M&A Radar 2024: Ukraine

The Ukrainian M&A market in 2024 has had to navigate a complex landscape. Russia’s ongoing full-scale invasion has continued to present significant challenges and has continued to have a significant impact on M&A activity, which must also contend with the wider context of global political and macroeconomic developments. There has been some level of adaptation after nearly three years of war, however, with domestic players actively pursuing opportunities within Ukraine. Nonetheless, foreign investors have adopted a more cautious approach, and are awaiting clearer signals about how and when to re-engage more actively.

A complex geopolitical and financial landscape has also influenced foreign investor appetite in general, prompting a focus on strategic investments and a heightened aversion to high-risk ventures. Nonetheless, the global M&A landscape in 2024 saw dealmaking picking up momentum as investors demonstrated increasing adaptability to evolving economic conditions, with the first nine months of 2024 recording a 16% increase in deal value compared to the same period in 2023 attributable to a rise in relatively larger deals in the United States. Increased generalised activity among international investors may provide additional momentum for inbound investments into Ukraine among those companies that have the appetite and the foresight to take advantage of opportunities on the regional market.

Despite the ongoing war and its associated uncertainties, Ukrainian businesses have demonstrated a commitment to growth through diversification and international expansion; underscoring an awareness of current challenges and showcasing their potential even amid Russia’s prolonged aggression against Ukraine. Such efforts on the part of both business and the state to reassure foreign investors and bolster confidence in the future of both the market (and the country as a whole) will be crucial for attracting further investment.

Against the backdrop of a moderate economic recovery, with GDP growth reaching approximately 3.6%, there has been a level of relative stability in the M&A market in terms of deal activity, with the total volume of deals equal to that of 2023 (49 deals) and a disclosed total deal value amounting to roughly USD1.1 billion. 

Such results would not be possible without comprehensive international support which has played a pivotal role in sustaining Ukraine’s economic stability and maintaining confidence. Major financial aid packages, coupled with emerging frameworks such as measures to encourage effective war risk insurance programmes, have aimed to foster a more secure investment environment. Coupled with Ukraine’s privatisation efforts, which delivered record revenues of UAH12 billion (USD300 million) in 2024, highlights how the government of Ukraine is committed to attracting strategic investments in the future.

As Ukraine looks ahead, a tenacious and adaptable M&A market, supported by international partnerships and domestic policy measures, signals that investments and M&A can still find their place and create increasing value even in unprecedented circumstances. Despite persistent challenges, Ukraine’s ability to align recovery efforts with investment opportunities positions the country’s M&A market as a vital component of national economic transformation and long-term international development.

We are pleased to announce an interactive version of KPMG M&A Radar in Power BI format, spanning the period from 2013 to 2024. This version offers several advantages:

• The data in KPMG M&A Radar can be filtered by various time periods; including yearly, half-yearly, and quarterly intervals.
• Most analyses in KPMG M&A Radar are interactive, allowing you to filter the data by period, sector, region, etc. You can easily apply filters using the period selector, sector filter, or drop-down menu on the relevant page.
• Certain visual elements in KPMG M&A Radar provide access to additional information. Simply click or hover over a specific element in a graph (such as a bar or a section of a doughnut chart) to view more details.