Aequo advised NEQSOL Holding on the acquisition of UMCC – one of the first large-scale privatizations during martial law in Ukraine
Aequo provided comprehensive legal support to NEQSOL Holding in connection with the acquisition of PJSC “United Mining and Chemical Company” (UMCC), the largest producer of titanium feedstock in Ukraine and one of the global market leaders. This transaction is among the first major privatizations successfully completed under martial law and serves as a landmark example of attracting strategic foreign investment into Ukraine during wartime.
Partner Michael Lukashenko notes that even under exceptionally difficult circumstances, investors are ready to enter the country when they see transparency and professional legal support:
“This is not just a transaction – it’s a strategic signal to the market. Ukraine is demonstrating its ability to carry out open, competitive privatizations and partner with strong international players.”
Aequo advised the client at every stage of the transaction: conducting legal due diligence prior to the auction, supporting the bidding process, structuring the deal, and successfully securing merger clearance from the Antimonopoly Committee of Ukraine. In May 2025, the AMCU approved the concentration following a second-phase review that required an in-depth assessment of titanium markets, including defence-related supply chains and complex geographic segmentation.
According to Mariya Nizhnik, Executive Partner and Head of Competition and Antitrust at Aequo, the procedure demanded deep expertise and precision:
“It was one of the most challenging merger control cases in recent years. We worked with highly sensitive data, coordinated closely with public authorities, and secured a result that aligns with both state and investor interests.”
This project is of exceptional importance for the market:
· It represents one of the first large-scale privatizations carried out under wartime legislation.
· The transaction brought nearly USD 100 million in revenue to the state budget.
· The new owner committed to investing at least UAH 400 million in modernization, preserving core operations, and complying with environmental and social standards.
· UMCC is a strategic enterprise vital not only to Ukraine’s economy but to global supply chains.
The case is further proof that even the most complex transactions can be implemented under the right conditions, emphasizes Anna Babych, Executive Partner and Head of Corporate at Aequo.
“We are grateful to NEQSOL for their trust and belief in Ukraine. This is an example of an investor who is not just acquiring an asset, but assuming long-term responsibility,” she says.