Although there has been a slowdown in the total number of concluded deals, the Croatian M&A market remains healthy with 44 deals on record in 2019. Given several high value deals, the average deal value increased from EUR 460m to EUR 610m—up 9%. M&A activity in the food & beverage sector has trended upwards with a threefold increase in the number of deals recorded in 2019, up five deals y-o-y.
The market looks set to continue to be good for M&A activity with interest from a host of both internal and externally based corporates and investors.
Deals by value and volume
Top five deals
| #1Target: Tele2 Sector: Telecoms & IT Stake: 100% Buyer: BC Partners Holdings Country of buyer: United Kingdom Deal: EUR 220,3m Value Source: 1 |
| #2Target: Liburnia Riviera Hoteli Sector: Real Estate Stake: 53.94% Buyer: Gitone Adriatic Country of buyer: Croatia Deal: EUR 120,9m* Value Source: 3 *Deal value estimate based on the tender offer price to the minority shareholders of HRK 4,761 (USD 724.8) per share in the Gitone-LRH deal, and also adding the target’s net debt. |
| #3Target: Rimac Automobili Sector: Manufacturing Buyer: Hyundai Motor; Kia Motors Country of buyer: South Kore Deal: EUR 80m Value Source: 1 |
| #4Target: Kras Sector: Food & Beverage Stake: 25% Buyer: Kappa Star Country of buyer: Cyprus Deal: EUR 38,1m* Value Source: 3 *Deal value estimate based on the target’s weighted-average share price of HRK 710 per share throughout September 2019, the month when the share purchases took place in several tranches. |
| #5Target: Meritus ulaganja Sector: Services Stake: 30% Buyer: Mid Europa Partners Country of buyer: United Kingdom Deal: EUR 36m Value Source: 3 |
Value Source:
- Official data
- Market estimate provided by EMIS and based on publicly available information
- EMIS estimate
Top three sectors
Food & Beverage: 7 deals |
Energy & Utilities: 6 deals |
Manufacturing: 6 deals |
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