Buying a Business in Ukraine in 2026: Opportunities, Risks and Expert Advice from MAYGER LLC
Ukraine is entering a new phase of investment activity, and buying an existing business can offer international investors a faster route into the Ukrainian market than starting a company from scratch. For investors prepared to conduct thorough due diligence and manage Ukraine-specific risks, acquisitions can provide immediate access to customers, employees, infrastructure, licences, production capacity, land-use rights and established commercial relationships.
According to KPMG’s M&A Radar H1 2026, Ukraine recorded 40 M&A transactions in the first half of 2026, compared with 35 in the first half of 2025, with disclosed transaction value of approximately USD 978 million. KPMG characterises the market as mature but selective, with investors focusing on assets where the strategic rationale and quality of the business justify Ukraine-specific execution risks. (KPMG)
Against this background, MAYGER LLC, a Ukrainian consulting company founded in 2000, considers business acquisition to be one of the practical investment routes for foreign investors seeking an operating presence in Ukraine. MAYGER provides services covering business acquisition, M&A, investment support, market research, due diligence, financial advisory and legal support. (Consulting company MAYGER)
Why Buy an Existing Business in Ukraine?
For an international investor, acquiring an operating Ukrainian company can have several advantages over establishing a new enterprise.
An existing business may already have:
- an established customer base;
- trained employees and management;
- production facilities and equipment;
- operating licences and permits;
- supplier and distribution relationships;
- commercial contracts;
- intellectual property and brands;
- operating history and financial records;
- developed logistics and infrastructure;
- access to Ukrainian and European markets.
This can substantially reduce the time required to enter the market.
MAYGER LLC expert opinion: The key question should not simply be “What business is for sale?” but “What business can generate sustainable value after acquisition?” An attractive acquisition is one where the investor can identify the assets, market position and development potential that justify the purchase price.
Ukraine’s M&A Market Is Becoming More Selective
The Ukrainian M&A market in 2026 is not a conventional mature-market environment. Investors must consider both commercial opportunities and country-specific risks.
KPMG reports that transaction activity remained significant during the first half of 2026, but investors continued to be selective. The quality of the underlying asset, strategic rationale and ability to manage Ukraine-related risks are important factors in transaction decisions. (KPMG)
At the same time, Ukraine continues to implement measures intended to improve the investment environment. On August 10, 2026, the National Bank of Ukraine announced a package of currency-liberalisation measures, including higher limits for certain foreign-currency purchases and other transactions. (Reuters)
These developments are relevant to foreign investors because the ability to manage capital flows, financing and post-acquisition operations is an important part of an international investment structure.
What Types of Businesses Can Foreign Investors Buy?
Foreign investors can consider a wide range of Ukrainian businesses and investment assets.
Potential acquisition targets include:
1. Manufacturing Businesses
Ukraine has a substantial industrial base and experienced workforce. Investors may consider factories, processing facilities, engineering companies, food-production businesses, packaging companies and other industrial assets.
For investors with technology, capital or international distribution networks, an existing Ukrainian manufacturing company can provide a platform for modernisation and export development.
2. Agricultural Businesses and Farms
Agriculture remains one of Ukraine’s strategically important economic sectors.
Acquisition opportunities may include:
- agricultural companies;
- farms;
- agricultural land-related businesses;
- grain storage and elevators;
- food-processing companies;
- oilseed-processing plants;
- agricultural machinery fleets;
- logistics businesses;
- agricultural infrastructure.
For foreign investors, agricultural acquisitions require particularly careful examination of land ownership, lease rights, corporate ownership, debt, environmental matters, equipment and operating contracts.
3. Renewable Energy Projects
Solar, wind, biomass and energy-storage projects continue to attract investor interest.
An acquisition can provide access to an already developed project, grid connection, land rights, permits, equipment or an operating energy business.
However, investors should carefully assess the project’s technical condition, regulatory status, connection arrangements, financing structure and revenue model before proceeding.
4. Logistics and Infrastructure
Ukraine’s geographical position creates opportunities in logistics, warehousing, transportation, terminals and related infrastructure.
Businesses connected with agricultural exports, European supply chains and domestic distribution may have strategic value for international investors.
5. Commercial Real Estate and Hospitality
Investors may also consider hotels, restaurants, commercial properties, warehouses, business centres and mixed-use assets.
The acquisition structure should be selected carefully depending on whether the investor is purchasing the company that owns the property or acquiring the property directly.
