Results at a glance
Deal activity kept
up a steady pace
Three biggest industries with three megadeals
Private equity involved in 23.5% of deals
Strong cross-border deal activity
Merger and acquisition (M&A) activity in the region kept a steady pace in 2022, with 1,229 transactions, up 5.6% from 2021. Deal value, however, fell short of reaching 2021’s records, coming in at EUR 32.9bn, and plummeting 20.3% on the year.
Deal activity kept up a steady pace
The three biggest industries by value of deals on record included Mining, Real Estate & Construction, and Energy & Utilities, and even with macroeconomic headwinds, there were three deals worth over EUR 1bn announced in 2022. The EUR 8bn merger between Poland’s PKN Orlen and PGNiG was the largest deal in 2022.
Three biggest industries with three megadeals
Financial investors were involved in 289 deals, 3.2% more than in 2021, with an aggregate deal value of almost EUR 10bn, down 23.4% year-on-year. The sale of Polish electricity PKP Energetyka by Luxembourg-based CVC Capital Partners to state-controlled utility PGE stood out as the biggest transaction, valued at EUR 1.3bn.
Private equity involved in 23.5% of deals
Cross-border deal activity was a strongpoint, up from 743 to 815 deals, although values fell from EUR 38.2bn to EUR 22.7bn. Domestic deal volumes slipped marginally from 421 to 414, while values more than trebled to 10.3bn. Among emerging European countries, the largest investor countries were Poland (EUR 10.3bn), Czechia (EUR 3.1bn), Hungary (EUR 1bn), and Romania (EUR 753m).
Strong cross-border deal activity
Telecoms & IT now account for 27.3% of all deals, cementing its position as busiest sector.
22.3%
Mining attracted attention with deal value increasing 528.9% and reaching EUR 7.9bn, with only 10 transactions.
68.4%
Real Estate & Construction M&A value has improved
by 33.7%, reaching EUR 7.82bn in 205 transactions.
9.3%
Sectors trends
Energy and Utilities increased transaction value by 55.4%, becoming the third biggest sector by value (EUR 4.03bn)
259.5%
2017
2020
2015
2019
2013
2018
0
250
500
750
1,000
1,250
1,500
3,5
M&A activity time trend
Merger and acquisition (M&A) activity in the region kept up a steady pace in 2022, with 1,229 transactions, up 5.6% from 2021. Deal value, however, fell short of reaching 2021’s records, coming in at EUR 32.9bn, and plummeting 20.3% on the year.
2021
2019
2022
2021
Value (EUR bn)
Volume
38.70
0
10
20
30
40
50
60
140
9.62
EUR 62,83bn
EUR 53,50bn
EUR 86,65bn
EUR 71,53bn
EUR 80,46bn
EUR 72,34bn
EUR 60,80bn
EUR 94,27bn
Deal value (EUR bn)
Deals (In thousands)
2,596
2,558
2,197
2,138
1,985
2,113
2,093
1,958
1,705
2,015
Country M&A deal volumes
Discover
Transaction trends: M&A activity remains robust despite mounting pressures
Background stories and analysis
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Ukraine counts cost of war but starts to look to future
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Dealmakers are open for business despite macro, geopolitical headwinds
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Emerging Europe’s digital revolution powers on
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Temporary energy short circuit can’t halt shift to sustainable power
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Start-up unicorns no longer mythical beasts
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W&I insurance is fast becoming an important tool in M&A
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ESG: once a “nice to have”; now essential
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Strong founders and innovative companies make for a digital hot spot, say Arma Partners
M&A activity slowed compared to 2021, but it was still at pre-pandemic levels, confirming the attractiveness of the market even in hard times. M&A players have shown that they can easily adapt to new circumstances, and although they might show greater caution in pursuit of targets, deal levels are robust. Even though the current economic and geopolitical situation causes uncertainty and volatility, jurisdictions across the region are well placed to confront the challenges.
Radivoje Petrikić, Partner, CMS (Vienna/Belgrade)
It’s been a mixed tale in 2022, but I think it’s worth saying that the region remained resilient despite formidable challenges. In terms of sectors, technology has been on the rise for a few years and continues to deliver across all aspects, including software development and telecoms. I see absolutely no reason why activity in this sector should not continue over the next 24 months because the fundamentals are so strong. The same goes for renewables. The strength of these sectors will spark quite a large number of deals.
