In Q1 2026, the total value of publicly known M&A deals related to Ukraine surpassed $1 billion and reached approximately $1.113 billion. According to InVenture, 52 deals were recorded in January–March, of which 38 had either disclosed or market-estimated values. This marks one of the strongest signals of revived investment activity since the start of the full-scale war.
For comparison, Ukraine’s M&A market was estimated at $1.35 billion in 2025, with 123 deals completed during the year. This means that, by the end of the first three months of 2026, the market had already reached around 80% of last year’s total volume, indicating a much stronger-than-expected start to the year.
The main driver of the quarter was the agriculture sector, which accounted for about 45% of total deal value. Another 28% came from IT, technology and telecom, 8% from logistics and transport, 6% from real estate and construction, and 5% from energy. While real estate, IT/telecom, and agriculture led the market in 2025, early 2026 showed a clear shift toward agri-consolidation and large-scale technology investments.
The largest transaction of the quarter was Kernel’s acquisition of Enselco Holding Limited, which has a land bank of around 190,000 hectares, for $348 million. Among the other largest deals was the acquisition of Agro-Region, estimated at around $120 million. These transactions confirmed that agriculture remains one of the most liquid segments of Ukrainian M&A even under wartime conditions.
The technology sector became the second major point of attraction for investors. The largest tech round of the quarter was $150 million raised by Preply from WestCap. Other major transactions included $50 million for UForce and $22 million for Holywater. Investment activity also continued in software, AI, automation, and defence-tech.
Beyond agriculture and technology, activity was also visible in infrastructure and strategic assets. Notable deals included Crédit Agricole’s acquisition of Bank Lviv, European Lithium’s purchase of Velta assets, Kyivstar’s solar asset transaction, and TIS’s buyback of a stake from DP World / P&O Maritime in a container terminal. Another standout transaction was Horizon Capital’s investment in snack producer Bob Snail.
Another important trend is the return of international capital to the upper end of the market. While domestic investors played the dominant role in 2025, the structure of deals became more mixed in early 2026, with international banks, funds, and strategic investors appearing more frequently among buyers and investors.
Overall, the Ukrainian M&A market is shifting from a model dominated by mid-sized deals and local buyers toward a new structure increasingly shaped by large transactions in traditional sectors and major venture investments in technology. At the same time, some valuations in the sample remain market-based or estimated, and a significant share of deals still goes undisclosed. Even so, the visible portion of the market already shows that Q1 2026 was one of the strongest starts to the year for Ukrainian M&A in recent periods.
More detailed analysis is available via the link.