Baltic M&A Monitor 2020

06 March 2020

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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 2019 in Estonia, Latvia and Lithuania, along with forecasts for the year ahead.
With 65 deals worth €1.04bn, 2019 proved to be the second-best year for dealmaking in the Baltic region since the credit crunch (beaten only by the record-breaking 2018) despite muted global economic growth.
Other highlights from the report include:
  • Estonia saw the highest number of deals for the fourth straight year, accounting for 42% of transactions across the region. The largest single transaction of 2019 across the region came from Estonia: the €410m acquisition by Estonian bank LHV Pank of Danske Bank’s private loans unit.
  • Lithuania was the only Baltic state to see an increase in deal volume in 2019 – narrowly up from 25 to 26. Deal value also increased sixfold to €278m, largely bolstered by the €128m investment in Vinted, an online vintage fashion marketplace, by a group of venture capital investors.
  • While the number of deals in Latvia fell from 19 in 2018 to 12 last year, disclosed deal value reached its third highest total in recent years at €345m.
  • TMT retained its position as the most popular sector in the Baltics for dealmaking in 2018-19, taking up 16% of deal volume during this period. By value, the financial services sector accounted for the largest share at 38% over the same period.