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



Target: VF Ukraine
Sector: Telecoms & IT
Stake: 100%
Buyer: NEQSOL Holding
Country of buyer: Azerbaijan
Deal Value: EUR 666,8m
Value Source: 1

Real estate


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



Target: Kyivoblenergo
Sector: Energy & Utilities
Stake: 94%
Buyer: DTEK
Country of buyer: Ukraine
Deal Value: EUR 161,8m
Value Source: 2



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.



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

Real Estate & Construction:
22 deals


Energy & Utilities:
17 deals

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Graham Conlon
Graham Conlon
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Maria Orlyk
Maria Orlyk
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