The article analyses the impact of the war on the activities of Ukraine's main industries. The attention focuses on those industries that suffered the largest losses in 2022-2023. Changing circumstances required rapid action to ensure the survival of companies. The strategies of most of them have undergone significant changes, putting ambitious growth projects on hold. The focus shifted to maintaining the functioning of business entities, relocating businesses, supporting staff and paying salaries. However, over time, most companies have managed to adapt to the extremely difficult conditions and operate in a full-scale war. The challenges faced by the companies helped them to rethink their business and also prompted them to take the necessary steps to enter foreign markets. By overcoming the difficulties associated with differences in consumer tastes and needs, taking into account cultural peculiarities, most businesses managed to make a breakthrough and significantly improve their performance. This study analyses the Ukrainian M&A market in 2020-2023, focusing on the impact of negative factors on the number of deals. The industries witnessing the highest level of M&A deals are highlighted and a changes that may occur after the end of the war are presented. Lack of resources, geographic expansion and increased sales volumes will drive M&A deals. Mergers and acquisitions will remain the fastest way to transform a business. Even in the most challenging environment, companies will need to combine their efforts with other market players to ensure further development and achieve sustainable competitive advantages. However, for successful growth, companies need to continuously monitor changes in the external environment and adjust the previously developed programme of measures.