In an interview for the leading legal publication in Central and Eastern Europe CEE Legal Matters, our partners Pavel Hristov and Dragomir Stefanov shared insights and predictions substantiated by a very active 2025 for our M&A practice.

‘VC funding rounds (seed and Series A and B) attracted some of the leading global players. The Founders Fund, Google Ventures, Lux Ventures, Riot Ventures, and others invested in satellite manufacturer EnduroSat. At the same time, high-value exits that we expected did not materialize: … The deals closed were lower and lower mid-market, below EUR 100 million. [T]he traditionally outstanding industries – real estate, energy, and technology – outperformed the overall M&A market.’, Hristov.

‘The introduction of the euro on January 1, 2026, is a major milestone expected to strengthen growth prospects. It removes currency risk and simplifies financing structures. [T]he new foreign investment screening framework is now fully operational and must be factored into transaction timelines. … This means longer signing-to-closing periods, more conditionality in deal documentation, and more frequent use of break fees and regulatory risk allocation clauses. The absence of settled FDI practice further adds to uncertainty, prompting parties to adopt a cautious approach when negotiating related conditions precedent and covenants in SPAs.’, Stefanov.