Merger and acquisition activity in Poland declined in 2025, with 330 transactions completed over the year, a 5% decrease from the previous year, according to the “M&A Index Poland 2025” report by Fordata and Navigator Capital, as reported by PAP on January 20.

The biggest transaction of 2025 was the sale of a 49% stake in Santander Bank Polska and a 50% holding in Santander TFI, an investment fund management company, to Austria’s Erste Group Bank. 

The PLN29.5bn (€7bn) deal ranked among the largest European banking acquisitions of the year. 

By target sector, the media, IT and telecoms sector led the market, accounting for 20% of transactions. Biotechnology and healthcare followed with a 15% share, while industry and fast-moving consumer goods each represented 10%. Financial services companies accounted for 7% of deals, with retail businesses making up 6%.

On the buyer side, investors from media, IT and telecoms were the most active, responsible for 16% of acquisitions. Buyers from biotechnology and healthcare accounted for 14%, while private equity and venture capital funds made up 10%. FMCG investors represented 8% of buyers.

Sellers were dominated by private investors, who were behind 72% of all transactions. Private equity and venture capital funds accounted for 6% of exits, while companies from media, IT and telecoms made up 5%.

​Another notable trend in 2025 was rising activity by Polish companies in Germany, where economic weakness has created attractive acquisition opportunities. Examples included ZPUE’s purchase of German energy installation services firm BWTS, Colian’s acquisition of confectionery producer Gubor Schokoladen, and Trend Glass’s takeover of Gala Group.

The report points to easing inflation, anticipated interest rate cuts and improved access to debt financing as supportive factors in 2026. A potential ceasefire in Ukraine could further boost investor confidence and act as an additional catalyst for M&A activity in Poland.