“The most dynamic market in Ukraine, including in M&A, is definitely defense,” Tyshchenko begins. “What has changed in recent months is that defense tech is now being viewed not just as crisis spending but as a scalable investment class.” She points in particular to growing international engagement around Ukrainian defense businesses. “A group of 17 Ukrainian companies recently visited six cities in the United States to meet with multiple investors from around the world,” Tyshchenko says.
“In recent weeks, the discussion has not only been about what Ukraine is producing for the front line, but also about scaling joint production and commercialization of Ukrainian defense solutions internationally,” Tyshchenko goes on. “That includes legal work around intellectual property, licensing, regulatory issues, and the cross-border structuring of defense businesses.”
She adds that several recent developments illustrate that trend. “There is a Ukrainian-German joint drone venture that could become one of the largest in Europe; an agreement with Norway on producing Ukrainian drones on Norwegian territory; and a French company is also expected to sign a memorandum relating to joint co-production,” Tyshchenko reports. “At the same time, the conversation is increasingly moving toward exportability.”
In her view, that export angle is becoming central. “In March, Ukrainian defense companies received their first official export clearances, and a major defense export program has started to take shape,” she says. “That is a significant market shift, because the conversation is no longer limited to domestic supply but now also includes licensing, export control, and international joint ventures."
Beyond defense, Tyshchenko stresses that investor appetite is still present, but it has become much more selective and structurally focused. “Investors are very focused on derisking tools and bankable structures,” she explains. “Ukrainian companies still have access to international financing, but investors are highly selective and very attentive to how deals are structured.”
Tyshchenko also points to PPPs as an increasingly important area, particularly as reconstruction projects become more bankable and legally structured. “Lawyers are increasingly being asked to explain how PPPs and concessions fit into the broader reconstruction framework, including the new rules now in place in Ukraine, donor participation, hybrid financing models, fast-track procedures, and the growing focus on defense-related and security infrastructure,” she says. “From a corporate perspective, this is becoming especially relevant as the EU is also allocating funding for dual-use technologies.”
Despite the war, Tyshchenko notes, Ukraine is still seeing meaningful deal flow in several sectors. "We are seeing real deal activity in financing transactions, agriculture, banking, and telecoms,” she says, highlighting continued consolidation in banking as one important signal. “The acquisition of Bank Lviv by Credit Agricole is a strong indication that international players are still expanding their presence in Ukraine,” Tyshchenko says. “That is an important marker for confidence in the market.” She also points to ecosystem-driven activity in technology. “In IT and technology, there is a clear move toward broader platform and ecosystem deals, including Kyivstar’s expansion into digital platforms and services, particularly in areas such as health tech,” she says.
Finally, Tyshchenko says agribusiness remains consistently active and is still generating M&A work, particularly where businesses are focused on scaling and efficiency. “Agribusiness remains a very active sector and is focused on scale and efficiency, which continues to drive M&A activity,” she says. “We are also seeing companies moving into forms of cross-production linked to civil and defense-related solutions, as well as businesses helping to scale that production.”
