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CMS & EMIS present the

Emerging Europe
M&A Report

EMIS, along with leading global law firm CMS, is pleased to bring to you the 13th edition of the annual Emerging Europe M&A Report for 2023/24. Download your free copy.

Webinar on Demand, 'Presenting the Emerging Europe M&A Report 2023/24' is now available. We will present the latest M&A statistics for central and eastern Europe and our observations on current market trends. Watch now! 

Download your free copy of the webinar recording.

Some of our preliminary data findings include:


  • In 2023 total deal flow has slowed down, and the combined value has decreased further due to lower valuations and fewer large deals.
  • The real estate segment has stagnated, while Transportation and Logistics have seen increased activity.
  • Other sectors like Food & Beverages Manufacturing and Energy & Utilities have remained resilient, with a significant increase in renewable energy deals in the latter.
  • Large cross-border telecoms transactions are back, with Gulf investors expanding into the region. However, the number of Telecoms & IT deals declined due to slower fundraising activity.
  • Cross-border deal activity remained robust, with a lower number of deals compared to last year offset by a higher total deal value.
  • Transactions with US buyers continued to decrease, but the country remains #1 by deal count.
  • Deals involving buyers from France are the only ones among the top 10 foreign investor countries to register an increase.
  • Poland, Romania and the Czech Republic were among the biggest winners in M&A activity in 2023.

Five areas of focus:


Middle East investments in CEE

What is the potential of Middle East investors in CEE? What are the criteria for investments?


Energy transition in CEE 

What are the key regional energy trends? How do these diverge/differ between CEE countries?


ESG in M&A 

ESG factors are redefining value and risk in business. That includes M&A where accelerating ESG pressures arise from diverse stakeholders, financial institutions and regulators. What are the costs of ESG compliance and due diligence in relation to regulators? What ESG considerations apply to specific sectors?


Rebuilding Ukraine 

As the EU looks set to start the process of Ukraine becoming a Member State, a major effort will be needed to rebuild the country once the war is over. How will financial institutions be involved? What role will private sector infrastructure and construction companies play?


M&A financing trends in CEE 

Last year saw the end of more than a decade of cheap money and a dramatic shift in the availability of bank credit. Higher pricing and tighter terms have since changed the dynamics of acquisition financing. What has changed in traditional M&A financing, and why?


What sets 'EMIS Insights' reports apart and makes them trustworthy?

EMIS operates in and reports on countries where high reward goes hand-in-hand with high risk. We bring you time-sensitive, hard-to-get, relevant news, research and analytical data, peer comparisons and more for over 197 emerging markets. Our EMIS Insights Report suite constitutes just a proportion of our deep emerging markets information platform.

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