InVenture has presented the results of its annual investment market research: “The M&A Market in Ukraine 2025 — Between a Wartime Economy and Long-Term Recovery”

Several key figures and trends:

• $1.35 billion — the total value of announced and completed M&A transactions in 2025 (+10% year-on-year)

• 123 M&A deals compared to 114 in 2024 — a moderate but steady recovery in activity

• 65% of deals involved local capital: domestic investors currently form the backbone of the market

• In 2025, the market is shaped primarily by mid-sized transactions ($10–50 million), while large-scale deals remain rare

• The most active sectors: IT, defense technologies and telecommunications, construction and commercial real estate, agribusiness and food processing

• The InVenture M&A Index increased to 49 points — the market has adapted to wartime conditions but still remains below the level of a full investment cycle

• The growing role of M&A as a tool for survival, not only for growth (consolidation, exit from distressed assets, business restarts, changes in business focus, transfer of management)

• The market operates in a “long-decision” mode (extended due diligence periods, longer investment decision-making and deal-closing timelines)

• Recovery expectations are already being factored into valuations (some deals reflect not current financial performance, but post-war recovery scenarios)

• The role of structured deals is increasing (earn-outs, staged buyouts, minority stakes, options — becoming the norm)

Read the full InVenture study: “The M&A Market in Ukraine 2025 — Between a Wartime Economy and Long-Term Recovery”