Emerging Europe M&A Report 2022/23



EMIS, along with leading global law firm CMS, are pleased to bring to you the 12th edition of the annual Emerging Europe M&A report for 2022/23. Some of our preliminary data findings include:


> In 2022, Emerging Europe M&A activity remained robust despite mounting pressures.

> Overall M&A deal number and deal value in 2022 held steady with a slight decrease in value on year-on-year. 

> The acceleration of digitalisation across all countries and industries continued, helping to drive the technology sector alongside growth in telecoms, while all aspects of the energy industry were under the spotlight.

> Cross-border deal activity held up strongly, just slightly lower than the previous year.

> Private Equity activity held stable compared to 2021, with a slight decrease in the number and value of transactions.

Mining, Real Estate & Construction and Telecoms & IT were the three largest sectors in deal value.

> Romania, Poland and the Czech Republic were among the biggest winners in M&A activity in 2022. 

> Investors from the USA struck fewer deals but the country remained #1 with a significant margin, and despite a sizable drop the UK held onto second place ahead of Germany.


Transaction trends 

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Overview of trends by country/sector, foreign investment into CEE, key developments and deals.




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What impact has the situation in Ukraine had on CEE?





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How is ESG being incorporated into thinking about M&A? 



Energy deals 

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Energy industry deals in the spotlight. 



Digital business 

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Emerging Europe’s digital revolution powers on.




W&I trends 

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W&I insurance is fast becoming an important tool in M&A.