Director of Aspring Capital delivered a speech at the 8th Annual "Private Equity and M&A" Conference

December 12, 2025, Moscow – Alexey Kupriyanov, Director of Aspring Capital, delivered a presentation during the VIII Annual Private Equity andM&A Conference titled "M&A market Trends 2025 VS 2026".

Alexey highlighted the largest transactions on the market in 2025, and also noted that the level of M&A transactions in Light Industries remains against the background of a decrease in activity in another locomotive sector – TMT.However, investor optimism, which increased at the beginning of the year, began to fade gradually from the second half of it. The dominance of strategic local transactions is becoming apparent, while the number of exits of foreign companies from the Russian business has noticeably decreased. There is also a government consolidation of assets.

Vertical asset integration is expected to occur in 2026 as a response to cost inflation. It is highly likely that large players will buy not only competitors, but also suppliers and logistics operators. In conditions of high costs, control over the entire value chain will be one of the ways to maintain margins. The battle of ecosystems and the consolidation of companies in the IT sector will continue, major players will buy up assets to close value chains, and the trend towards buying niche B2B developers by ecosystems will continue.

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