Ukrainian agribusiness group MHP, controlled by Yuriy Kosiuk, is considering selling its Western Hub, which manages a land bank of approximately 100,000–110,000 hectares across five Ukrainian regions. Potential buyers reportedly include Kernel, Continental Farmers Group, and Ukraine-2001. The transaction could become one of the largest agricultural M&A deals in Ukraine in recent years.
International agribusiness group MHP, founded and controlled by Yuriy Kosiuk, is seeking buyers for part of its Ukrainian agricultural operations comprising the enterprises of its Western Hub.
The company began looking for potential buyers in 2025. Initially, individual agricultural enterprises were offered for sale, including Zakhid-Agro MHP, which manages a land bank of more than 40,000 hectares. Subsequently, negotiations expanded to cover the entire Western Hub.
According to several sources, individual agricultural businesses were initially valued at approximately $3,500 per hectare of land under management.
Negotiations with potential buyers are ongoing, but no final agreements have been reported. MHP has not officially confirmed its intention to sell the assets and has declined to comment on the potential transaction.
What Assets Are Included in MHP's Western Hub?
MHP's Western Hub is a large agricultural production complex encompassing crop farming, dairy and beef cattle operations, agricultural machinery, and production infrastructure.
The hub comprises four enterprises:
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Zakhid-Agro MHP — cultivation of grain and industrial crops in the Lviv, Ternopil, and Ivano-Frankivsk regions.
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Ridnyi Krai branch — crop production in the Khmelnytskyi and Ternopil regions, as well as dairy farming.
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Perspektyv branch — agricultural production in the Ivano-Frankivsk and Ternopil regions.
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MHP-Buffalo — crop farming and beef cattle breeding in the Volyn region.
The combined land bank of these enterprises exceeds 95,000 hectares. The companies cultivate land leased from approximately 49,000 individual landowners.
The workforce totals around 1,200 employees, while the fleet of owned self-propelled agricultural machinery includes more than 200 units.
The main crops grown are winter wheat, winter rapeseed, corn, and soybeans.
Livestock farming also represents a significant part of the business. MHP-Buffalo has maintained more than 5,000 head of beef cattle, while the Ridnyi Krai branch has operated a herd of more than 3,600 cattle, producing approximately 34 tonnes of milk per day.
Operating results highlight the scale of the agribusiness. In 2025, the Western Hub's enterprises harvested more than 609,000 tonnes of major grain crops.
During the same year, the enterprises paid nearly UAH 437.5 million in land lease payments to landowners, while total taxes, contributions, and other mandatory payments by the hub's enterprises, including grain elevators, reached approximately UAH 513.5 million.
Therefore, the potential transaction may include not only the rights to operate a substantial land bank but also operating agricultural enterprises, machinery, and livestock assets. However, the exact scope of the potential sale has not yet been disclosed.
How Much Could MHP's Western Hub Be Worth?
Estimates of the potential transaction value vary considerably.
Ivan Kolodiazhnyi, Senior Researcher at KSE Institute, estimates that an agribusiness managing approximately 100,000 hectares could be worth $180–250 million.
Meanwhile, Oleksandr Parashchiy, Head of Research at Concorde Capital, suggests that the assets could be sold for $3,000–4,000 per hectare, implying a total valuation of $300–400 million for a 100,000-hectare portfolio.
The differences between these valuations may reflect varying assumptions regarding the composition of the assets, the enterprises' financial performance, outstanding liabilities, and the transaction structure.
Importantly, the potential deal primarily concerns farmland under cultivation rather than the sale of 100,000 hectares of privately owned agricultural land. The value of such a business is largely determined by long-term lease rights, land quality, the consolidation of farmland parcels, production assets, and the ability to generate profits.
No public information is currently available regarding the Western Hub's standalone financial performance or an agreed transaction price.
MHP Has Already Sold Agricultural Assets in Western Ukraine
The search for buyers for the Western Hub follows previous transactions involving MHP's efforts to optimize its agricultural land bank.
In 2025, Yevhen Dudka, owner of the agricultural company Volyn-Zerno-Produkt (Viliya Group), acquired an agribusiness from MHP with a land bank of approximately 6,000 hectares in western Ukraine. The transaction was structured through the acquisition of corporate rights.
Dudka subsequently confirmed the acquisition and described the price paid as very high, while emphasizing that the transaction was strategically justified. The parties did not disclose the exact purchase price. Market estimates suggested a valuation of approximately $3,500 per hectare.
This transaction demonstrates that MHP can divest portions of its agricultural land bank by selling equity interests in companies that manage agricultural assets.
