We are pleased to present a large-scale, in-depth study of the Russian M&A market between 2022 and early 2025, a time of unprecedented challenges and transformations. The study was organized and conducted by Anastasia Nerchinskaya, KKMP and VERBA LEGAL law firms, B1 Group, with the support of investment banking consultant Salute Advisory. The M&A landscape, the profile of key players, and the regulatory framework experienced profound changes. This study stands out due to its broad participant base and the comprehensive coverage of M&A deals conducted in these new economic and geopolitical conditions.
The study reflects the most important financial, economic, and legal aspects of M&A deals, based on:
Online surveys of representatives from various M&A fields (including IB, financial and M&A consultants, industry players, leading legal M&A consultants, GR companies).
Collection and analysis of statistical data on deals from the analyzed period, provided by the study participants.
In-depth and blitz interviews with leading market experts.
Other analytical data from external providers.
This analysis focuses on the specific features and challenges of M&A deals that are relevant to this new environment. We discuss the evolution of deal processes since 2022 and examine the drivers behind these changes.
KKMP Senior Partner Alyona Kucher:
KKMP strives to lead the way, making participation in this study a natural step. We partnered with top experts to create a comprehensive M&A market report for Russia. We hope the data and recommendations will help our clients and partners successfully navigate deals in this new environment.
This collaborative study brings together expert insights, aiming not only to document key changes but also to foster dialogue on existing problems and their potential solutions. By intentionally incorporating diverse opinions, we provide readers with a comprehensive and realistic view of the challenges and opportunities confronting transaction parties and their advisors.
The Russian M&A market is at a crossroads, with geopolitical factors and sanctions creating considerable uncertainty. In this study, we provide readers with an objective assessment of these conflicting forces and offer expert perspectives on the market's future, based on the experiences of leading professionals.
KKMP Partner Alexander Anichkin:
For us, developing this report was not simply an analytical task, but a chance to capture and synthesize the experiences of key players in the M&A market. Through open dialogue between financial, legal, tax, and industry specialists, we gained a comprehensive understanding of the market during the period studied. We believe this diverse range of viewpoints will be a valuable asset for informed decision-making and successful navigation of today's realities.
The study was organized and conducted by Anastasia Nerchinskaya, KKMP and VERBA LEGAL law firms, B1 Group, with the support of investment banking consultant Salute Advisory. When quoting any part of the study material in any objective form, a link to this study must be provided as a source of the quote, indicating the copyright holders in the following format: