Key points:
- In 2025, CEE M&A volume reached a record high of 1,568 deals (up 22.4%) and total deal value rose to EUR 36.64bn (up 42.5%).
- Five CEE deals exceeded EUR 1bn, up from two deals in 2024.
- Cross-border M&A remains vital for CEE, 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.
- Private equity deal activity reached an all-time high (330 deals), with deal volume up 18.7%. Total private equity deal value also increased, reaching EUR 24bn (up 24.2%).
- Ukraine’s deal activity remained broadly stable year‑on‑year, reaching 132 deals with an aggregate value of EUR 739m
Findings from the CMS Emerging Europe M&A 2025/26 report, published in cooperation with EMIS, demonstrate the resilience of the Emerging Europe deal market.[1] 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.
Tetyana Dovgan, Partner at CMS Ukraine, comments: “Infrastructure is key for Ukraine. It is driving investment today and will remain one of the most promising sectors for years to come. Logistics and transport continue to form the backbone of reconstruction efforts as well as private‑sector projects. Recovery is not something that will happen in the future – it is already underway. Investors should not wait for the end of the war to consider entering the market; Ukraine offers viable and strategic opportunities right now.”
Maria Orlyk, Partner at CMS Ukraine, added: “Companies and investors in Ukraine increasingly rely on robust legal and financial planning to navigate risks and manage complexity. A wide range of donor‑financed opportunities is now available through major IFIs, along with programmes offering political and war‑risk insurance, a combination that significantly strengthens investor protection. These instruments create a practical and secure pathway for entering the Ukrainian market and enable investors to move forward with greater confidence.”
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. Ukraine saw growing interest from regional and international Private equity funds, particularly in sectors linked to digital infrastructure, telecoms, renewable energy, and logistics.
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. Ukraine remains strategically important, offering long-term opportunities for investors aligned with reconstruction and EU-integration goals.
Outlook
Recovery and reconstruction are central to Ukraine’s future, encouraging investors to consider making a commitment to the many investment opportunities which Ukraine provides. There is growing market discussion about new infrastructure-focused vehicles that could channel international and regional capital into Ukraine’s energy, transport and digital infrastructure. The level of institutional engagement clearly signals increasing confidence in Ukraine’s long-term infrastructure opportunities.
The CMS Emerging Europe M&A 2025/26 report can be found here: LINK.
For further information, please contact:
Darina Gordienko
E: darina.gordienko@cms-cmno.com
T: +38044 391 3377
Notes to editors:
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.
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.
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.
[1] Emerging Europe comprises: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, North Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.
