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Baltic M&A Monitor 2017

Baltic M&A Monitor 2017

13 March 2017

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Mergermarket is pleased to present the Baltic M&A Monitor, in association with Ellex. This report provides a detailed look at M&A activity in Estonia, Latvia and Lithuania, along with forecasts for the year ahead.

Consistent deal activity has characterised M&A in the Baltics in 2016. Deal volume across all three countries is up 24% year-on-year to 63 deals, the highest point in Mergermarket history. Value increased 17% to €716m over the same period. While this increase in value is more modest, it indicates renewed enthusiasm for M&A in the region. In 2016, investor confidence was high, and companies are actively pursuing growth through M&A.

Other highlights from the report include:

  • A number of sectors helped to support 2016’s activity, but TMT was the highest value sector, at €268m. When comparing combined figures from 2015 and 2016 with those from 2012 through to 2014, TMT’s share of activity rose from 12% to 14% by volume, and from 12% to 21% of total M&A by value – demonstrating the sector’s increased importance for Baltic M&A.
  • Baltic private equity performed well in 2016. There were 12 transactions with a total value of €40m, compared to ten deals valued at €11m in 2015. Activity was particularly pronounced in Estonia, where several PE investment cycles wound down in 2016.
  • Looking ahead, the Mergermarket Heat Chart, which logs ‘companies for sale stories’ for the past six months, shows that the consumer sector is generating the highest number of M&A targets (six), followed by energy, mining and utilities (five).