6. IT and Technology Companies
Ukraine has a highly developed technology sector and a large pool of technical specialists.
Acquiring an established technology company can provide an international investor with access to:
- software development teams;
- intellectual property;
- international clients;
- technology products;
- established contracts;
- export revenues.
Share Purchase or Asset Purchase?
One of the most important decisions is determining what exactly the investor is buying.
There are generally two major transaction approaches.
Share Purchase
The investor acquires shares or corporate rights in the Ukrainian company.
The company itself remains the owner of its assets, contracts and liabilities.
The principal advantage is continuity of the business. However, the buyer also needs to investigate historical liabilities and potential undisclosed risks.
Asset Purchase
The investor acquires specific assets rather than the entire company.
Depending on the transaction, these may include:
- equipment;
- real estate;
- production lines;
- intellectual property;
- inventory;
- vehicles;
- selected contracts;
- other business assets.
An asset transaction may allow the investor to avoid acquiring certain historical liabilities, but transferring individual assets can be more complicated and may require separate registrations, consents or approvals.
MAYGER LLC expert opinion: The transaction structure should be determined after preliminary due diligence—not simply according to the seller’s preferred structure. The objective is to achieve the investor’s commercial goals while controlling legal, tax, financial and operational risks.
Due Diligence: The Most Important Stage
A business should never be purchased solely on the basis of a presentation, financial statement or seller’s assurances.
A professional due diligence process should examine the company from several perspectives.
BDO’s 2026 guidance on Ukrainian M&A emphasises that financial, tax, legal and operational due diligence are core components of transaction risk management and that findings can directly influence valuation and transaction structure. (BDO)
Legal Due Diligence
The investor should review:
- corporate ownership;
- shareholders;
- ultimate beneficial owners;
- corporate documents;
- litigation;
- licences and permits;
- material contracts;
- property rights;
- intellectual property;
- employment matters;
- regulatory compliance;
- existing encumbrances.
Financial Due Diligence
The buyer should analyse:
- revenue;
- EBITDA and profitability;
- cash flow;
- debt;
- receivables;
- payables;
- working capital;
- related-party transactions;
- capital expenditure;
- historical financial statements;
- financial forecasts.
A profitable company on paper may have serious cash-flow problems, hidden liabilities or dependence on a small number of customers.
Tax Due Diligence
Tax liabilities can materially affect the economics of an acquisition.
The investigation should consider:
- corporate taxes;
- VAT;
- payroll taxes;
- transfer-pricing matters;
- tax audits;
- outstanding tax liabilities;
- related-party transactions;
- potential tax claims.
Operational Due Diligence
The investor should determine whether the business can continue operating successfully after the transaction.
Questions include:
- Who are the key customers?
- Who are the key suppliers?
- How dependent is the company on individual employees?
- What condition is the equipment in?
- What is the real production capacity?
- Are premises secure and suitable?
- What are the logistics costs?
- Can the business scale?
Ukraine-Specific Risk Assessment
Buying a Ukrainian business in 2026 requires an additional layer of analysis.
Investors should consider:
Security risk: location and exposure to military-related risks can materially influence the value of an asset.
Infrastructure risk: electricity, logistics, transport and communications should be assessed.
Currency risk: revenues, costs, debt and purchase consideration may be denominated in different currencies.
Regulatory risk: certain investments may be subject to specific regulatory or national-security considerations.
In 2026, Ukraine has established an Interdepartmental Commission on the Screening of Foreign Direct Investments related to national security. The framework is particularly relevant to foreign investments involving strategic sectors such as defence, energy, critical infrastructure and strategic raw materials. (celis.institute)
MAYGER LLC expert opinion: Foreign investors should identify regulatory restrictions before signing binding transaction documents. A transaction that looks commercially attractive may require additional regulatory analysis because of the sector, ownership structure or strategic nature of the asset.
How Should a Business in Ukraine Be Valued?
There is no single valuation method suitable for every Ukrainian acquisition.
Depending on the business, investors may use:
EBITDA Multiple
The value can be estimated using an appropriate multiple of normalised EBITDA.
Discounted Cash Flow
The business is valued according to expected future cash flows, discounted to present value.
Asset-Based Valuation
This approach can be particularly relevant for businesses with significant physical assets such as factories, agricultural enterprises, warehouses or energy infrastructure.
Comparable Transactions
Recent transactions involving comparable businesses can provide an additional valuation reference.
For Ukrainian businesses, however, valuation requires particular caution.
