We are delighted to present the CMS Emerging Europe M&A Report 2025/26.
The CEE region delivered a standout year for M&A in 2025. Overcoming global uncertainty with remarkable strength, dealmaking in CEE accelerated in almost every market. This business was driven by renewed investor confidence, more stable financial conditions, and a marked resurgence in strategic consolidation. Transaction volumes and values reached historic highs as megadeals returned across multiple sectors.
Published in cooperation with EMIS, the CMS Emerging Europe M&A 2025/26 report findings confirm that Emerging Europe remains one of the most resilient and opportunity-rich regions for international and regional investors alike.
Key findings
- In 2025, CEE M&A volume reached a record high of 1,568 deals
(up 22.4%) and total deal value rose to EUR 36.64bn (up 42.5%). - Five CEE deals exceeded EUR 1bn, up from two deals in 2024.
- Cross-border M&A remains vital for CEE, making up 60.8% of the total number of deals and 87.8% of total deal value.
- By volume, the US, UK and Germany were the largest investors.
- By deal value, Austria, the US and the Netherlands were the largest investors.
- Private equity deal activity reached an all-time high (330 deals), with deal volume up 18.7%. Total private equity deal value also increased, reaching EUR 17.24bn (up 24.2%).
