Kernel acquires Enselco for $348 million
Kernel has signed an agreement to acquire 100% of Enselco, an agricultural company controlled by Andriy Verevskyi, Chairman of the Board of Directors of Kernel, according to the company’s statement on the Warsaw Stock Exchange.
The deal includes agricultural assets previously sold by Kernel in 2022–2023 for $210 mln, as well as additional assets acquired and integrated by Enselco since then. These include 56,000 hectares of leased land, a network of grain silos, railcars for grain transportation, machinery and equipment, as well as working capital.
The total transaction value amounts to $348 mln, which is 5% below an independent market valuation prepared by an international appraiser commissioned by the company. Kernel noted that the price was determined by directors without conflicts of interest.
Payment will be made in two stages: $300 mln will be paid immediately after signing the sale and purchase agreement, with the remaining amount due by June 30, 2026.
It is also noted that Verevskyi abstained from voting on decisions related to the approval of the transaction.
“The acquisition of Enselco is Kernel’s response to the new reality of the agricultural market — a stable export corridor through the Black Sea, which restores our confidence to expand agricultural assets at this time,” said Kernel CEO Yevhen Osypov.
He added that land is becoming an increasingly scarce resource, so businesses that combine agricultural production, technology, processing, and logistics have stronger market positions.
Osypov also noted that Enselco and Kernel have long cooperated at the operational level.
Enselco cultivates 190,000 hectares of leased land, operates its own network of grain elevators, agricultural machinery and equipment, a fleet of grain railcars, and other assets.
Context:
On January 8, 2026, Ukraine’s Antimonopoly Committee granted ENSELCO HOLDING LIMITED permission to acquire direct control over nine Agro-Region companies by purchasing a stake exceeding 50% of voting rights in their governing bodies.
At the end of January, shareholders of the Agro-Region group completed the sale of 100% of the company to Enselco Group, owned by Andriy Verevskyi.
