Sales of state assets through privatization procedures are still a high priority means of attracting private investments into the Ukrainian economy. The state has constantly changed privatization-related concepts and legislation for more than twenty-five years: the domination of “lease with an option to purchase” in the first half of the 90s was replaced by a total sale of small privatization objects. Then there was the so-called “mass” privatization of shares of “medium-sized” and “large” enterprises through property privatization certificates and with the involvement of trust companies and investment funds. The State subsequently focused on individual privatization through “commercial” and “non-commercial” tenders of shares.

When it comes to privatization of enterprises of strategic importance for the economy and security of Ukraine, it’s necessary to pay attention to the use of the most complicated alienation procedures, i.e. tenders of controlling interest providing for fixed obligations of buyers. Today winners of such tenders are determined based on prices offered by bidders. This approach to the determination of winners does not exclude increased attention of a tender committee to tender offers regarding the investment development programme of an enterprise.


The AGRECA law firm has extensive expertise in planning private investments and protecting them in the course of state assets privatization. Firm partners’ significant work experience in the State Property Fund of Ukraine, the ongoing monitoring of privatization legislation, and active participation of our lawyers in various expert groups allow the firm to plan and provide professional legal support of privatization tenders of any complexity.

The firm provides legal services on privatization not only in the preparation and participation in privatization tenders, but also during the post-privatization period. According to the applicable legislation, privatization authorities control the fulfilment of contractual obligations by an investor for five years after the date of conclusion of a sale and purchase agreement. In the event of default on obligations, privatization authorities may impose sanctions up to termination of the purchase and sale agreement. Under such controls, investors often have to conduct difficult negotiations as well as prove their case in the court. Our lawyers have an extensive experience in representing investors in the course of performance of purchase and sale agreements, and handling court cases related to challenging privatization agreements, including claims of the state concerning the fulfilment of the buyer’s contractual obligations.

Our lawyers can also provide a high level support to privatization projects on the seller’s side, i. e. the State Property Fund of Ukraine. We are ready to provide fair and effective privatization of enterprises based on the principles of equal rights, transparency and impartiality.

Our services include legal support in:​​

  • Assessment of the privatization object, conditions and terms of tenders and privatization procedures with appropriate preparation of legal opinions and risk analysis (including issues of interaction with privatization bodies, antitrust and fiscal regulators, law enforcement and judicial bodies)
  • Development of privatization strategy, conducting a legal audit of the target object, preparation of tender documentation, support of the negotiation process, structuring and concluding a purchase agreement
  • Support on corporate governance of the newly acquired company, development of corporate relations, constituent documents, complete contractual framework for the company
  • Advising on the fulfillment of obligations under the contract of sale of state property in the post-privatization period

Sectoral competencies

Advantages of working with us​

Ability to scan a business task or project in a 360-degree perspective

Operational estimate of risks and opportunities of a project, transparent cooperation economics

Extensive practical experience of support of various turnkey projects

Strong contact database of stakeholders and experts on specialized issues