Investing in CEE: Inbound M&A report 2025/2026

Large-cap transactions were the defining theme of CEE dealmaking in 2025, despite severe geopolitical headwinds. 

With record intraregional investment and ever-improving economic fundamentals, the regional M&A activity in the past year indicates continued growth in 2026.

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Key findings

• The aggregate value of disclosed M&A activity totalled €42.5bn
• The region saw 1,300+ transactions in 2025
• Acquirers shifted their focus to premium assets
• The share of aggregate value generated by inbound deals led by acquirers within CEE reached its highest level on record in 2025
• Poland, Austria, Romania and Lithuania stand out as the region’s most active M&A markets by volume in 2025
• Technology, industrials and energy were the top three inbound M&A deals generators

Outlook for the coming months

Looking ahead, continuing uncertainty around US trade tariffs is likely to have an impact on dealmaking in 2026. The knock-on effects of tariffs are also likely to become increasingly apparent: trade diversion is one of these, with Chinese exports increasingly steered away from the US and towards Europe instead.

Meanwhile, the interest rate environment looks set to remain benign, at least in the eurozone., and GDP growth in CEE continues to power ahead, outpacing Western Europe. All of these factors indicate a good M&A dynamic in 2026.
 

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