In the first quarter of 2025, we witnessed 78 transactions on the Polish mergers and acquisitions market. The largest disclosed transaction was the conditional agreement signed by Benefit Systems to acquire the Turkish fitness club chain MAC Group, for over EUR 380 million.

348 M&A transactions were carried out in 2024, representing a 5% decrease compared to 2023, when 366 transactions were recorded. The year 2025 is expected to bring an investment revival due to the need to accelerate the utilization of EU funds (RRF).

An analysis of the M&A market in the TMT sector in Poland and Europe highlights clear structural changes and increased investor interest, although the number of transactions remains lower than in the record-breaking year of 2021. However, the current year shows signs of stabilization and growth, especially in the second half of the year.

In Q3 2024, we recorded 84 transactions in the Polish M&A market. This is down by 10 from the corresponding quarter of 2023. The largest disclosed transaction was the acquisition of the production facilities and operating subsidiary of US PPG by Qemetica.

In 2Q2024, there were 82 transactions made in the Polish M&A market. This means that 14 fewer transactions were completed than in the corresponding period last year. The largest disclosed transaction during the period was the acquisition of SELT by Grupa Kęty.

In the first quarter of 2024, the Polish M&A market showed significant signs of recovery – we recorded 95 transactions. This is a return to the high average volumes that we observed for most of 2023.

In 2023, we recorded 366 mergers and acquisitions transactions, which is 25 more than in 2022. This high result was due to great interest in the TMT industry, as well as the consumer and industrial industries.

The third quarter of 2023 on the Polish M&A market saw a noticeable increase in activity, with 94 transactions recorded. This is as many as 20 more than in the same period a year earlier, but 2 less than in the second quarter of this year.

In the second quarter of 2023, we recorded 96 transactions, 7 more than in the same quarter of the previous year and 1 more than the result at the beginning of this year.

In the first quarter of the year, we observed 95 mergers and acquisitions – 9 more than a year ago and as much as 19 more than in the same period of 2021.

What was the sectoral structure of the M&A market in the 2022 year? What do investors expect in 2023?

In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter – by approx. 16 pp.

In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year.

From 2019 on, the number of transactions listed in the first quarters on the Polish M&A market has only grown. In 2022, we already saw an almost two-fold increase in volume compared to Q1 2019 (86 compared to 46).

What was the sectoral structure of the M&A market in the twelve months under analysis?

The second quarter of 2021 showed that despite the 15-month restrictions in the economy, the dynamics of the mergers and acquisitions market in Poland increased significantly – in the past period we recorded as many as 82 M&A transactions.

The 2nd, record quarter of 2021 in M&A transactions in Poland is presented by FORDATA and Navigator Capital experts.

The 1st quarter of 2021 in M&A transactions in Poland are presented by FORDATA and Navigator Capital experts.

The fourth quarter of 2020 did not outperform the third quarter and brought 63 mergers and acquisitions – 11 less.

In 2020 we have witnessed 229 transactions on the Polish mergers and acquisitions market, which is by 50 more than last year.

The third quarter of 2020. We recorded as many as 74 M&A transactions.

The second quarter of 2020. We recorded as many as 52 mergers and acquisitions.

From the current perspective, the first quarter of 2020 may look surprising – we recorded as many as 55 mergers and acquisitions, which is the most in the report’s history in relation to the corresponding periods.

In the last three months of 2019, there were 49 mergers and acquisitions – 16 more than in the third quarter.

In 2019 (as of December 12), 179 mergers and acquisitions took place. It is 20 less than in the same period last year.

In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years.

The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).

As predicted, the M&A market in Poland in the 1Q 2019 continued to grow steadily, although there was a slight slowdown. The volume of transactions decreased – we recorded a total of 46 transactions.

Q4 2018 is the most active in the whole year. Big interest in companies from the SME sector. Read the descriptions of the most interesting transactions.

Summary of 2018 and descriptions of the most interesting transactions. Private entrepreneurs still sell the most. Private Equity Funds still searching for interesting assets.

Taking under consideration the results, achieved in individual quarters of 2018, in the Q3 we recorded the highest number of transactions so far – 51.

In Q2 2018, the Polish M&A market saw fewer transactions than in the same period last year (48 vs. 57 in Q2 2017).

In Q1 2018, the Polish M&A market saw fewer transactions than in the same period last year (53 in Q1 2017).

In Q4 2017, the Polish M&A market saw a higher number of transactions than in the same period last year (56 in Q4 2016).

According to data as of 15.12, a total of 204 M&A transactions were carried out in Poland in 2017, which is approximately 9% more than in the whole of 2016.

Looking at the performance of the individual quarters of 2017, Q3 saw the lowest number of transactions so far – 42 (Q1-53, Q2-57).

Activity on the Polish M&A market, despite the announced upturn, is still moderate. 57 transactions were recorded in the fourth quarter, compared to 53 in the first quarter and 53 in the same period last year.

In line with our prediction, the M&A market in Poland continued to develop steadily in Q1 2017 – we recorded a total of 53 deals.