Horizon Capital, a leading private equity firm in Central and Eastern Europe, with assets under management of over USD 1.8 billion, is honored to announce its victory at the Real Deals Private Equity Awards 2026 in the “CEE Deal of the Year” category for the landmark transaction in the telecommunications sector, Datagroup–Volia–lifecell. Horizon Capital is receiving the “CEE Deal of the Year” award for the second time in its history. The award was accepted at the ceremony in London, United Kingdom, by the company’s partner Dmytro Borodai.
Over more than 25 years, the Real Deals Private Equity Awards have become the most prestigious and authoritative distinction in the European private equity industry. Every year, 1,000 leading representatives of the industry come together to recognize fund managers and advisers who have made an outstanding contribution to the development of the industry over the past year. All submissions are evaluated by an expert panel of industry leaders, and decisions are made based on the results achieved, the professional level of execution, and the quality of the submitted application.
Olena Kosharna, Founder and Chief Executive Officer of Horizon Capital, said: “The Real Deals award is recognition of everyone who contributed to the success of this transaction — the management and teams of Datagroup–Volia–lifecell, our exceptionally talented CEO Mykhailo Shelemba, the visionary of the telecom and technology sector Xavier Niel and the NJJ team, the Horizon Capital team led by partner Dmytro Borodai, as well as the EBRD, IFC and the European Commission, without whom this deal would have been impossible. We share this distinction with Ukraine, celebrating the strength, invincibility and resilience of the country and its people, whose perseverance, determination and entrepreneurial spirit make it possible to achieve world-class investment results even under the most difficult circumstances. The success of the DVL Telecom transaction inspired us to move forward — we launched a new Catalyst Fund, focused on reconstruction, in order to replicate similar deals and attract billions of dollars to Ukraine, working with international strategic investors and global funds to accelerate their entry into the Ukrainian market and support the reconstruction, renewal and revival of strategic sectors of Ukraine’s economy — energy, digital infrastructure, construction and others.”
The award recognizes Horizon Capital’s leadership and innovative approach to structuring and executing the acquisition of Datagroup–Volia–lifecell (DVL Telecom) — one of the largest M&A transactions in Ukraine in recent decades — by a consortium led by NJJ Holding of global telecom and technology entrepreneur Xavier Niel, with Horizon Capital participating as a minority investor. Real Deals highly praised Horizon Capital’s strategic vision and quality of execution in transforming Datagroup together with its management, which ensured a 3.8-fold increase in revenue and a 4.8-fold increase in EBITDA over five years from the moment Horizon Capital assumed operational control over the business. The award also recognizes the company’s pioneering approach to building partnerships and structuring capital. To accelerate NJJ’s entry into the Ukrainian market, the Horizon Capital Growth Fund II, L.P., managed by Horizon Capital, entered into a partnership with NJJ, reinvested part of the exit proceeds together with NJJ into DVL Telecom, and attracted USD 435 million in debt financing from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), with the support of the European Commission’s Ukraine Investment Framework initiative, to complete this transaction. The total volume of investment in Ukraine under this deal amounts to USD 1.5 billion, including the acquisition price and guaranteed capital expenditures (capex), and this is despite the ongoing full-scale war. This confirms the trust of international investors in Ukraine’s resilience and its secure future.
Dmytro Borodai, partner at Horizon Capital and member of the Catalyst Fund Investment Committee, added: “This award recognizes not just another successful realization of a private equity investment, but something much more significant and landmark. It is recognition of the largest deal in Ukraine over the past decade, carried out under the conditions of a full-scale war, which has no precedent in modern history. We are proud to have been nominated in the same category as outstanding PE firms — Invalda, MCI Capital and MidEuropa, which have inspired us throughout all these years and demonstrate outstanding results in our region — and to be bringing this prestigious award home, to Kyiv.”
Horizon Capital is a leading private investment firm in Eastern European countries with USD 1.8 billion in assets under management, raised from investors with aggregate capital of more than USD 700 billion. The company’s investment strategy is focused on supporting visionary entrepreneurs who lead fast-growing businesses in Ukraine and Moldova. Funds managed by Horizon Capital have invested in more than 200 companies employing over 56,000 people. The company’s new fund, Catalyst Fund, has a target size of EUR 300 million, with more than 50% already raised, and is aimed at attracting EUR 3 billion of capital to Ukraine.