Serbia

Lacking the large Chinese investments in the mining sector that Serbia saw in the record year in 2018, deal value fell sharply. Nevertheless, the market remained very active with 47 deals outperforming most of the previous years on record. Activity in real estate & construction nearly halved and the sector tumbled from first to fourth place in terms of deal numbers, leaving food & beverage, manufacturing and telecoms & IT to take the first three places. 

There remains a healthy level of interest from a mix of corporates and private equity buyers, and a good pipeline of deals ahead.

Volume and number of deals

SERBIA graph

Top five deals

Food

#1

Target: Koncern Bambi
Sector: Food & Beverage
Stake: 100%
Buyer: Coca-Cola HBC
Country of buyer: Switzerland
Deal Value: EUR 260m
Value Source: 1

Mining

#2

Target: Lower zone of Timok copper-gold project
Sector: Mining (incl. Oil & Gas)
Stake: 56%
Buyer: Zijin Mining Group
Country of buyer: China
Deal Value: EUR 234,8m
Value Source: 1

Finance

#3

Target: Komercijalna Banka*
Sector: Finance & Insurance
Stake: 34.6%
Buyer: Government of Serbia
Country of buyer: Serbia
Deal Value: EUR 153,7m**
Value Source: 3

*The deals for Komercijalna Banka are separate ones with different sellers and valuation.   **Deal value estimate based on the target’s closing stock price the last trading day prior the deal.

Finance

#4

Target: Komercijalna Bank*
Sector: Finance & Insurance
Stake: 6.8%
Buyer: Government of Serbia
Country of buyer: Serbia
Deal Value: EUR 43,7m
Value Source: 1

*The deals for Komercijalna Banka are separate ones with different sellers and valuation.

Telecoms

#5

Target: Eipix Entertainment
Sector: Telecoms & IT
Stake: 100%
Buyer: Playrix
Country of buyer: Russia
Deal Value: 40,6m EUR
Value Source: 2

Value Source:

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

Top three sectors

Telecoms

Telecoms & IT:
9 deals

Manufacturing

Manufacturing:
9 deals

Food

Food & Beverage:
6 deals

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Picture of Radivoje Petrikic
Radivoje Petrikić
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Attorney-at-law for corporate law/M&A