Analysts have studied the state of the M&A market in Ukraine based on 2023’s results.
47 M&A deals (mergers and acquisitions) were announced last year, as the Ukrainian M&A market grew by almost 70% compared to 2022. The average value of M&A deals in Ukraine has also increased significantly. In 2022, this indicator was $26M, while in 2023, the indicator jumped to $44.6M. The value of these deals exceeds even results from 2021, before the war.
NJJ Capital’s $500M acquisition of Lifecell accounted for 40% of total M&A deals in 2023. Excluding this unusual deal with Lifecell, the average value would have been a less impressive $28M, falling short of the average value of $40M observed in 2021.
Investors’ cautious, war-induced intentions were reflected in a relatively small number of transactions worth more than $100M in 2023, with only three such examples announced.