Baltic Private M&A Deal Points Study 2026

Baltic Private M&A Deal Points Study 2026

The study analyses 198 private M&A transactions completed during the two-year period April 2024–March 2026.

September 24, 2026

Estonia
Estonia
Estonia
The survey analysed 198 private M&A transactions completed during the period April 2024-March 2026. This was a time marked by continuing turbulence due to macroeconomic and geopolitical issues  with an increasing number of armed conflicts in addition to the war in Ukraine adding to the uncertainty. Despite this, the Baltic M&A market remained resilient.
During 2024–2026, the most active economic sector in the Baltic M&A market was technology. The share of energy and utilities M&A transactions dropped significantly, likely reflecting reduced activity amid considerable political uncertainty about the future. 

Exits by individuals and family-controlled sellers have been trending upwards, now accounting for an equal share of the market alongside strategic sellers, indicating an increasing generational shift in the Baltics.

The value of the median Baltic M&A transaction has remained at the same level as in previous periods, with over half of the transactions under EUR 10 million, although the share of mega deals (EUR 50-100 million and above EUR 100 million) is again showing an upward trend.

Buyer-friendly protections continued to strengthen in 2024–2026, with specific indemnities and security for the Seller's obligations increasingly requested, and full-disclosure warranties now standard in around two-thirds of transactions.

R&W insurance is still rarely used.

States continue to expand the scope of FDI controls, requiring approval for a growing share of transactions, and transaction processes have lengthened to an average of 6–12 months.
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Maivi Ots

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Tallinn, Estonia

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