Results at a glance
Deal activity back to pre-pandemic levels
Increasing number of mega deals
Record number of IPOs
Private equity involved in 19,8% of deals
In 2021 we witnessed 2,015 deals, up 18,2% year-on-year, and exceeding the number of transactions in 2019. The long-term annual dealflow across emerging Europe now seems to have stabilised around 2,000.
Deal activity back to pre-pandemic levels
The combined overall deal value of M&A transactions in the region reached 94,27bn in 2021, the highest value since 2013. The top ten deals all exceeded EUR 1bn in value and cumulatively totalled nearly EUR 31bn, with Norton’s EUR 7.3bn takeover of Avast taking the crown.
Increasing number of mega deals
Emerging European equity capital markets are experienced a record year. 116 companies from the region IPO-ed in 2021 raising EUR 13,47bn. Six out of the ten largest IPOs of companies from the region happened on international stock markets, including Amsterdam, London and New York, where they raised nearly EUR 7bn.
Record number of IPOs
Financial investors were involved in 399 deals, nearly a fifth of the region’s total and up 25,1% year-on-year. The value of deals with private equity involvement reached EUR 23,75 (up 18%) making up more than a quarter of all deal value in emerging Europe.
Private equity involved in 19,8% of deals
Telecoms & IT now make up for 22.3% of all deals cementing its position as busiest sector.
22.3%
Energy & Utilities recover from a poor 2021 and see deal volume increase by 68.4% to 123.
68.4%
Real Estate & Construction M&A activity remains stable and deal numbers have slightly improved by 9.3%.
9.3%
Sectors trends
Agriculture & Farming attract attention with deal numbers more than doubling and their value increasing 259.5%.
259.5%
2017
2016
2015
2014
2013
2012
0
0,5
1
1,5
2
2,5
3
3,5
M&A activity time trend
In 2021, overall deal value was up 55.1% year-on-year to EUR 94.27bn, making it the best year since 2013. The region has now experienced five consecutive quarters with deal values well over EUR 20bn.
Deal numbers jumped back to pre-pandemic levels and with 2,015 transactions, they exceeded those of 2019 (1,958).
2018
2019
2020
2021
Deal value (EUR bn)
Deals (In thousands)
EUR 137,55bn
0
20
40
60
80
100
120
140
EUR 111,74bn
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
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Transaction Trends
Background stories and analysis
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Venture Capital
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Initial Public Offerings
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Private Equity
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15 years Renewable Energy in CEE
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Luxembourg Fund Structures
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Israeli Outbound Investment
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Investments from United Arab Emirates
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Data Centres
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Transformation of the Telco Sector
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Public Takeovers in SEE
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Al Dahra investing in agriculture
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)
M&A activity in emerging Europe experienced a resurgence in 2021, with buyers and sellers appearing to recover their confidence at the prospect of the pandemic being brought under control. The year got off to a strong start with deal numbers recovering sharply in the first three months of the year, reaching levels similar to 2019 – a trend that then continued through to the autumn.
Horea Popescu, Partner,
CMS (Bucharest)
Russia
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.
Poland
Turkey
Romania
Ukraine
Czech Republic
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
