Kernel, one of Ukraine’s largest agricultural holdings and a major taxpayer in the country’s agricultural sector, has signed a purchase agreement to acquire a 100% stake in Enselco Holding Limited — an agricultural holding with a land bank of 190,000 hectares, controlled by Kernel’s chairman of the board of directors and its majority owner, Andriy Verevskyi.
“The total transaction amount is $348 million, reflecting a 5% discount ($18 million) from an independent fair market value appraisal of $366 million, prepared by a reputable international valuation expert at the company’s request and under the supervision of its independent directors,” according to a statement by Kernel on the Warsaw Stock Exchange.
It is noted that the purchase price was determined by the company’s directors, who have no conflict of interest, and accepted by the seller—Veretsky—and the discount was applied to ensure that the transaction provides a clear economic benefit to the company compared to the independently assessed fair value.
According to the statement, Enselco currently manages a consolidated agricultural business comprising 190,000 hectares of leased farmland, its own network of grain storage facilities, agricultural machinery and equipment, as well as a fleet of grain railcars. The scope of the transaction includes agricultural assets that Kernel previously sold in 2022–2023 for $210 million, as well as additional assets acquired and integrated by Enselco since then, including 56,000 hectares of leased land, a network of grain storage facilities, grain railcars, agricultural machinery and equipment, and related working capital.
Payment will be made in two installments: $300 million will be paid immediately upon signing the purchase and sale agreement, and the remaining amount by June 30, 2026.
“This transaction will secure the company’s core production supply chain and support the group’s grain export and oilseed processing value chains. Mr. Andriy Verevskyi abstained from voting on the board of directors’ resolutions approving the transaction,” the statement concludes.
Kernel Agri-Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation and sale of agricultural products.
In the first half of fiscal year 2026 (FY, July–December 2025), Kernel reduced its net profit by 33% compared to the same period last year—to $119 million. Consolidated revenue amounted to $1.924 billion, which is 1% less than in the first half of FY 2025, while EBITDA fell by 14% to $247 million.
