Ukraine

Reviews

Practice area

IFLR1000 Reviews

Overview

Energy and infrastructure

Energy played a part in the decisive Euromaidan protests in Kiev which culminated in Ukraine’s incumbent government of Viktor Yanukovych being overthrown in 2014. What has happened since as Russia-backed Ukrainian pro-soviets annexed the Crimea region, makes this easy to forget, with the subsequent civil war still engulfing the east of the country. 

Ukrainians began protesting in 2014 when, after openly flirting with the European Commission, Yanukovych opted against signing an association agreement with the European Union that would have strengthened the county’s economic and political ties with the trading bloc. Russia had made its objections to the affiliation clear, manipulating its dominant role in the world’s energy supply market and using its position as Ukraine’s largest trading partner to persuade Yanukovych to renege on the deal. 

Since dislodging Yanukovych, Ukraine has elected a new government which has signed a trade agreement with the EU. One of its crucial targets is to improve energy security for Ukraine.  

Russia supplies more than half the gas Ukraine consumes and gas accounts for around 40% of the country’s overall energy usage. In the past, gas has caused tensions between the two countries. When Ukraine fails to pay its bills, Russia cuts it – and subsequently other parts of Europe - off as it has twice already in 2006 and 2009. 

Greater energy independence has long been an ambition of Ukraine, even under Yanukovych’s decidedly pro-Russian government. The country’s strategy for weaning itself of its dependence on Russian energy revolves around improving alternative supplies of gas and domestic production. 

Building an LNG terminal to secure imports from abroad was a central part of the country’s energy diversification strategy. Yet, although the project has been planned and in progress for years, Ukraine is struggling to find a supplier and to agree a route. The Bosporus would be the obvious way to import US LNG, for example, but Turkey will not permit ships to transport the resource up its already congested river. 

Investing in renewable development and tapping unconventional gas reserves, estimated to be the third-largest in Europe, have been Ukraine’s two clear avenues for improving domestic energy production. The loss of Crimea and the war in the east have severely dented the country’s plans for shale exploration. Multi-billion dollar production sharing agreements (PSA) signed with Royal Dutch Shell and Chevron to investigate Ukraine’s tight-gas potential have both been cancelled because of the fighting, and an agreement with Eni to develop unconventional hydrocarbons in the Black Sea off the coast of Crimea has been invalidated by the region joining Russia. What’s more, the new government has reformed the law to remove the attractive incentives that were previously available under PSAs.  

Renewable energy only accounts for 0.6% of Ukraine’s electricity capacity, despite the country having once had one of the highest solar feed-in tariffs in Europe. At present, there is little sight of new development with funding scarce. It’s also worth noting that the Crimea had the most potential for solar and has one of Europe’s biggest photovoltaic parks. 

Coal, the country’s most abundant natural resource, is seen as one solution to improving domestic power production by using it instead of natural gas. The coal industry is concentrated in the Donbass, however, where fighting continues and has already heavily diminished the region’s output.  

On the legislative side, one of the new government’s amendments, which will certainly not aid its aim for greater energy independence and has not been received well by the oil and gas industry, is the increase on royalties introduced by its 2014 tax code. The code increased tax rates for oil drilling to 45%, and the gas sector was even more severely hit. State-owned gas producers are being taxed up to 70% and independents 55% - up from 27% - of their revenues. The IMF has strongly recommended the country revisit these decisions and amend the taxes. The government has said it needs the money to fund security measures. 

Infrastructure development has not been prevalent in Ukraine for several years as its weak economy and massive debt burden have not made projects a realistic prospect. With the country’s closer ties with the EU, funding should be more readily available in future and the East of the country in particular will need to be rebuilt once hostilities cease.

Ukraine’s legal market is surprisingly large, with a number of small domestic firms and a handful of internationals. A number of foreign firms have closed offices in the last two years, Chadbourne & Parke, Noerr and Beiten Burkhardt to name a few – but some remain, and the projects area is mostly dominated by UK and US firms. In energy, CMS is widely seen as the leading expert, but Baker & McKenzie runs a close second. Asters is the leading Ukrainian firm when it comes to project work.   

Ben Naylor – Journalist EMEA

Financial and corporate
Aequo

Aequo is recognised for its work within the banking and private equity areas.  

