Bain & Company: Strategic M&A activity in Poland plummets by 49% to $5 Billion in 2024
The total value of mergers and acquisitions (M&A) by strategic investors in Poland dropped by 49% year-on-year to approximately $5 billion in 2024, according to Bain & Company’s latest Global M&A Report 2025. The number of large transactions (above $30 million) also declined sharply, down 44% year-on-year, reflecting the impact of ongoing geopolitical and macroeconomic instability.
The report highlights that technology, energy, and natural resources were the hardest-hit sectors, with transaction values shrinking by 80% and the number of large deals dropping by 30-40%. Cross-border transactions dominated Poland’s M&A landscape, with 14 of the 20 largest deals involving foreign investors acquiring Polish assets.
The production and services sector was the only market segment that remained stable, particularly in the acquisition of real estate portfolios, which accounted for the most valuable transactions. No other sector demonstrated enough resilience to counterbalance the dramatic downturn in technology and energy-related deals.
While Poland’s M&A activity weakened significantly, the global market showed signs of recovery. In 2024, the total value of global M&A transactions reached $3.6 trillion, marking a 13% year-on-year increase, with the number of deals rising by 9%.
The Europe, Middle East, and Africa (EMEA) region saw moderate growth, with transaction values increasing by 11% to $595 billion and the number of deals up 8% year-on-year. Experts predict that 2025 could bring the long-awaited revival of the M&A market, as high interest rates and regulatory challenges—major barriers to dealmaking—are expected to ease.
“In Poland, M&A activity remained significantly weaker than global trends. While international markets are slowly recovering, Poland experienced a steep decline in deal values, primarily due to geopolitical uncertainty linked to the war in Ukraine, concerns over the U.S. elections, and instability in parts of Europe,” explained Paweł Szreder, partner at Bain & Company.
Szreder also pointed out that local factors contributed to the slowdown, including reduced activity from state-owned enterprises, whose new management teams are still formulating long-term strategies. Additionally, expectations for interest rate cuts in Poland remain lower than in Western Europe, further dampening transaction momentum.
The most striking trend was the near halving of large transactions, while smaller deals declined by 5-20% depending on the data source.
A major shift in M&A strategy involves the growing adoption of artificial intelligence. Bain & Company’s study, which surveyed over 300 M&A professionals, found that 21% now use generative AI in dealmaking—a 5-percentage-point increase from last year. Moreover, one-third of respondents expect to implement AI tools by the end of 2025, with even higher adoption levels among leading corporations and private equity firms.
“Generative AI is transforming M&A transactions. Early adopters gain a significant advantage through faster access to high-quality data, while those who lag behind risk overpaying for assets or getting stuck in drawn-out negotiations for less favorable deals,” Szreder noted. “The good news is that it’s not too late to embrace these technologies.”
Despite the current slowdown, Bain & Company highlights that demand for M&A activity remains strong, as companies seek growth opportunities and profit expansion while mitigating risks in uncertain economic conditions. Key factors driving dealmaking include changing economic forecasts, supply chain disruptions, and ongoing geopolitical tensions.
Investment funds, particularly private equity and venture capital, are ready to deploy capital as soon as favorable market conditions emerge. The number of available transactions is steadily increasing, as large companies restructure their strategies and funds look for ways to maintain financial liquidity. Many firms already have assets prepared for sale, waiting for a market recovery and higher valuations.
With global M&A showing signs of a rebound, Poland’s transactional market is expected to recover gradually, depending on improvements in macroeconomic conditions, regulatory stability, and investor confidence.
Source: ISBnews
