TRINITI has once again joined forces with other leading Baltic law firms to analyse the latest developments in the region’s M&A market. The ninth Baltic Private M&A Deal Points Study provides a detailed look at how dealmaking in Estonia, Latvia and Lithuania has evolved and what the latest transaction terms tell us about the market.
Despite continued geopolitical and macroeconomic uncertainty, the Baltic M&A market remained active in 2024–2026. Technology regained its position as the leading sector, strategic investors strengthened their role as buyers, and the share of transactions valued above EUR 50 million increased. At the same time, deal processes are taking longer.
The study analyses 198 private M&A transactions completed between April 2024 and March 2026. It covers transactions involving targets operating in Estonia, Latvia or Lithuania, with a deal value of at least EUR 1 million.
TRINITI partner Siim Maripuu notes that the latest results give a vague indication to market that is becoming more active, a tendency that is actually more and more notable in our everyday work.
“The retrospective study shows clear indications of continuation of buyer dominated market throughout the Baltics – this could be seen from the pricing, distribution of liability and other conditions of the transactions reviewed. Luckily there are also notable encouraging signs for the Baltic M&A market: larger transactions are returning and investors, especially foreign, have become more active. Aside from the study and the period it covers, we can feel that these optimistic trends are even more notable in our everyday work today. For us at TRINITI, contributing to this study is also a valuable opportunity to combine our practical deal experience with broader Baltic market data and give clients a clearer picture of where the market is heading,” says Siim Maripuu, partner at TRINITI.
Technology regains its position as the most active sector
Technology, including IT and telecommunications, accounted for 15% of the transactions analysed, up from 12% in the previous study. It has therefore regained its position as the most active M&A sector in the Baltics.
Energy and utilities, which led the market in the previous study period with a 23% share, fell to 11%. The energy sector’s decline likely reflects reduced activity amid considerable political and regulatory uncertainty about the future.
Manufacturing and industrial equipment, as well as construction and real estate, each accounted for 12% of the transactions. Food and agriculture continued to trend upwards, increasing from 8% to 9%.
Strategic investors continue to shape the market
Strategic investors strengthened their position as the dominant buyer group in the Baltic M&A market, accounting for 73% of the transactions analysed, compared with 70% in the previous study and 46% in 2022. At the same time, the share of financial and private equity buyers declined from 24% to 17%.
Baltic buyers remained at the centre of market activity. Estonian buyers remained the most active acquirers, while Lithuanian and Latvian investors also maintained a strong presence. Among international buyers, Swedish and UK investors stood out, displaying the highest levels of activity.
On the sell-side, the market saw a notable shift. While strategic investors were the leading sellers in the previous study period, exits by individuals and family-controlled businesses increased significantly.
In 2026, both groups accounted for an equal share: 41% of analysed transactions, compared with 29% for family-controlled sellers in 2024. This points to an accelerating generational shift among Baltic business owners.
Most transactions remain below EUR 10 million, despite a return to larger deals
The Baltic M&A market continues to be dominated by lower mid-market transactions, with 58% of the analysed deals valued below EUR 10 million. However, larger transactions were more common than in the previous study period.
Transactions exceeding EUR 100 million doubled from 3% to 6% of the analysed sample, while deals valued between EUR 50 million and EUR 100 million increased from 4% to 5%.
Transaction processes are taking longer
The study also points to longer execution timelines than in 2024. Transactions completed within three months accounted for 17% of the sample, as in the previous study period. At the same time, the share of transactions taking from six to 12 months increased from 34% to 38%, and a further 14% took more than a year to complete.
The most common timeframe for completing a transaction is now between six and 12 months from the signing of a letter of intent. This highlights the importance of starting preparations early, particularly for deals involving regulatory approvals, foreign direct investment screening, extensive due diligence, or more complex negotiations and transaction structures.
TRINITI contributes to the Baltic-wide M&A study
The ninth edition of the Baltic Private M&A Deal Points Study was prepared jointly by Sorainen, Ellex, Tegos, Walless, Cobalt, Eversheds Sutherland and TRINITI, under the auspices of the Estonian, Latvian and Lithuanian private equity and venture capital associations.
The study was presented in Tallinn on 24 September, with TRINITI partner Siim Maripuu among the experts discussing the findings and the latest developments in the Baltic M&A market.
Read the full Baltic Private M&A Deal Points Study 2026 here.
