Ukraine’s mergers and acquisitions market continues to grow despite the war.
In 2025, the total value of announced transactions reached USD 1.7 billion, while the number of deals valued at over USD 5 million increased to 41. In the first five months of 2026, the market had already exceeded USD 1 billion.
Aequo, together with Forbes Ukraine, has prepared Battle-Tested Investments, a study analysing Ukraine’s M&A market in 2025–2026.
The report examines:
- the largest transactions and key investment trends;
- the sectors attracting the most capital;
- the role of Ukrainian and international investors;
- the development of M&A in the defence sector;
- the key regulatory and structural challenges facing investors.
Particular attention is given to the legal architecture of wartime transactions. The war has changed not only investors’ attitudes towards risk but also the structure of transactions themselves, including approaches to deal structuring, investment protection mechanisms, corporate control arrangements and the allocation of risks between the parties.
The study’s key conclusion is that the war has not stopped investment activity in Ukraine. It has changed the structure of the market, the profile of investors and the rules for executing transactions.
The full report is available at: https://aequo.ua/en/analytics/zagartovani-investiciyi-yak-vijna-zminila-pravila-m-a-v-ukrayini.
