Mergermarket: Ellex leads CEE M&A market with nearly 1.5 billion in transactions

Ellex is recognized as a leading law firm in the Central and Eastern Europe (CEE) region, completing 59 transactions worth a combined nearly $1.5 billion USD in 2024, as reported by Mergermarket. The firm not only dominates in deal count but also stands as the only Baltic-based law firm featured among Europe’s top-performing firms by transaction value in the region. On average, the value of Ellex’s transactions reached $24 million USD. 

Ellex’s involvement in M&A activity has seen a significant increase, with greater interest from both regional businesses and international investors. 

“The Baltics have shown resilience due to their dynamic economies, business-friendly environments, and increasing investor confidence in key sectors like technology, renewable energy, infrastructure, and private healthcare. The region’s smaller scale allows for faster adaptation to economic changes, and local businesses have remained attractive to both regional and international investors looking for growth opportunities in emerging markets,” says Paulius Gruodis, partner of the Corporate Practice at Ellex in Lithuania. 

“There are certainly more factors that played a role in 2024 transaction market, but the main topics were: interest rates, inflation, Ukraine war, AI, Trump, Syrian Civil War and PE dry powder. The world’s PE and VC funds are still saturated with money and need to start investing. Holding onto trillions of dollars is not sustainable in any way. Transaction activity has been predictably high in the technology and real estate sectors, and also investments in the defense industry,” commented Risto Vahimets, head of transactions at Ellex in Estonia. 

Looking ahead, 2025 is expected to offer promising opportunities in the Baltic M&A market. Sectors such as technology, renewable energy, and manufacturing are anticipated to continue driving deal activity. However, challenges such as global economic uncertainties, increased interest rates, and geopolitical tensions could pose risks to investor sentiment. Despite these hurdles, the adaptability and resilience of the Baltic economies are likely to support continued growth and investment in the region. 

Regarding the coming year, Raimonds Slaidins, head of the transactions team at Ellex in Latvia, notes positive developments: “2025 is off to a good start so far, we’re busy working on several potential transactions and have seen others in the pipeline, in a variety of different sectors. We’re optimistic that this year will be a good year for the Ellex transactions team, as well as for the Baltic M&A market.” 

Ellex provides comprehensive legal services in public and private M&A, specializing in complex cross-border transactions. With a wealth of experience across diverse sectors, Ellex’s team delivers tailored solutions for both regional and international clients. 

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