Horea Popescu, Partner,
CMS (Bucharest)
Poland
M&A professionals have shown they are capable of adapting to whatever challenges 2022 might throw at them. Although uncertainty about the impact of new variants and the prospect of economic fallout from higher inflation has led to a more cautious end to the year, our findings show that deal-maker confidence has largely been restored. In 2021, the main drivers of deals were long-term underlying trends, such as digitalisation, and with the pace of change and shift to digital continuing to accelerate, the fundamentals for an active dealmaking market remain firmly in place.
Radivoje Petrikić, Partner,
CMS (Vienna/Belgrade)
The most active M&A markets in the region by deal volume.
Romania
Czech Republic
Ukraine
Croatia
Bulgaria
Deals
Deals
Deals
Deals
Deals
Deals
Discover
Transaction Trends
Discover
Venture Capital
Discover
15 years Renewable Energy in CEE
Discover
Initial Public Offerings
Discover
Public Takeovers in SEE
Discover
Private Equity
Discover
Luxembourg Fund Structures
Discover
Data Centres
Discover
Transformation of the Telco Sector
Discover
Investments from United Arab Emirates
Discover
Al Dahra investing in agriculture
Discover
Israeli Outbound Investment
Background stories and analysis
No. of deals
32.14
10.02
22.89
3.49
41.31
5.24
32.93
5.43
1,292
1,155
995
1,164
1,229
Deals
Poland
Deals
Romania
Deals
Czech Republic
Deals
Ukraine
Deals
Croatia
Deals
Bulgaria
The most active M&A markets in the region by deal volume.
Country M&A deal volumes
Radivoje Petrikić, Partner, CMS (Vienna/Belgrade)
activity slowed compared to 2021, but it was still at pre-pandemic levels, confirming the attractiveness of the market even in hard times. M&A players have shown that they can easily adapt to new circumstances, and although they might show greater caution in pursuit of targets, deal levels are robust. Even though the current economic and geopolitical situation causes uncertainty and volatility, jurisdictions across the region are well placed to confront the challenges.
Telecoms & IT now account for 27.3% of all deals, cementing its position as busiest sector.
Mining attracted attention with deal value increasing 528.9% and reaching EUR 7.9bn, with only 10 transactions.
Real Estate & Construction M&A activity has improved in deal numbers by 16.7%, reaching 205 transactions with total value of EUR 7.82bn
Energy and Utilities increased transaction value by 55.4%, becoming the third biggest sector by value (EUR 4.03bn)
Sectors trends
Deal value (EUR bn)
Deals (In thousands)
2018
2019
2020
2021
2022
0
250
500
750
1,000
1,250
1,500
3,5
0
10
20
30
40
50
60
38.70
9.62
Volume
Value (EUR bn)
Merger and acquisition (M&A) activity in the region kept up a steady pace in 2022, with 1,229 transactions, up 5.6% from 2021. Deal value, however, fell short of reaching 2021’s records, coming in at EUR 32.9bn, and plummeting 20.3% on the year.
M&A activity time trend
Deal activity kept
up a steady pace
Three biggest industries with three megadeals
Private equity involved in 23.5% of deals
Strong cross-border deal activity
Results at a glance
Merger and acquisition (M&A) activity in the region kept a steady pace in 2022, with 1,229 transactions, up 5.6% from 2021. Deal value, however, fell short of reaching 2021’s records, coming in at EUR 32.9bn, and plummeting 20.3% on the year.
Deal activity kept up a steady pace
The three biggest industries by value of deals on record included Mining, Real Estate & Construction, and Energy & Utilities, and even with macroeconomic headwinds, there were three deals worth over EUR 1bn announced in 2022. The EUR 8bn merger between Poland’s PKN Orlen and PGNiG was the largest deal in 2022.
Three biggest industries with three megadeals
Financial investors were involved in 289 deals, 5.4% more than in 2021, with an aggregate deal value of almost EUR 10bn, down 23.4% year-on-year. The sale of Polish electricity PKP Energetyka by Luxembourg-based CVC Capital Partners to state-controlled utility PGE stood out as the biggest transaction, valued at EUR 1.3bn.
Private equity involved in 23.5% of deals
Cross-border deal activity was a strongpoint, up from 743 to 815 deals, although values fell from EUR 38.2bn to EUR 22.7bn. Domestic deal volumes slipped marginally from 421 to 414, while values more than trebled to 10.3bn. Among emerging European countries, the largest investor countries were Poland (EUR 10.3bn), Czechia (EUR 3.1bn), Hungary (EUR 1bn), and Romania (EUR 753m).
Strong cross-border deal activity
0
.
%
0
.
%
0
0
.
0
0
%
.
0
0
%
0
0
0
0
0
0
0
0
0
0
0
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