The Southeast European M&A Report | January 2026

M&A activity in Southeast Europe stabilized in 2025, laying the groundwork for a more constructive cycle ahead. While transaction volumes moderated to 363 deals, the market showed clear signs of strengthening beneath the surface. Processes became more deliberate, buyer focus sharpened, and capital increasingly flowed toward assets with scale, cash flow visibility, and execution credibility.

Importantly, deal sizes moved higher. Average announced transaction value increased to €84 million, up materially from the prior year, a shift reflecting growing confidence among strategic buyers and a willingness to deploy capital where fundamentals are clear, even as overall volumes remained selective.

Strategic acquirors continued to lead the market, representing close to 90% of transactions, while geographically, deal flow remained anchored in Romania and Greece, with Croatia, Bulgaria, and Serbia providing consistent support.