Baltic Private M&A Deal Points Study 2024: most active sectors were energy & utilities

The study analysed 179 private M&A transactions completed during the period of April 2022 – March 2024. The study was conducted for the 8th time in cooperation between Ellex, Sorainen, Cobalt, TGS Baltic, Eversheds Sutherland, Walless and Triniti, together with the Private Equity and Venture Capital Associations in Estonia, Latvia and Lithuania. 

The period included turbulent times due to macroeconomic and geopolitical issues (such as the war in Ukraine). Despite this, Baltic M&A market was reasonably active, Lithuania slightly ahead of Estonia and Latvia.

In 2022–2024, the most active economic sectors in the Baltic M&A market were energy & utilities followed by technology and real estate. The share of technology M&A transactions dropped significantly as compared to previous periods.

Although transactions values vary greatly, the value of the most typical Baltic M&A transactions fell back to the EUR 1–10 million bracket. There were also very few so-called mega deals (over 100 million euros). Private equity investors were significantly less active compared to strategic players. Local investors seemed to be more active than the international ones.

Overall, there were no significant changes in the Baltic M&A market practice. The Baltic M&A counterparties are generally comfortable using internationally acknowledged transaction tools, such as price adjustments, MAC clauses and liability limitations. However, W&I insurance is still very seldom used in Baltic M&A transactions.

The Baltic M&A deal points studies have been published since 2009 in order to analyse the current status and trends of the Baltic M&A market.

For more information see the full report HERE.

In case of any further questions, please contact our M&A team.