The firm’s banking team often works closely with international development banks in funding Ukrainian enterprises, and has recently completed deals within the agriculture, chemicals and technology sectors. Private equity acquisition finance and trade finance are further areas of strength for the firm within banking. 

In the capital markets area the firm is strong in Eurobond work, and recently represented a major domestic corporate on a billion-dollar issue. The firm is also active in the ICO and blockchain space, advising clients on issues.  

In M&A the firm works on a mix of private equity deals and strategic M&A transactions across a variety of sectors, where it often represents the acquirer. The firm regularly works for Ukrainian private equity investor Dragon Capital and assisted it with the purchase of commercial properties during the research period. 

In the projects area the firm has worked on a mix of transactional and regulatory mandates for international and domestic clients. The firm has a strong presence within the transport industry, and has recently completed deals in the aviation, marine and transport sectors. 

The firm’s banking team has also acted on restructuring mandates during the research period. It notably acted for an international financial institution on the restructuring of a multi-million dollar loan and worked for a domestic bank on the first-ever restructuring procedure involving a Ukrainian commercial bank. 

Recent Deal Data highlights  

  • Ardagh acquisition of food packaging factory
  • Astarta $20million financing
  • Dragon Capital acquisition of stake in Ciklum
  • Dragon Capital acquisition of Aladdin Shopping Mall 
  • Government of Ukraine €1 billion financing
  • Industrialbank UAH425 million restructuring
  • Ipsos €105 million acquisition of GfK custom research business divisions
  • TMM $50 million debt restructuring 

Client feedback

"Solid, reliable, and delivers on time." – Banking

"They are time-efficient, have good expertise on providing subordinated debt, and finished the transaction in a smooth and fast manner." – Banking

"Very professional, precise, and time conscious. Client care is excellent." – Banking

"Has highly knowledgeable lawyers. They were highly effective in coordinating a large team of their lawyers to advise on the transactions on which we worked together." – Capital markets: Debt

"Strong communication skills. Very efficient and well organised." – Capital markets: Debt

"The service provided was of a high level, timely and client specific." – Capital markets: Debt

"Attentive, pragmatic, non-nonsense."– M&A

"Fully satisfied with the quality of the firm's work and its timeliness." – M&A

"Highly professional team with strong technical knowledge. Deep understanding of client's needs." – M&A

"Impressed by the partners' engagement into the client's requests." – M&A

"Professional. Client-oriented. Understands local concerns." – M&A

"The firm provides top class services with one of the best experts and pool of resources in the area of M&A." – M&A

"The team demonstrated deep knowledge and understanding. It was able to come up with an innovative approach to resolve deadlock situations and close the transaction on time." – Restructuring and insolvency

Anna Babych

"A professional lawyer with a strong customer-centric approach, dedication and commitment to projects." 

Bohdan Dmukhovskyy

"Delivers prompt responses and simple solutions."

"Great expertise in banking. Very client-oriented."

Yulia Kyrpa

"An exceptional partner. She is also available, provides clear and correct advice and is a highly effective problem solver. She has fantastic interpersonal skills and is very trustworthy."

"Has great client relationship and people management skills. Always up to date on recent developments and market trends. A strong negotiator with problem solving abilities."

"Proactive, high level of responsiveness, innovative approach."

"Strong knowledge of legal matters, vast experience, great customer care."

"Very professional lawyer. Has an excellent knowledge of the financial sector in Ukraine and considerable expertise. She communicates clearly, delegates efficiently within her team while nevertheless always being in the loop."

Michael Lukashenko

"Highly professional lawyer."

"Very responsive, and has good knowledge of our industry and our needs."

Mykyta Polatayko

"Shows a high level of expertise and experience, and is always ready to answer an e-mail or call. Represented our interests with a great understanding of our business."

Asters

Asters is a strong performer across the financial and corporate space in Ukraine and engages in notable banking, M&A and projects work.  

Banking, finance and capital markets are key areas strength and the firm regularly represents issuers, lenders and borrowers on transactions. During the research period the firm assisted international development banks on loans to Ukrainian businesses in the agriculture and oil and gas sectors. 

In the capital markets space the firm’s notable work has been mostly concentrated on the debt side. Most of the firm’s recent work in this area was confidential. 

