Poland

The Polish M&A market had a strong year and was powered by many high value deals. With 16 deals exceeding EUR 200m, the market experienced its second-best year by value in half a decade. There was a significant increase in total deal value from EUR 6.49bn to EUR 10.93bn, up 68.3% y-o-y.

The country bucked the regional trend and saw deal activity in telecoms & IT come down, while transactions in real estate & construction increased nearly 20% with a total of 92, more than a third of the total deals recorded. There remains a particularly strong interest from global investors, with a majority of the top 20 deals executed by west European, US, Asian and central European investors.

Volume and number of deals

POLAND Graph

Top five deals

Ship

#1

Target: DCT Gdansk
Sector: Transportation & Logistics
Stake: 100%
Buyer: Temasek Holdings; Polski Fundusz Rozwoju; Industry Super Holdings
Country of buyer: Singapore, Poland, Australia
Deal Value: EUR 1,18bn
Value Source: 2

Real estate

#2

Target: Orbis (real estate operations)*
Sector: Real Estate & Construction
Stake: 85.8%
Buyer: AccorInvest
Country of buyer: France
Deal Value: EUR 1,06bn
Value Source: 1

*Accor first bought additional 33.1% in Orbis via a tender offer and then sold its entire 85.8% stake

Real estate

#3

Target: Echo Investment
Sector: Real Estate & Construction
Stake: 56%
Buyer: Wing
Country of buyer: Hungary
Deal Value: EUR 467m*
Value Source: 3

*Deal value estimate based on the target’s closing stock price the last trading day prior the deal and its added net debt.

Services

#4

Target: Prime Car Management
Sector: Services
Stake: 94.4%
Buyer: PKO
Country of buyer: Poland
Deal Value: EUR 431,6m*
Value Source: 3

*Deal value estimate based on the target’s closing stock price the last trading day prior the deal and its added net debt.

Real estate

#5

Target: Building A of the Warsaw Spire Complex
Sector: Real Estate & Construction
Stake: 100%
Buyer: Immofinanz 
Country of buyer: Austria
Deal Value: EUR 386m
Value Source: 1

Value Source:

  1. Official data
  2. Market estimate provided by EMIS and based on publicly available information
  3. EMIS estimate

Top three sectors

Real estate

Real Estate & Construction:
92 deals

Manufacturing

Manufacturing:
37 deals

Services

Services:
28 deals

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Key contacts

Contact
Rafal Zwierz
Rafal Zwierz
Partner
Picture of Blazej Zagorski
Błażej Zagórski
Partner