Baltic Monitor 2022

26 January 2022

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Mergermarket is pleased to present the Baltic M&A Monitor, in association with Ellex. This report provides analysis of M&A activity in 2021 in Estonia, Latvia and Lithuania, along with forecasts for the year ahead.
A total of 112 Mergermarket-qualified deals worth €2.3bn were announced in the Baltic region in 2021, easily eclipsing the preceding year’s 76 deals worth €1.2bn. Given the persistent effects of the COVID-19 pandemic, this performance underlines the Baltics’ strengths as an investment destination, including stability, high growth and its world- beating business environment.
Highlights include:
  • Estonia saw the region's highest total deal value, with a record 42 transactions worth €1.7bn, up from 32 deals worth €590m in 2020 – increases of 31% and almost 189%, respectively. This made 2021 the second-best year for deal value on record, topped only by the exceptional €2.3bn achieved in 2018. Despite being the smallest of the countries by population, Estonia contributed to three of the four largest deals of 2021.
  • Lithuania saw a record 48 deals, up 66% from 29 in 2020, indicating lively activity. The biggest deal of the year in Lithuania saw investors led by Sweden’s EQT invest €250m in second-hand-fashion platform Vinted – indicative of the innovative businesses developing in the country and indeed across the region.
  • Latvia achieved a 47% increase in deal volume, to 22 from 15 in 2020, although value slid 45% from €431m to €235m. This sum was concentrated in a handful of big deals, with Latvia contributing three of the top seven transactions regionally.