The firm’s M&A team regularly advises on cross-border deals, acting for international clients and Ukrainian subsidiaries. It works for both acquirers and sellers on acquisitions, mergers and joint ventures. 

In projects the firm largely works on matters within the electricity, renewable energy and transport, often representing international developers. In recent times the firm has notably worked for General Electric and the China Machinery Engineering Corporation. 

In the restructuring and insolvency space the firm worked for a mix of companies and creditors on company and debt restructuring mandates across the banking, food and technology sectors. 

In August 2018 the firm merged with the Ukrainian office of Egorov Puginsky Afanasiev & Partners. It subsequently opened representative offices in Brussels in November 2018 and London in March 2019. 

Recent Deal Data highlights 

  • Anadolu Efes / Anheuser-Busch InBev joint venture
  • Farmak €15 million financing
  • DTEK Renewables 200MW Nikopol solar power plant
  • Modern-Expo €15 million financing 
  • Norsk Solar 9MW solar power plant
  • Ukrzaliznytsia $1 billion agreement with GE for rolling stock production and maintenance 
  • Ukrzaliznytsia $500 million 8.25% bond issue
  • VR Capital acquisition of 50% stake in Matlomenius Holdings 

Client feedback

"Great professionals, prompt in responding, and addresses issues in a commercial manner." – Banking

"Experts in all major practices and it's very convenient for our company that the firm can advise us in cross-area projects." – Banking

"They have a lot of experience and in-depth knowledge of the local laws and deal structures. Extremely responsive and business oriented." – Banking

"Excellent service, knowledgeable and professional. Also works well with UK lawyers." – M&A

"Comprehensive and business oriented approach to the work and their clients. They work efficiently and provide the comprehensive services. Fluent English speakers." – Project development

"High level of advice, comprehensive offers a client oriented service." – Project development

Avellum

Avellum is one of the best firms on the market for banking, capital markets and M&A work, and is consistently involved in the market’s largest transactions.  

In the banking area the firm often works on loans from international development banks, on public sector finance and on credit portfolio restructuring mandates, representing a mix of lenders and borrowers. 

The firm is among the market’s strongest in the capital markets space. It worked for both issuers and managers on most major corporate and sovereign eurobond issues from Ukraine during 2018. The firm notably assisted the Ministry of Finance of Ukraine on a dual tranche eurobond issue, as well as on a large private placement, during the research period. 

In M&A the firm often represents a mix of acquirers and sellers across industry areas such as banking, real estate and food. It has also expanded its portfolio to take up mandates for clients in younger sectors locally such as asset management, alternative energy and e-commerce. 

In the projects area the firm has a stronghold in representing international development banks on the building of solar power plants in Ukraine. While the firm has had a historic focus on financing matters, it has increased its project-related work in recent years, and regularly combines its finance work with engineering, procurement and construction advice. 

The firm has a strong presence in the restructuring and insolvency space. It has recently acted for the borrowers on the market’s largest debt and loan restructurings involving agricultural assets and real estate portfolios. 

Recent Deal Data highlights  

  • Government of Ukraine €1 billion 6.75% sovereign bond issue
  • Government of Ukraine $2 billion dual tranche (9.75% and 9%) sovereign eurobond issue
  • Metinvest $1.592 billion eurobond issue
  • MHP €550 million 6.95% eurobond issue
  • Mriya $1.2 billion debt restructuring
  • Myronivsky Hliboproduct €100 million financing
  • Sarantis acquisition of 90% stake in Ergopack
  • Ukrzaliznytsia $1 billion agreement with GE for rolling stock production and maintenance

Client feedback

"Excellent. Very responsive, pragmatic and commercial." – Banking

"Professional team with a deep knowledge of capital market transactions in Ukrainian legal framework." – Capital markets: Debt

"A team of professionals that apply time-efficient approaches and creates integrated solutions for businesses." – M&A

"Co-operation is very constructive and effective. The team always manifests itself as professional and responsible outfit." – M&A

"Excellent. Responsive and commercial." – M&A

"High professionalism and experience allow the firm to find a solution to the situation that the client has asked. The team constantly care about its clients and inform about all changes in the legislation that are in the sphere of client's interests." – M&A

"The firm demonstrates very good professional ethics, and perfect skills in M&A." – M&A

Glib Bondar

"Has comprehensive experience in various types of transactions."