Who Could Acquire 100,000 Hectares from MHP?
Potential buyers reportedly include Ukrainian agricultural companies Ukraine-2001 and Kernel, as well as Saudi Arabian investment company SALIC.
Negotiations have reportedly taken place with Continental Farmers Group, which forms part of SALIC's investment portfolio.
SALIC is already a shareholder in MHP. In September 2024, the Saudi company, owned by the country's sovereign wealth fund, the Public Investment Fund (PIF), acquired a 12.6% stake in MHP.
In addition, SALIC controls Continental Farmers Group, one of Ukraine's largest agricultural producers, with a significant presence in western Ukraine. In July 2026, SALIC announced the integration of Continental Farmers Group into Olam Agri to strengthen cooperation among its international agricultural assets.
Acquiring the Western Hub could allow a potential buyer to significantly expand its land bank, consolidate agricultural operations in western Ukraine, and increase production capacity.
However, none of the companies mentioned has announced a final agreement to acquire the Western Hub.
Why Might MHP Sell Part of Its Agricultural Land Bank?
One possible reason for the potential sale is a shift in MHP's investment priorities and the need to raise capital for further international expansion.
In recent years, the company has actively expanded its presence in the European food production market, particularly in poultry production and meat processing.
In July 2025, MHP completed the acquisition of approximately 92% of Spain's Grupo UVESA, one of Spain's leading poultry and pork producers. According to MHP's financial statements, the total acquisition cost amounted to €271 million, or approximately $312 million.
In June 2026, through UVESA, the group gained control of Spanish poultry producer Payán Hermanos and its subsidiary Incusur Avicola, continuing the expansion of its European operations.
Another major initiative was the signing of an agreement in May 2026 for the phased acquisition of a 70% stake in Greece's Th. Nitsiakos AVEE, one of the country's largest poultry producers, with an option to subsequently increase MHP's ownership to 100%.
According to MHP's official announcements, the acquisition of the 70% stake is structured in three stages, with the first closing expected in the first quarter of 2027, subject to regulatory approvals.
During the same year, MHP invested more than €40 million in an animal feed production facility in Croatia.
MHP is also exploring further international acquisitions, including opportunities in Latin America. In addition, MHP plans to invest €20 million in poultry production in Moldova.
Under such a scenario, divesting part of its Ukrainian agricultural assets could provide financing for new M&A transactions without a proportional increase in debt.
MHP's Debt Burden and Capital Requirements
Another factor that could influence the decision to divest assets is the group's financial structure.
According to MHP's financial results for the first half of 2026, as of June 30, 2026:
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Net debt stood at $1.617 billion, compared with $1.532 billion at the end of 2025.
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Adjusted EBITDA for the last 12 months, excluding the impact of IFRS 16, amounted to $565 million.
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The net debt-to-adjusted EBITDA ratio reached 2.9, approaching the threshold of 3.0 stipulated under the company's Eurobond terms.
Meanwhile, the group's revenue for the first half of 2026 increased by 32% to $2.161 billion, largely driven by the expansion of its European operations following the acquisition of UVESA.
However, the company ended the first half of the year with a net loss of $57 million, significantly affected by foreign exchange losses.
In 2026, MHP also carried out a major refinancing of its Eurobonds. The company issued new debt securities totaling $550 million, carrying an annual coupon of 10.5% and maturing in 2029, to refinance its 2026 bonds with a coupon rate of 6.95%.
Consequently, a potential sale of the Western Hub for several hundred million dollars could provide MHP with additional financial flexibility to pursue international acquisitions, finance investments, and manage its debt burden.
At the same time, MHP has not officially confirmed that the potential divestment of its Ukrainian agricultural assets is directly linked to debt reduction or the financing of specific international transactions.
Potential Transaction Could Significantly Reshape Ukraine's Agricultural Market
According to MHP's 2025 annual financial statements, the company managed a land bank of approximately 350,000 hectares in Ukraine. Therefore, a potential sale of 100,000 hectares would reduce the group's Ukrainian land bank by approximately 29%.
For the buyer, such a transaction could provide an opportunity to rapidly expand agricultural operations in one of Ukraine's most attractive regions for crop production.
For MHP, the sale could signal a further strategic shift toward developing its international food business, increasing the production of value-added products, and optimizing its asset portfolio.
Given the size of the land bank and preliminary valuation estimates, a sale of the Western Hub could become one of Ukraine's largest agricultural M&A transactions in recent years.
Information regarding the negotiations, potential buyers, and asset valuations is based on reports by Forbes Ukraine and Latifundist.com, as well as comments from market experts.
