EMIS and CMS Launch the 15th edition of Annual Emerging Europe M&A Report
EMIS and CMS Launch the 15th edition of Annual Emerging Europe M&A Report
The CEE region delivered a standout year for M&A in 2025.
27 January 2026 – EMIS, in collaboration with leading global law firm CMS, is proud to announce the launch of the 15th edition of the annual Emerging Europe M&A Report for 2025/26. This comprehensive report provides critical insights into the mergers and acquisitions (M&A) landscape across the region, offering data-driven analysis and expert commentary on emerging trends.
Velizar Velikov, Head of M&A Database at EMIS, commented:
“M&A volumes in Eastern Europe hit historic levels, driven by a clear acceleration in activity from Western foreign investors. The market saw strong momentum across both cross-border and domestic transactions, alongside robust private equity participation. From a sector perspective, deal flow was led by several large transactions in Healthcare and Pharmaceuticals, with significant activity also recorded in Banking, Manufacturing and Retail. Across the region, consolidation trends and strategic investment objectives proved to be the key drivers shaping investor behaviour.”
Key Findings at a Glance:
▪️ Deal activity reaches record highs: Transaction volumes up by 22,4% at 1,568 deals. Total deal value rose to EUR 36.64bn (up 42.5%).
▪️ Cross-border M&A remains vital for CEE: Increase from 776 to 953 deals last year - 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.
▪️ Top 3 sectors by value: Finance & Insurance, Manufacturing, and Real Estate & Construction
▪️ Top 3 sectors by volume: Telecoms & IT, Real Estate & Construction, and Manufacturing
▪️ The most active M&A markets in the region by deal volume:
Poland - 331, Romania - 272, Czech Republic – 195, Ukraine – 132
▪️ Private equity deal activity reached an all-time high (330 deals), with deal volume up 18.7 %. Total PE deal value also increased, reaching EUR 17.24bn (up 24.2%).
Key Topics Covered in This Year’s Report:
▪️Transaction Trends in M&A
▪️Banking & Finance Momentum
▪️Energy in Transition: Renewables, Storage & Resilience
▪️Inside Healthcare & Pharma in CEE
▪️Retail and F&B: Consolidation and Cross-Border Playbooks
▪️National Security & Foreign Investment Screening
▪️Ukraine Rebuilds: New Horizons for Investors and Business
Findings from the EMIS / CMS Emerging Europe M&A 2025/26 report, demonstrate the resilience of the Emerging Europe deal market. The report shows that deal flow in Emerging Europe increased by 22.4%, with 1,568 deals announced in 2025. Aggregate value also increased by 42.5% (EUR 36.64bn). This change was shaped by more "megadeals" (≥ EUR 1bn) and a resurgence in large-cap transactions across Banking, Retail and Mining.
Horea Popescu, Partner at CMS Romania, comments:
“CEE dealmaking didn’t just hold up, it accelerated at pace. Megadeals across multiple sectors show investors are putting serious capital to work in the region. We’re seeing depth as well as breadth: cross‑border buyers are active, private equity remains highly engaged and strategic acquirers are leaning into core growth. The pipeline reflects consistent appetite for resilient assets and platforms with scale potential.”
Cross border investment
In 2025, Emerging Europe saw strong growth in cross-border M&A with activity up 22.8% comprising a total of 953 deals. This was primarily driven by strong transaction flow from leading investors in the US (126 deals), UK (87), and Germany (71). Total cross-border deal value increased from EUR 23.3bn in 2024 to EUR 32.2bn, with Austria ranking in first place by deal value (EUR 7.09bn). Pharmaceuticals and Healthcare remained among the most active industries, underpinned by long-term structural demand and investor appetite for resilient assets.
Private equity
Private equity remains a major force in Emerging Europe and deal volumes rose to an all-time high of 330 deals (up 18.7%), with aggregate PE deal value of EUR 17.24bn (up 24.2%). CEE’s largest private equity deal of the year was Advent International’s EUR 4.1bn sale of Zentiva to GTCR.
Sector highlights
Across Emerging Europe, the largest sectors by recorded deal value were Finance & Insurance (EUR 8.76bn), Manufacturing (EUR 7.06bn), and Real Estate & Construction (EUR 5.65bn). By deal volume, the largest sectors were Telecoms & IT (285 deals), Real Estate & Construction (249 deals), and Manufacturing (240 deals). All major sectors registered a year-on-year increase in deal count.
Country hotspots
Poland remains the dominant M&A player in the region, with 331 deals (up 23%) and deal value soaring to EUR 13.76bn (up 138.3%). This was largely due to one megadeal, the region’s largest deal of the year, Erste Bank’s acquisition of a 49% stake in Santander Banka Polska for EUR 7bn. Meanwhile, Romania was the second most active country by deal volume (up 45.5%), at its highest level ever recorded. Other countries which saw an increase in both deal volume and value included Albania, Bosnia and Herzegovina, the Czech Republic, Serbia and Slovenia.
The Emerging Europe M&A Report 2025/26 serves as an essential resource for investors, financial analysts, and business leaders looking to understand the evolving M&A landscape in Central and Eastern Europe. For further details and to access the full report, please visit:
Emerging Europe M&A Report 2025/26
Report methodology
Deal Announcement Date: 01 January 2025 – 31 December 2025
Deal Region: Emerging Europe geographic area, understood as the dominant country of operations of the deal target or the location of its main assets, covers: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, North Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.
Deal Value: At least USD 1m; for commercial real estate deals at least USD 5m (Note: Deals with undisclosed value were accounted for as having a value of zero, unless a publicly available market estimate was provided by a third-party, or a deal value could be estimated by EMIS. Such cases are clearly labelled in the report).
Private Equity: The category includes deals with the participation of private equity firms, sovereign investment funds, pension funds, private investment companies, asset managers, supranational finance institutions, and large investment banks.
Real Estate: The category includes deals for commercial properties, property developers, construction companies, and real estate investment funds.
Exclusions: Rumoured or failed deals, ECM deals, convertibles issues, NPL deals, share buybacks, internal restructurings, joint ventures, and employee offers.
Domestic/Cross-border: By domestic deals we understand those where the target, buyer and seller are from the same country. By cross-border deals we understand those where at least two different countries on different sides of the deal are involved.
Deal inclusion and categorisation can be discretionary. The data can be subject to updates.
About EMIS
EMIS is a leading curator of multi-sector, multi-country research for the world’s fastest-growing markets. We provide a unique combination of research from globally renowned information providers, local and niche specialist sources, our own proprietary analysis, and powerful monitoring and productivity tools. EMIS delivers trustworthy intelligence covering more than 370 industry sectors and 17 million companies (including 200k+ M&A and ECM deals) across 197 markets – providing everything you need in one place as actionable insights are facilitated by leading technology. EMIS is part of ISI Markets.
About CMS
Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 92 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.
The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment, Labour & Pensions, Intellectual Property and Real Estate.
For more information, please visit cms.law
Media Contact:
Dorota Mickiewicz | EMEA Marketing Manager, EMIS
E: dmickiewicz@isimarkets.com T: +48 503 063 957
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