Baltic M&A Deal Points Study 2026

Beyond the broader market trends, the study provides a useful perspective on the mechanics of Baltic private M&A and how parties approach risk allocation and deal execution.

 

• Baltic M&A processes are taking longer. Six to 12 months is now the most common timeframe from launch to completion.
• Larger deals are returning. Transactions exceeding EUR 100 million accounted for 6% of the sample, up from 3% in the previous study.
• Pricing mechanisms remain varied. Closing price adjustments featured in 40% of transactions and locked-box mechanisms in 33% - a relatively stable balance across recent studies.
• Foreign investment checks are featuring more often in deal planning. The share of transactions requiring FDI approval rose from 8% to 13%.

 

Risk allocation is increasingly targeted.

Specific indemnities featured in 62% of transactions, while full-disclosure warranties appeared in around two-thirds. Warranty & indemnity insurance remained uncommon, leaving contractual protections central to how transaction risks are addressed.

More family-owned businesses are reaching a transition point.

Individuals and family-controlled sellers accounted for 41% of transactions, matching strategic sellers. This makes succession and ownership transition an increasingly visible part of the Baltic M&A landscape.

We are grateful to our M&A team, especially Senior Partner Māris Vainovskis and Partner Anete Marhele for contributing their insight and experience to the study.

Thank you to Sorainen, Ellex, TEGOS Legal, WALLESS, COBALT and TRINITI, and to EstVCA, LVCA and LT VCA, for the collaboration.