Historical financial results may not accurately represent future performance. Temporary wartime disruptions, relocation, exchange-rate changes, infrastructure problems and exceptional expenses can distort conventional valuation metrics.
Negotiating the Purchase Price
A professional acquisition process should not focus only on the headline purchase price.
The investor should also negotiate:
- payment schedule;
- deposit arrangements;
- deferred consideration;
- earn-out mechanisms;
- seller warranties;
- representations;
- indemnities;
- escrow arrangements;
- debt treatment;
- working-capital adjustments;
- conditions precedent;
- non-compete obligations;
- transition support from the seller.
Where significant risks remain unresolved, part of the purchase price may be structured to protect the buyer.
Buying a Business vs Starting a New Company
For some investors, purchasing an existing business can be more efficient than starting a new company.
| Buying an Existing Business | Starting a New Business |
|---|---|
| Existing operations | Requires development from zero |
| Existing employees | Recruitment required |
| Existing customers | Customer acquisition required |
| Existing infrastructure | Infrastructure must be established |
| Immediate market entry | Longer market-entry period |
| Historical financial information available | No operating history |
| Potential hidden liabilities | Lower historical-liability exposure |
| Higher due-diligence requirement | Greater development risk |
The right choice depends on the investor’s objectives, sector, budget and risk tolerance.
What Does MAYGER LLC Recommend to Foreign Investors?
According to the professional approach of MAYGER LLC, the acquisition process should be treated as an investment project rather than simply a purchase transaction.
MAYGER’s services include M&A analysis and support, business acquisition, market research, due diligence, financial advisory and legal/business support. (Consulting company MAYGER)
A practical acquisition process can be organised into the following stages:
Stage 1 — Define the investment strategy
Identify the sector, geographical area, investment budget, required return and preferred business model.
Stage 2 — Search for acquisition targets
Identify businesses that correspond to the investor’s criteria.
Stage 3 — Preliminary analysis
Review the business model, approximate valuation, ownership, financial performance and strategic potential.
Stage 4 — Confidentiality and information exchange
Sign appropriate confidentiality documentation and obtain detailed information from the seller.
Stage 5 — Due diligence
Conduct legal, financial, tax, operational and commercial investigations.
Stage 6 — Valuation
Determine an investment value based on verified information rather than the seller’s asking price alone.
Stage 7 — Negotiation
Agree on price, structure, warranties, payment conditions and other transaction terms.
Stage 8 — Transaction documentation
Prepare and negotiate the relevant acquisition documents.
Stage 9 — Closing
Complete the required corporate, regulatory, banking and registration procedures.
Stage 10 — Post-acquisition integration
Implement management, financial, operational and strategic changes required to achieve the investment objectives.
The Importance of Local Expertise
Foreign investors often underestimate the importance of local knowledge.
Understanding the Ukrainian market requires more than translating documents into English. An investor needs to understand local corporate structures, business practices, regulatory procedures, taxation, ownership records, market conditions and commercial relationships.
This is where a Ukrainian investment adviser can add significant value.
Conclusion: Is Buying a Business in Ukraine a Good Investment?
Buying a business in Ukraine in 2026 can offer significant opportunities for strategic and financial investors, particularly where an acquisition provides access to an established platform with real assets, customers, employees, production capacity or export potential.
However, Ukraine should not be approached as a conventional low-risk M&A market.
The most successful investors are likely to be those who combine long-term strategic thinking, disciplined valuation, comprehensive due diligence and strong local execution capabilities.
MAYGER LLC’s expert view is clear: the best Ukrainian acquisition is not necessarily the cheapest business available. It is the business where the investor can clearly identify the source of future value, understand the risks, structure the transaction appropriately and have a realistic plan for development after closing.
For international investors, the opportunity is therefore not simply to buy a Ukrainian company. It is to acquire an existing platform and use it to participate in the future growth, reconstruction, European integration and economic development of Ukraine.
MAYGER LLC — Business Acquisition & M&A Support in Ukraine
MAYGER LLC can support foreign investors with:
- Business search and selection in Ukraine
- Acquisition of operating companies
- M&A advisory
- Investment project selection
- Market research and market analysis
- Legal and financial due diligence
- Business valuation support
- Negotiations with sellers
- Transaction structuring
- Corporate and legal support
- Post-acquisition business development
- Foreign investment support in Ukraine
For investors considering the purchase of a business in Ukraine, professional analysis before signing the transaction can be the difference between simply acquiring an asset and building a successful investment.
