Redcliffe Partners’ competition practice is driven by increased enforcement and transactional activities, particularly in sectors like pharmaceuticals, retail, and agribusiness, according to Co-Head of Competition Yuriy Terentyev. Key factors include regulatory changes, strategic investments, and Ukraine's alignment with EU competition law, which have spurred demand for merger control assessments and compliance advice.
CEELM: What’s been keeping the practice busy over the last 12 months?
Terentyev: Our competition team has had a highly active year across both enforcement and transactional work. A major area of focus has been the pharmaceutical sector, where the Antimonopoly Committee of Ukraine (AMCU) has intensified its efforts through ex officio abuse of dominance investigations against leading distributors, as well as unfair competition cases concerning product packaging and health-related claims on non-prescription medicines.
On the transactional side, we advised on a number of retail mergers, including in the fuel distribution and pharmacy sectors, which have required complex merger control assessments and coordination with other regulatory authorities. We have also been actively supporting foreign clients, including leading international private equity funds, on several high-profile merger filings in Ukraine, often in multi-jurisdictional contexts.
Additionally, we supported a landmark cross-border foreign acquisition in the food sector and worked closely with pharmaceutical market participants on a wide range of merger control and conduct matters.
CEELM: What’s been driving that pipeline of work?
Terentyev: Kyivstar’s acquisition of UKLON, along with Sergiy Tigipko’s acquisition of Idea Bank, were widely viewed as strong signals that the Ukrainian M&A market is regaining momentum, even under wartime conditions. These deals have re-energized both strategic and financial investors, prompting the revival of transactions that had previously been postponed.
At the same time, the AMCU has adopted a more proactive enforcement posture, especially in strategically sensitive sectors such as pharmaceuticals, FMCG, and logistics. Its increased use of ex officio proceedings, reliance on soft law guidance, and more structured enforcement practices have led to greater demand for both transactional clearance and behavioral advice.
Cash-rich Ukrainian businesses have become a major source of M&A activity, often pursuing domestic consolidation strategies or vertical integration. We are also seeing a resurgence of interest in real estate, where investors are entering project-based partnerships with developers, as well as a steady flow of transactions triggered by privatization opportunities or recapitalization requirements, particularly in the financial and insurance sectors. The cross-border agri-food acquisition we advised on reflects a renewed appetite for outbound investment by Ukrainian corporates.
Meanwhile, the recent court invalidation of the CRH acquisition has raised critical questions regarding legal certainty in past merger decisions and is likely to influence transactional structuring going forward.
CEELM: What’s the outlook for the next 12 months? Do you expect an increase or decrease in your pipeline and why?
Terentyev: We anticipate a continued increase in both enforcement and transactional competition work. The pharmaceutical sector will remain at the center of the AMCU’s enforcement focus, especially with regard to dominance investigations and unfair practices. An additional signal confirming that the AMCU is regaining momentum in ex officio enforcement is the recent opening of proceedings into alleged concerted practices by the two largest egg producers in Ukraine – an important case from both economic and political perspectives.
Moreover, Ukraine’s EU accession process is driving alignment with EU competition law, creating new advisory opportunities in state aid, verticals, and compliance systems.
On the transactional side, we expect sustained activity in retail, agribusiness, financial services, real estate, and privatization. The return of strategic and financial investors – both Ukrainian and international – will continue to push the competition clearance agenda. Regulatory developments, such as capitalization requirements, will further stimulate concentrations in the financial sector, while the privatization of state assets will generate a new wave of transactions requiring merger control and regulatory strategy.
