Mergers and acquisitions as a factor in the development of modern business in Ukraine

Abstract

The purpose of the article is to study mergers and acquisitions as an important factor in the development of modern business in Ukraine in the context of military and economic challenges. The paper analyzes the current state and dynamics of the M&A market, describes the main trends in its development in 2019-2025, and identifies the key factors that stimulate or hinder transactions. Particular attention is paid to the impact of mergers and acquisitions on the competitiveness, innovative potential, and investment attractiveness of Ukrainian enterprises. The research methods are based on a combination of comparative analysis, systematization of scientific sources and practical cases, analysis of official statistics and analytical reports of leading consulting companies (KPMG, PwC, McKinsey). The results of the study showed that the M&A market in Ukraine is characterized by high volatility and sensitivity to global economic and political shocks, but at the same time, it has the ability to recover quickly. It has been established that M&A deals can act as a catalyst for the modernization of enterprises, enhance their innovation, and provide synergies and economies of scale. Practical examples show that M&A increases the investment attractiveness of companies and strengthens their competitive positions. At the same time, a number of limitations have been identified, including legal risks, integration difficulties, incomplete market transparency, and military factors that reduce the activity of foreign investors. The conclusions indicate that in order to increase the efficiency of the M&A market in Ukraine, it is necessary to strengthen the institutional base, improve mechanisms for protecting investor rights, ensure transparency of transactions, and develop state incentives (war risk insurance, credit guarantees). Prospects for further research lie in developing synergy assessment models for Ukrainian companies and determining optimal M&A strategies in the post-war period.