Agriculture has traditionally remained one of the backbone sectors of Ukraine’s economy and a system-forming segment of the mergers and acquisitions market. For many years, agribusiness has accounted for a significant share of M&A transactions—both those involving Ukrainian investors and deals attracting foreign capital or involving the acquisition of foreign assets by Ukrainian companies. This underscores the strategic role of the agricultural sector in the country’s economic model.
Macro Context and Market Dynamics
The evolution of M&A activity in the agribusiness sector over the past five years clearly reflects Ukraine’s broader economic and geopolitical context. A period of growth and positive expectations, driven by land reform and the opening of the land market, was interrupted by Russia’s full-scale invasion, which significantly increased operational, logistical, and investment risks.
At the same time, thanks to the high adaptability of Ukrainian businesses and support from international partners, the agribusiness sector has gradually adjusted to the new conditions. In 2024–2025, the market saw the emergence of a trend toward strategic consolidation, alongside increased activity by Ukrainian investors from other industries who view agricultural assets as a portfolio diversification tool.
Investment Attractiveness Despite Risks
Despite the negative impact of droughts on crop yields in recent years, the agribusiness sector continues to retain its investment appeal for both domestic and international investors. Prior to the full-scale war, interest was supported by expectations of scaling land banks, developing logistics infrastructure, and investing in processing capacities. After 2022, investor focus shifted toward asset optimization, risk reduction, and vertical integration.
The full-scale invasion significantly transformed the market, reducing foreign investment volumes; however, agribusiness maintained its status as a key export driver of the economy and remained a stable source of domestic M&A transactions.
Deal Volumes and Value
According to KPMG M&A Radar, as of December 19, 2025, nine M&A transactions in the agricultural sector with values exceeding $5 million had been announced. The total disclosed value amounted to $371 million, representing a substantial increase compared to the same period in 2024, when six deals totaling $97 million were recorded.
The key driver of growth was a landmark transaction—the acquisition by MHP of 92% of the shares in Spanish poultry and pork producer Uvesa, with the deal value reportedly exceeding €270 million. As in previous years, market transparency remains limited: deal values are disclosed in less than half of announced transactions. Accordingly, the actual market size is likely significantly higher than officially reported figures.
Consolidation and Optimization of Land Banks
In 2025, a substantial share of transactions reflected a continued focus on the consolidation and optimization of land banks, which remain the core strategic asset of the agribusiness sector. A notable example was the acquisition by Agrodim Lider LLC of Belarus LLC from Volodymyr Kostelman, founder of the Fozzy Group.
Military hostilities continue to constrain M&A activity due to the limited mobility of agribusiness compared with other sectors. At the same time, several transactions were linked to investor exits from regions closer to the frontline in order to reduce risk exposure. In particular, Krolevets Feed Mill LLC acquired Hlukhiv-Agroinvest LLC and Krolevets-Agro LLC from the Agroprosperis group in Sumy region (deal value undisclosed). Similarly, Agroton acquired Zoria LLC in Kharkiv region for $17 million, according to Mergermarket.
Sustained Interest from Strategic and Cross-Sector Investors
Despite the wartime environment, Ukraine’s agribusiness sector continues to attract foreign strategic investors. In 2025, global agribusiness group Bunge Limited announced the acquisition of the Vinnytsia Oil and Fat Plant, strengthening its position in oilseed processing. In its quarterly report for the period ending June 30, 2025, Bunge estimated the deal value at $162 million.
At the same time, interest from Ukrainian investors in other industries is growing. Vitalii Antonov, owner of the OKKO Group, expanded his agribusiness portfolio through Vi.An Holding Limited, acquiring Borshchivska Agrarian Company LLC (value undisclosed) and Kairos-Holding LLC for $20 million. Both companies are located in Lviv region, reflecting a shift in investment focus toward central and western Ukraine, where wartime risks are lower and climate conditions are more stable.
Another example of cross-sector diversification was the investment by Taras Kytsmei, co-owner of SoftServe, in the dairy business Mukko Milk, highlighting the growing interest of technology-sector entrepreneurs in agricultural and food assets.
Ukrainian Agribusiness Companies as International Players
Alongside domestic consolidation, a new strategic vector is emerging—expansion by Ukrainian agribusiness companies into international markets. MHP’s acquisition of Uvesa became not only the largest Ukrainian M&A deal of 2025 but also one of the most significant foreign investments by Ukrainian companies in recent years.
At the same time, international investors are increasingly integrating Ukrainian agribusiness assets into their strategies. At the end of 2024, Saudi investor SALIC acquired 12.6% of MHP shares for $54 million, underscoring the company’s attractiveness as a long-term investment target.
Outlook
As one of the fundamental pillars of Ukraine’s economy, the agribusiness sector is likely to remain a central element of the country’s long-term investment story. Further development of the land market could become an additional driver of M&A activity. A potential cessation of hostilities and improved security conditions in eastern and southern regions would serve as an important positive signal for the recovery of foreign investor interest.
Gradual stabilization and the enhancement of risk management mechanisms could unlock additional investment flows, reinforcing the role of agribusiness as a foundational economic force and a growth platform in Ukraine’s post-war recovery.
