Kernel Acquires Enselco from Major Shareholder for $348 Million

Kernel, a prominent player in Ukraine's agricultural sector, has officially declared its plan to purchase all shares of Enselco Holding Limited, an agribusiness entity overseen by Kernel's Chairman Andriy Verevskyi, for a total of $348 million. This figure, as reported by the Ukrainian agribusiness media outlet Latifundist, reflects a 5% discount from an independent market valuation of $366 million.

This acquisition marks a significant return of assets that were previously sold by Kernel, bringing them back under the corporate umbrella of the company. In 2023, Kernel had sold the agribusiness to Verevskyi for $210 million. Since that transaction, Enselco has expanded its operations by integrating additional assets, notably acquiring the Agro Region group from former Ukrainian Minister of Economy and Trade, Lithuanian Aivaras Abromavicius, in January 2026. Following this acquisition, the land bank of the holding has grown from 134,000 hectares in 2022 to 190,000 hectares in 2026.

Of the total $348 million deal, Kernel will pay $300 million immediately upon signing the agreement, with the remaining balance to be settled by the end of June 2026. Latifundist reported that the company's board of directors approved the price without any conflict of interest, as Verevskyi abstained from voting.

The acquisition aims to leverage Ukraine's recovering export capabilities, as explained by Enselco in a press release. Yevhen Osypov, the CEO of Kernel, highlighted that the stability of the Black Sea export corridor has provided the necessary confidence for the expansion of agricultural assets.

This deal underscores the critical role of the agricultural sector in Ukraine, particularly in the context of recovery following ongoing conflict. Ukrainian agribusinesses are striving to adapt to new market conditions and capitalize on every opportunity for growth amidst global competition. As Osypov noted, "land is becoming a scarce resource, and companies that integrate agricultural production, technology, and processing have a significant chance of success."