Ukrainian agricultural group MHP has gained control of Spanish poultry company Incusur Avicola following the acquisition of 100% of another Spanish company, Payán Hermanos. The total value of the transaction related to the acquisition of Payán and the resulting control of Incusur amounted to $28.2 million.
The deal was completed in June 2026. On June 16, Spanish poultry company UVESA, part of MHP Group, acquired 100% of Payán Hermanos. Through the acquisition of Payán, the group also gained control of Incusur Avicola, as Payán held a stake in the company.
Payán Hermanos is based in Maracena, in Spain’s Granada province, and operates in the poultry sector. UVESA announced plans to acquire the company in March. The transaction was expected to increase production capacity and strengthen UVESA’s position in the Spanish market.
Prior to the acquisition of Payán, UVESA held a 42.85% stake in Incusur Avicola, while Payán Hermanos owned a further 28.57%. Following the acquisition of Payán, both stakes came under the control of MHP Group.
As a result, MHP’s interest in Incusur Avicola increased to 71.42%, giving the Ukrainian agricultural group control of the Spanish poultry company. The remaining 28.58% of Incusur is held by other shareholders.
UVESA President Antonio Sánchez previously described the acquisition of Payán as a logical step following UVESA’s integration into MHP Group. According to him, Payán has extensive experience in the poultry sector, and its integration into UVESA is expected to strengthen the group’s operations and create additional opportunities for long-term development.
Of the total $28.2 million related to the acquisition of Payán and the resulting control of Incusur, $8.8 million remained unpaid as of June 30. MHP settled the outstanding amount in full during July and August.
The preliminary fair value of the acquired net assets of Payán and Incusur was $14.8 million. Following the acquisition, the companies generated $2.2 million in revenue from third-party customers. Their contribution to MHP’s net financial result for the relevant period was immaterial.
The transaction expands MHP’s presence in Spain’s poultry market and increases the group’s stake in Incusur Avicola to a controlling interest.
