Key points: ►   In 2025, CEE M&A volume reached a record high of 1,568 deals (up 22.4%) and total deal value rose to EUR 36.64bn (up 42.5%).  ►   Five CEE deals exceeded EUR 1bn, up from two deals in 2024.  ►   Cross-border M&A remains vital for CEE, making up 60.8% of the total number of deals and 87.8% of total deal value.  ►   By volume, the US, UK and Germany were the largest investors.  ►   By deal value, Austria, the US and the Netherlands were the largest investors.  ►   Private equity deal activity reached an all-time high (330 deals), with deal volume up 18.7%. Total private equity deal value also increased, reaching EUR 17.24bn (up 24.2%).  Findings from the CMS Emerging Europe M&A 2025/26 report, published in cooperation with EMIS, demonstrate the resilience of the Emerging Europe deal market.  The report shows that deal flow in Emerging Europe increased by 22.4%, with 1,568 deals announced in 2025. Aggregate value also increased by  42.5% (EUR 36.64bn).

Regulation (EU) 2022/2560 of the European Parliament and of the Council of December 14, 2022 on foreign subsidies distorting the internal market ("FSR" / "Regulation")[1] marks a paradigm shift in how public procurement procedures are viewed in the European Union. For the first time, the European legislator is directly addressing a structural imbalance specific to the competitive advantages generated by funding from outside the Union, which until recently were outside any control mechanism comparable to the state aid regime.  In the absence of such regulation, companies subsidized by third countries could participate in European public procurement procedures while benefiting from financial support that was not subject to evaluation or censorship. This context has allowed, in certain sectors and at certain value levels, the emergence of bids that are difficult to match by enterprises operating under normal market conditions.