Nordic–CEE M&A: The Strategic Window for Cross-Border Expansion

Jan Rezek
6 days ago
2 min read

A new wave of cross-border opportunity

As deal activity across Europe becomes more selective, a clear dynamic is emerging between the Nordic and Central & Eastern European (CEE) markets. The CEE region continues to offer high-quality assets, lower valuations, and solid growth fundamentals, while Nordic acquirers bring capital, operational excellence, and international credibility.

The result is growing interest from Nordic buyers looking to expand efficiently through cross-border M&A in the CEE region.

Key market data

Regional hotspots

Poland, Austria, and Romania remained the CEE region’s top deal generators in 2024 – a pattern unchanged for three years. In aggregate deal value, Hungary led with €6.5 bn, followed by Poland (€5.8 bn) and Austria (€4.9 bn), although Hungary’s total was driven by two large transactions.

Sector focus

Technology and industrials continue to dominate.

The technology sector produced 216 deals (17% of total), with nearly two-thirds led by non-CEE acquirers.
Industrials followed with 82 inbound deals, confirming the region’s appeal for international buyers seeking strong fundamentals.

Valuations remain attractive

Median EV/EBITDA multiples in CEE were 6.7× in 2023/24, compared with 9.4× for the rest of Europe.

Although the gap has narrowed, CEE still provides a meaningful valuation discount for acquirers, particularly as Western European multiples have declined by more than two turns since 2022/23.

(Source: Mergermarket – Investing in CEE: Inbound M&A Report 2024-25)

Why this matters for Nordic acquirers

Valuation arbitrage: CEE assets trade roughly 25–30% below Western European peers, creating an opportunity to acquire growth at a discount.
Access to growth: Many CEE companies remain in expansion mode, offering higher organic growth potential than mature Nordic markets.
Operational synergies: Competitive cost base, skilled workforce, and advanced industrial capabilities.
Cultural and regulatory proximity: EU alignment and similar business practices make integration smoother for Nordic operators.

NICF’s advantage: bridging Nordic capital and CEE opportunity

At Nordic Innovators Corporate Finance (NICF), we see this as a strategic window for Nordic strategic buyers and mid-cap private equity funds to expand into CEE while valuations remain attractive.

We have direct access to the CEE market through our local network of advisors, intermediaries, and corporate contacts.

Our team understands the regional business culture, negotiation style, and investor mindset, allowing us to identify and evaluate targets that match both strategic and cultural criteria.

Our M&A services include:

Strategic mapping: identifying targets that fit Nordic platforms by product, geography, or capability.
Valuation benchmarking: applying live transaction data and sector insight to define fair pricing.
Negotiation & process management: bridging differences in local dealmaking and ensuring alignment.
Cross-border positioning: crafting acquisition rationales that resonate with local sellers and stakeholders.

In short, NICF connects Nordic capital with CEE opportunity – turning valuation gaps into long-term competitive advantage.

Get in touch

If you’re exploring cross-border M&A opportunities in CEE – or want to understand which sectors and countries fit your strategy – we’d be happy to share our insights.