country of buyer: Ukraine Deal Value: EUR 161,8m Value Source: 2
	#4 Target: Biopharma’s pharmaceutical prescription and consumer health business Sector: Manufacturing Stake: 100% Buyer: Stada Arzneimittel Country of buyer: Germany Deal Value: EUR 68m* Value Source: 3 *Deal value estimate in EUR based on the average of the media-estimated price range of USD 70-80mn.
	#5 Target: Odesaoblenergo Sector: Energy & Utilities Stake: 68.3% Buyer: DTEK Country of buyer: Ukraine Deal Value: EUR 62,9m Value Source: 2

Other potentially large deals like POSCO Daewoo-Mykolaiv terminal, Fairfax-Universalna and Dobrobut-Boris are not included in the table as their deal values have not been disclosed or estimated.

Value Source:

1. Official data
2. Market estimate provided by EMIS and based on publicly available information
3. EMIS estimate

Top three sectors

Telecoms & IT: 26 deals

Real Estate & Construction: 22 deals

Energy & Utilities: 17 deals