Yuriy Nechayev

"Excellent knowledge. Punctual. Client-oriented."

Baker McKenzie

Baker McKenzie is one of the best firms in the country for M&A and project development advice and is arguably the strongest international firm in Kiev. 

The firm’s banking team is renowned for project finance work and regularly works for borrowers and lenders on financing the development of mines and power plants. The team has further strengths in acquisition financing, aircraft leasing and financial regulatory work. 

The firm has significant experience in the capital market space working for issuers and banks and, in the research period, advised on bond issues by two large Ukrainian companies. 

Agriculture, pharmaceutical, and oil and gas deals formed a large part of the firm’s M&A mandates during the research period. The firm has the capability to act on cross-border English law governed deals as well as expertise on advising on the local aspects of global M&A transactions. 

In the projects area the firm regularly works on oil and gas, mining and wind energy mandates. Notably, the firm recently advised developers on their potential participation in the Ukraine-EU Energy Bridge project, the first Ukrainian PPP in the energy sector. 

The firm has worked on a number of debt and loan restructurings during the research period, often representing domestic banks or international financial institutions. 

Recent Deal Data highlights  

  • Brookfield Business Partners / CDPQ $13 billion acquisition of Johnson Controls power solutions business
  • Energoatom $250 million financing
  • Jerooy gold deposit expansion
  • Medicover acquisition of Invitro’s Ukrainian laboratory operations
  • MHP €550 million 6.95% bond issue
  • MHP acquisition of Perutnina Ptuj
  • Primorskaya 200MW wind power plant 
  • Servier $2.4 billion acquisition of Shire’s oncology business  

Client feedback

"We highly value its comprehensive expertise in banking matters, advising on various legal matters." – Banking

"Very good. They are reliable." – M&A

"Very reliable law firm providing legal advice and good project management." – Project development

Dentons

Dentons is one of the strongest firms in the country for energy and infrastructure sector transactional work. The firm’s global network sees the firm secure work for international clients in Ukraine.  

The firm’s recent banking work includes acting for lenders on credit facilities and export finance. The firm represented European Bank for Reconstruction and Development (EBRD) and the National Bank of Ukraine recently on deals. 

In M&A the firm is predominantly active in energy and real estate, and acts for a mix of acquirers and sellers. 

The firm’s projects team has a clear focus on renewable energy, and often assists developers on the construction of hydro, solar and wind power plants. 

In the restructuring and insolvency space the firm works on a mix of corporate restructurings, debt restructurings and distressed debt acquisitions. 

One notable staffing change saw projects specialist Myron Rabij depart the firm after 23 years to join US firm McCarter & English.  

Recent Deal Data highlights  

  • DTEK Renewables 200MW Nikopol solar power plant
  • Dymerka 57.6MW solar power plant 
  • Ferrexpo €400 million revolving credit facility
  • Orlovka 100MW wind farm
  • Syvash 250MW wind farm 

Client feedback

"Assistance is effective, well planned and qualified." – Banking

"Efficient and professional." – Banking

"Excellent law firm. Offers practical solutions to legal issues." – M&A

EQUITY

Equity is a domestic firm recognised for its banking and restructuring and insolvency work. 

Among other recent banking work a highlight saw the firm work with borrowers on debt restructurings. 

The firm stands out for its presence on bankruptcy mandates in the restructuring and insolvency space, where it assists a mix of creditors and debtors. During the research period the firm represented large engineering and manufacturing groups such as Azovelektrostal and Azovobschemash on bankruptcies. 

Recent Deal Data highlights

  • Azovobschemash bankruptcy 
Evris

M&A and restructuring are the strongest practice areas for Evris, with its work within the construction and energy sectors being at the core of both practices. 

In the M&A area the firm was active within the energy and real estate space recently and advised domestic clients on a series of acquisitions and joint ventures. A notable transaction saw the firm advise an acquirer in the purchase of two Ukrainian solar plants. 

In the restructuring and insolvency space the firm assisted a mix of creditors and debtors on financial and debt restructuring matters. 

Recent Deal Data highlights 

  • Volterra Energy $24 million acquisition of two solar plants 

Client feedback 

"They are very well versed in acting on banking issues and are always able to put themselves very easily into the case." – Banking 

Ihor Kravtsov 

"Has a wealth of expertise handling complicated and non-standard matters relating to restructuring and insolvency. His strengths are in preserving a professional and goal oriented approach as he understands the commercial needs and is able to get the best and most efficient outcome for the client." 

