The volume of the M&A market with a threshold of $1 million in July-August 2026 decreased compared to the same period last year. The total value of transactions during the period decreased by 20.6% to $3.22 billion from $4.06 billion a year earlier. This is stated in the bulletin "Market of Mergers and Acquisitions" of the AK&M News Agency (issue No. 341-342).
The number of transactions also decreased: 46 transactions took place in the reporting period, compared with 54 a year earlier. In ruble terms, the amount of transactions in July-August decreased by 20.3% to 260.82 billion rubles from 327.41 billion rubles a year earlier.
The price of realizable assets also decreased in July-August: the average transaction cost (excluding the largest one) decreased by 25.1% to $40.5 million from $54 million (excluding the largest) in the same period of 2025.
The largest transaction in the two reporting months was the only one whose value exceeded $1 billion and which also became the largest exit of a foreigner from the Russian market during the period. It took place in the chemical and petrochemical industries. This is the acquisition of Russian assets by the British Linde in order to pay the debt for the failure of the deal on the construction of a gas processing plant in the Leningrad region. They were bought by Ruskhimalliance for an estimated $1402.5 million.
Due to this transaction, the volume of transactions has increased significantly, which according to our methodology are classified as internal (when the asset is located in Russia and the buyer is a Russian resident), but the seller is a foreign investor.
In July-August 2026, two such transactions out of 46 (0.9%) were recorded, but their total value was $1,406.2 million, which is 43.6% of the total volume of transactions during the period.
The second place in the month was taken by the purchase of a retail chain: the combined company Wildberries and Russ acquired a controlling stake in Eaptek LLC for an estimated $250.4 million.
The third place was taken by the nationalization of the transport asset: The companies of the Transbunker Group associated with Sergei Pugachev and Joseph Sandler were turned into state revenue, the damage estimate was $241.7 million.
Nevertheless, despite the reduction in the number and volume of transactions in July-August 2026, several long-anticipated major transactions were completed in September 2026, which will help support the M&A market in the third quarter of 2026. In particular, the completion of such purchases in fuel and energy complex and services was announced. In addition, in September, the assets of such large retail chains as Auchan, Metro, Leroy Merlin, as well as the food manufacturer Nestle, were transferred to management and, in fact, alienated by the state.
At the same time, the volume of transactions in January-August 2026 amounted to $27.3 billion, which is 22.1% higher than the total for the first eight months of 2025. Nevertheless, the number of transactions decreased by 9.9%, amounting to 227 against 252 in January-August 2025.
Read more about the results of the M&A market in issue No. 341-342 of the monthly bulletin "Market of Mergers and Acquisitions" of the AK&M News Agency. Subscribers of the newsletter have been provided with a complete database of M&A transactions with Russian assets for free since 2012. You can subscribe to the newsletter at the agency's office by sending an application to ma@akm.ru and through the Ural Press subscription agency (subscription index - 011670).
All the agency's newsletters and the database of deals can be found in the AK&M Analytical Newsletters and Research Store.
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