Expertise
Insights
Insights

CMS lawyers can provide future-facing advice for your business across a variety of specialisms and industries, worldwide.

Explore topics
Insights
About CMS

Select your region

Publication 27 Jan 2025 · International

Emerging Europe M&A Report 2024/2025

2 min read
big window, arc

On this page

Welcome to the 2024/25 edition of the Emerging Europe report

Beyond the economic and geopolitical challenges, there are reasons for optimism about the future of dealmaking in Central and Eastern Europe (CEE): renewed prosperity, economic competitiveness, increasing digitalisation and energy transition. Inflation has largely receded and interest rates are gradually beginning to follow. The dynamic CEE markets remain a prominent feature of the international investment landscape with transaction volumes remaining at a similar level to recent years.  Findings from the CMS Emerging Europe M&A 2024/25 report, published in cooperation with EMIS, demonstrate the resilience of dealmakers and investors, who are poised to capitalise on opportunities presented by growing businesses in the CEE region - home to some very well-managed companies with enormous potential.

Download the full Emerging Europe M&A Report 2024/2025

M&A activity time trend

Overcoming significant uncertainty, levels of M&A activity in 2024 demonstrate the continued resilience of CEE markets. Transaction volumes ended the year up by 8% at a five-year high of 1,281  deals compared with 1,186 in 2023. 

Values, however, fell by 30.9 % year-on year to EUR 25.72 bn as there were fewer big deals compared with 2023, when seven of the top ten transactions were valued at more than EUR 1bn. Instead, there was a shift towards small and mid-market deals as the average deal value fell to EUR 20.1m in 2024 against EUR 31.4m in 2023.

Dealmaking in the CEE region remains attractive for international investors, as shown by higher deal volumes in a range of countries and sectors last year. As optimism looks set to become the hallmark of 2025, buyers will continue to capitalise on the region’s diverse investment opportunities.

Horea Popescu
Horea Popescu

Sector trends

37.9 %
Energy & Utilities rebounded strongly accounting for 37.9% of total deal value of EUR 9.74bn
77.2 %
Real Estate & Construction recover with deal value up 77.2% to reach EUR 5.65 bn
157.2%
Food & Beverage increased by 157.2%, reaching EUR 2.46bn in 64 transactions.

The levels of M&A activity demonstrate the continued resilience of CEE markets – with overall transaction volume up by 8% at a five-year high. We expect to see the same trajectory and impetus continuing in 2025 with a higher volume of transactions across several sectors. Overall, the CEE region continues to benefit from relatively high levels of GDP growth and any short-term challenges are significantly outweighed by the strength of long-term potential in the region.

Radivoje Petrikić
Radivoje Petrikić

Country M&A deal volumes

The most active M&A markets in the region by deal volume.

Poland
269 Deals
Romania
187 Deals
Ukraine
135 Deals
Czech Republic
128 Deals

Background stories and analysis

Transaction trends: CEE dealmaking strong and stable

The rise of strategic buyers over private equity in CEE markets

Manufacturing and industrial M&A: consolidation and expansion

Healthcare and pharmaceuticals: a hotbed for investment

TMT deals in CEE: special focus on tech companies

The impact of AI on M&A strategies

The rise of family office investments in CEE