GOLAW

Golaw is recognised for its project development work. 

The banking team has been active on project finance and debt restructuring work during the research period. A notable highlight saw the firm advise the developer on financing the construction of a transhipping complex in an Odessa port. 

The firm was particularly busy in the project development area and notably assisted clients on engineering, procurement and construction (EPC) contracts in relation to biomass power plants and sea ports.  

The firm is also active in the restructuring and insolvency space and often represented lenders on bankruptcy cases recently. 

Recent Deal Data highlights 

  • Chornomorsk sea port
  • Expobank $25 million debt restructuring
  • Khmelnytsky biomass power plant 

Client feedback 

"Always of the highest calibre and professional. Response times are second to none." – Project development 

"Professional and business-oriented approach. Excellent commercial awareness." – Project development 

"Services, knowledge and value of service, are all excellent." – Project development 

Anatoli Grabovy 

"Highly professional, supportive, and business-oriented."  

Max Lebedev 

"Professional, knowledgeable and responds quickly." 

Sergiy Oberkovych 

"Always practical, professional and appropriate."  

Ilyashev & Partners

Ilyashev & Partners is best known for its banking and M&A work. The firm has offices in Russia, Ukraine, and Estonia. 

In banking and finance the firm regularly assists clients on refinancing loans and offers support on financial services regulatory mandates. 

Within the M&A area the firm acts for a mix of buyers and sellers. Recent mandates include work on domestic spin-offs, financial investments and joint ventures. 

The firm was also active in the project development area where it notably took on mandates for developers concerning the construction of solar power plants in Ukraine.  

The firm worked on several bankruptcy proceedings in the restructuring and insolvency area, working on mandates for both creditors and debtors. 

Recent Deal Data highlights

  • Creative Group bankruptcy 

Client feedback 

"Fully satisfied with the high quality of consultations, submissions and support of transactions by the law firm." – Banking 

"Positives include the firm's knowledge regarding the absorption of companies, its ability to work in the field of English law and its willingness to work in difficult situations." – Banking 

"Professional, with good attention to detail." – Banking 

"The team is very talented as well as extremely disciplined. The overall level of service is perfect." – Banking 

"Strengths include competence, professionalism, and decency."  – Capital markets: Debt 

"Good knowledge of regulatory requirements and current legal practice in Ukraine." – M&A  

"It has a capable and stable team, provable experience, and a good international reputation." – M&A 

"Satisfied with our co-operation. The firm are really personally involved in our business development and really care about results." – M&A 

"The firm's reactivity, quick understanding of our requests and needs, speed in delivering the work and excellent interpersonal contacts is particularly noteworthy." – M&A 

"The overall level of service is at high-level. It has an admirable global vision and strategic plan." – M&A 

"Very high expertise and experience in banking and regulatory matters." – M&A 

"The firm has excellent knowledge of our market and a very professional output, which allows them to handle extremely challenging and complex issues with impressive accuracy and expertise. The team is efficient and quick, and each member of the team has strong knowledge in their field. This firm is always available and flexible with short turnaround times.  Its lawyers are trustworthy professionals with strong client ethics." – Project development 

"Very qualified team. Very good energy sector knowledge." – Project development 

"Has the ability to tailor the team and the work methodology for the specific needs of the client and the situation." – Restructuring and insolvency 

"Really good in both strategy development and its practical implementation." – Restructuring and insolvency 

Oleksandr Fefelov 

"He is client oriented, has a good understanding of our business and legal structure, and is always responsive to our requests." 

Mikhail Ilyashev 

"A hard working person with good organisational skills and strategic thinking." 

"A highly reliable expert in terms of transactional skills. He is an outstanding professional, and is ready to answer any call and is always straight to the point and efficient. His approach is built on a longstanding trust, practical business sense and mutual loyalty." 

"A patient, accurate and knowledgeable attorney with a great instinct. He is also an easy-going, fair and open-hearted person, who is very comfortable to work with. His approach instils confidence." 

"A very reliable and exceptionally gifted manager with unparalleled expertise. He is a very hands-on and a strong leader on a deal. He always manages to structure deals well and uphold the highest quality. He really focuses on the interests of his client while remaining deal-driven." 

