Company takeovers. Over EUR 13 billion in transactions. Poland is the leader of the region and a “rising star”
If investors are interested in something and want to invest their money in specific industries or companies, it is known that they expect it to grow faster than the rest of the economy. Capital is looking for entities that will enable it to multiply its value. What is the potential in Poland and our region of Europe?
Poland was the largest mergers and acquisitions (M&A) market in Central and Eastern Europe in 2025 – both in terms of the number of transactions (339) and value (EUR 13.4 billion) – according to a report by Forvis Mazars.
The number of transactions in Poland decreased by 5%. year to year, but all this in the environment of major geopolitical and economic turmoil – as indicated in the material. Investments increased only in Lithuania (+21% y/y), in the Czech Republic they decreased by 3%, in Hungary by 9%, in Austria by 10% and in Romania by as much as 32%. The Czech Republic was the second largest mergers and acquisitions market after Poland in terms of value (EUR 8.9 billion), and Austria was the second largest in terms of number (183).
Mergers and acquisitions in Central and Eastern Europe
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Forvis Mazars
Investors were interested mainly technologies. In Poland they accounted for 16 percent. transactionin Austria one third, were also one of the main choices in: Romania, the Czech Republic and Hungary. In the case of Romania, Lithuania and Hungary, the acquisitions also concerned the renewable energy sector. The health care business was of interest to investors in the Czech Republic and Hungary.
As stated in the report, Polish broadband connections are twice as fast as in Germany, which favors the development of technology companies and nearshoring. Poland was the most frequently mentioned country in the “company for sale stories” analysis – as many as 41 such cases, which means a large list of future M&A transactions.
The largest transactions in Poland
The largest technology transaction in Poland in 2025 is acquisition of 14.84 percent Asseco Poland for EUR 248 million via Topicus.com (Canada/Netherlands).
The largest transaction in the entire Central and Eastern Europe in 2025 took place in Poland – Erste Group bought 49%. Santander Bank Polska for EUR 6.8 billion. This is half the value of all transactions in our country. Soon you will be able to observe the gradual rebranding of the branches.
And this was not the only case in the banking sector. VeloBanki.e. the bank founded on the ashes of Getin Noble, submitted an offer of EUR 259 million for Citi Handlowy's retail business.
In Austria, the largest transaction was the acquisition of the remaining share in the KTM motorcycle manufacturer by the Indian concern Bajaj Auto for almost one billion euros, in Romania the Finnish Mehiläinen took over the Unirea medical center for one billion euros, in the Czech Republic the drug manufacturer Zentiva was acquired for EUR 4.1 billion, and the buyer was the American GTCR. This allowed the American private equity fund Advent International to exit the investment. Finally, in Hungary, the American Onto Innovation paid almost half a billion euros for the acquisition of Semilab, a materials research company.
Private equity transactions
According to analysts in the report, the activity of local funds in the private equity sector on the Polish market has weakened and they are having difficulty raising new capital. However, new foreign funds are taking their place – mainly German, Scandinavian and Swiss. Germans and Americans were the most likely to buy in Poland.
The largest PE transaction in Poland in 2025 is the sale of Nexera (fiber optic network operator) for EUR 357 million to Orange Polska and the Dutch fund Stichting Pensioenfonds ABP.
Professional services also experienced consolidation – takeovers of law firms, training, consulting and tax firms.
Poland is rated as a “rising star of the global economy”, with a growing regional role, stable market and strong investment demand.