"Has a sense of what is achievable, and gives confidence from the very first moment." 

"High level of knowledge of current legislation. Quick in responding to changes in the legislation. Ready to make quick decisions in difficult situations." 

"Very high class professional." 

Andriy Konoplya 

"One of the most creative and responsible in the market." 

Roman Marchenko 

"Experienced, responsiveness, practical, and a good communicator." 

"He understands both the legal details and the commercial nuances of matters." 

Oleg Trokhimchuk 

"A great and experienced expert within the energy sector, who handles the most difficult issues." 

"He achieves a working relationship even with difficult personalities, and his ability to close deals is very valuable." 

Nobles

Nobles is best known in the Ukrainian legal market in the banking and M&A areas. 

In banking and finance work recently the firm represented several financial institutions acting as lender on financings and refinancings. The firm recently acted for Amsterdam Trade Bank, Credit Suisse and Denmark's Export Credit Agency. 

The firm often represents sellers on cross-border and domestic M&A transactions. During the research period the firm was involved on sales in the agricultural, insurance, steel, and water treatment industries. 

The firm lost M&A partners Roman Shulyar and Artem Nagdalian to Marchenko Partners during the research period. 

Recent Deal Data highlights 

  • BWT acquisition of Ecosoft
  • Metinvest acquisition of Donetsksteel / Pokrovske Coal
  • Urban Space 500 and Veterano Brownie financing 

Client feedback 

"Excellent service, commercial and business minded, and competent." – M&A 

Volodymyr Yakubovskyy 

"Excellent service, commercial and competent." 

Redcliffe Partners

Redcliffe Partners has a strong offering across all areas ranked by the IFLR1000.  

In the banking and finance area the firm worked on several mandates for the European Bank for Reconstruction and Development (EBRD), including on loans to small enterprises, agricultural companies and construction firms, recently. The firm also represents international banks on large project finance deals. 

The firm’s M&A team has been active on buy and sell side work, including on private equity mandates, recently. It has represented multinational clients from sectors such as energy, insurance and pharmaceuticals on deals. 

The firm has worked on a number of debt and loan restructurings during the research period, often representing banks or other financial institutions. 

Recent Deal Data highlights  

  • Axel Johnson acquisition of Passerotti
  • Kernel €200 million revolving credit facility
  • Metinvest $1 billion debt restructuring
  • Mriya $1.2 billion debt restructuring
  • Nibulon €50 million financing
  • SALIC acquisition of Mriya
  • Straco $120 million acquisition of Greenyard's horticulture division
  • Syvash 250MW wind farm 

Client feedback

"Simply great. Fast, business-oriented and witty." – Banking

"Solution driven, patient, friendly and really try to accommodate their clients." – Banking

"They have the right mix of Ukrainian and international experience, and provide timely advice in a constructive, positive fashion." – Restructuring and insolvency

Dmytro Fedoruk

"Very creative and knowledgeable. Has a great, positive attitude."

Olesia Mykhailenko

"Very responsive. Great availability. Good transaction management."

Olena Polyakova

"A great professional, reliable and thoughtful."

Olexiy Soshenko

"A very nice person, a great representative of his generation, and super attentive to the client's commercial needs."

Evgeniy Vazhynskiy

"Has a great deal of knowledge, is very responsive, solution-driven, patient, friendly and really tries to accommodate the client."

Sayenko Kharenko

Sayenko Kharenko has one of the market’s best financial and corporate practices across the board. The firm acts on many of Ukraine’s high-end transactions across the banking, capital markets and M&A areas. 

In the banking and finance area the firm notably advises corporate and international development banks on financing nationally prominent projects. In recent times the firm has worked for investment banks in sectors such as nuclear energy, renewable energy and technology.  

The capital markets group is renowned for advising on Ukraine’s biggest deals on the debt side, and also for advising on new structures and regulations. The firm is one of a few that work on sovereign and corporate bond investments with prominent international law firms. 

The firm’s M&A team had a busy period, and was a market leader by deal volume for Ukrainian deals closed in 2018. The firm works across a mix of sectors, ranging from agriculture to insurance, on cross-border acquisitions, mergers and joint ventures. 

Although the firm focuses on the financing of projects, it also has the capability of advising on engineering, procurement and construction (EPC) contracts and previously assisted on mandates involving solar power plants and wind farms. 

The firm is among the market’s leaders in the restructuring space, where it has recently acted on the market’s largest debt and loan restructurings involving agricultural assets and real estate portfolios. 

Recent Deal Data highlights  

  • Anadolu Efes / Anheuser-Busch InBev joint venture
  • Energoatom $250 million financing
  • Government of Ukraine €1 billion 6.75% sovereign bond issue
  • Government of Ukraine $2 billion dual tranche (9.75% and 9%) sovereign eurobond issue
  • Government of Ukraine €529 million financing
  • Metinvest $1.592 billion eurobond issue
  • Straco $120 million acquisition of Greenyard's horticulture division
  • Ukrzaliznytsia $1 billion agreement with GE for rolling stock production and maintenance 

Client feedback

"Very efficient and timely approach." – Banking

"Able to work on sophisticated financial transactions." – Capital markets: Debt

"Excellent quality. Meets all deadlines." – Capital markets: Debt

"Good understanding of sophisticated financial instruments. Has the ability to take on a risk-based approach." – Capital markets: Debt

"Has excellent knowledge and expertise. Furthermore, they were very responsive and delivered on time." – Capital markets: Debt

"Highly competent lawyers, which take on a client-oriented and very practical approach." – Capital markets: Debt

"Very easy to work with, responsive and very pleasant to deals with." – Capital markets: Debt

"Very professional. Very efficient. Provides quick and focused answers." – M&A

SDM Partners

SDM Partners is recognised for its M&A work. 

The firm’s banking team was recently active on financings and loan restructurings, and has acted for a mix of investment funds and domestic banks. 

In the capital markets area the firm assisted an local issuer on its Swedish IPO by offering Ukrainian legal advice. 

The firm’s M&A team works on a mix of acquisitions, sales and mergers, and often operates within the agriculture, transport and real estate sectors. 

A highlight project development mandate saw the firm assist an international solar energy developer on the construction of a power plant. The firm also assisted on several engineering, procurement and construction (EPC) contracts within the healthcare and transport sectors. 

The firm is active in the restructuring and insolvency space and acts for both creditors and debtors on domestic bankruptcies. 

Client feedback 

"Interactions have always been extremely productive. They are very accurate at analysing tasks, providing excellent communication and offering very practical advice. They are constructive and consistent in their approach and deliver good quality on a constant basis." – Banking 

"The level of service is very good and provides comfort." – M&A 

"The firm's in-depth knowledge of a wide range of industries allows them to tailor to the clients' needs at the project's early stages, and address critical milestones and potential risks." – Project development 

"Working with the team is always a great pleasure. Lawyers of the firm are business-oriented and provide first class services." – Restructuring and insolvency 

Serhiy Dzis 

"A well-qualified professional providing smooth, fast and flexible assistance. Offers constructive solutions, strong negotiations skills and absolute dedication." 

"Great lawyer with excellent legal and communication skills." 

"Very meticulous in whatever he does and because of this he obtains the best results for clients." 

Dmytro Syrota 

"Extremely client-oriented. He has brilliant reputation at the market; he understands business needs and business rationale, while also respecting the legal reality." 

"Has a wealth of experience and always thinks outside the box. He understands what is required in a complicated situation." 

"Known for his deep and structured analysis of the existing issues, and precise understanding of how to deliver the legal solution in the most simple and convenient way. His excellent communication skills and readiness to come to assistance at any time is always much appreciated. He understands the needs of the client and is always keen to meet expectations." 

Vasil Kisil & Partners

Vasil Kisil & Partners has a strong presence within the banking and M&A space in Ukraine. 

The firm’s banking team regularly works for lenders and often acts for international financial institutions as they lend in Ukraine. The team has a particular strength in infrastructure transactions and has considerable experience in project financing. Another area of strength is aviation finance, where the firm acts for several international carriers. 

The firm had a strong year within the M&A space and acted on a mix of strategic and private equity investments. The firm is particularly active on agriculture, metals and real estate based transactions. 

Recent Deal Data highlights 

  • Dubai Aerospace Enterprise $34 million financing
  • Metinvest acquisition of Donetsksteel / Pokrovske Coal
  • Kyiv 18MW thermal power plant