Publications
M&A insights across Central and Eastern Europe
Deal notes, valuation benchmarks and regulatory shifts in the region, prepared and reviewed by Blackpeak, with sources cited in every note.
A Billion on Paper
EnduroSat's Series C was priced at EUR 6,575.28 a share, about EUR 1.03 billion for the company. The number is public in Luxembourg and it is the least important thing about the round. Bulgaria has made the full turn from start-up to exit exactly once, and that is what a unicorn is for.
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Lottomatica and Cirsa: Scale at Six Times EBITDA, Paid in Paper
On 2 September Lottomatica and Cirsa announced an all-share merger. Cirsa shareholders receive 0.668 new Lottomatica shares per Cirsa share, valuing Cirsa's equity at about EUR 2.8 billion, an enterprise value of roughly six times expected 2026 EBITDA.
The Valuation Gap Kills More CEE Deals Than a Lack of Buyers
Dealsuite's CEE M&A Monitor for the first half of 2026 came out earlier this month. It surveys 107 advisers on companies with revenue between EUR 1 million and EUR 50 million, which is where most owner-managed companies in the region sit.
Bulgaria Keeps Its Gambling Rules Stable, For Now
In July the Bulgarian parliament's budget committee rejected opposition proposals for a near-doubling of operator fees and a blanket ban on gambling advertising. Only minor changes to niche taxes went through.
Entain Sells 20% of Its CEE Business at 10x EBITDA
On 25 June Entain agreed to sell a 20% stake in Entain CEE to its joint-venture partner EMMA Capital for EUR 425 million in cash, EUR 395 million at completion and the balance in early 2027.
Earn-Outs, Go-Shops and Premiums: How Buyers Bridge Risk in 2026
Three transactions this month show how buyers are paying full prices while protecting themselves.
Hungary's Election Puts a Closed Gaming Market in Play
On 12 April TISZA, led by Peter Magyar, won a two-thirds majority in Hungary, ending sixteen years of Fidesz government. For the gaming sector this is the most significant political change in the region since the Czech and Romanian markets opened.
Allwyn Completes the OPAP Combination: What Changed in Five Months
The Allwyn and OPAP combination completed on 24 March. Just over five months from announcement to completion for a cross-border deal creating a EUR 16 billion group. A few reasons it worked.
Super Technologies Buys Maxbet Online: Romania Has a Consolidator
On 13 February Super Technologies - the Bucharest group that was Superbet until its rebrand in December - agreed to acquire Maxbet Online, the Romanian online sportsbook, together with Maxbet Malta.
A Record Year for CEE M&A, and Bulgaria Now Deals in Euro
Two things happened this month that change the ground under Bulgarian deals.
EU FDI Screening Becomes Mandatory: Plan for It in Every Cross-Border SPA
On 11 December the Council and the European Parliament reached political agreement on the revised EU FDI Screening Regulation. Until now screening has been optional at member-state level. That changes.
Bulgaria's Gambling Levy: Proposed, Withdrawn, Not Gone
Earlier this month the Finance Ministry put a five-point increase in the gambling levy into the draft 2026 budget - from 20% to 25% of gross gaming revenue. On 27 November the coalition announced it was withdrawing the whole draft.
Allwyn and OPAP: A EUR 16 Billion Deal Built Out of CEE
On 13 October Allwyn and OPAP announced an all-share combination at an equity value of EUR 16 billion. It creates the second-largest listed lottery and gaming group globally, assembled out of Central and Eastern Europe.
Allwyn's PrizePicks Deal: An Earn-Out Worth Studying
On 22 September Allwyn agreed to buy 62.3% of PrizePicks. Roughly 40% of the potential value sits in an earn-out. A clean example of how a serious buyer bridges a valuation gap.
What CEE Mid-Market Deals Actually Trade At
Dealsuite published its CEE M&A Monitor for the first half of 2025 this week. It covers the part of the market we work in - companies with EBITDA between roughly EUR 200,000 and EUR 10 million.
Romania Raises Gambling Taxes Again: What It Does to Valuations
Romania's Law 141/2025 takes effect on 1 August. The authorisation tax on online gambling rises from 21% to 30% of gross gaming revenue. For an online operator that comes straight out of EBITDA.
Hacksaw's Stockholm IPO Sets a Price for Slot Studios
Hacksaw Gaming listed on Nasdaq Stockholm on 25 June at roughly 14 to 15 times 2024 revenue. A public, current mark for what investors will pay for a game studio with a distribution network and a fast-growing hit list.
Banking Consolidation Wave in Central and Eastern Europe
Banking Consolidation Wave in Central and Eastern Europe: A Strategic Opportunity Landscape
The Rise of AI in M&A Due Diligence: Transforming Risk Assessment
In the high-stakes world of mergers and acquisitions, due diligence has long been one of the most critical and time-consuming phases of a transaction. AI is no longer a futuristic concept but a practical solution.
Top Gaming Investors Highlight Opportunities for Startups
In November, a comprehensive list of top gaming investors in Europe was published, highlighting key players actively funding startups in the gaming industry. This resource provides a roadmap for CEE developers seeking investment.
Gaming Investments Target Next Big Innovators
Investors focused their efforts on gaming startups poised to deliver the next big hit, with funds targeting developers and platforms that prioritize innovation and community engagement.
Bulgarian Startup Ecosystem Evolves
Bulgaria’s startup ecosystem continues to evolve, with venture capitalists addressing both challenges and opportunities. While the market remains small, the quality of startups is improving.
Venture Capital Rebounds for Gaming Startups
Venture capital investments in gaming startups rebounded strongly in 2024, with $3.7 billion invested globally through August. This resurgence reflects renewed confidence in gaming’s potential.
Gaming M&A Growth Creates Opportunities for Startups
The gaming industry continued its M&A growth streak in July, with disclosed deal values reaching $2.5 billion for the quarter. This steady rise highlights the gaming sector’s resilience.
European M&A Trends Boost Opportunities for Tech Startups
June saw a resurgence in mergers and acquisitions activity across Europe, with technology and artificial intelligence leading the way. Startups in Central and Eastern Europe are increasingly in the spotlight.
CEE Unicorn Boom: A Regional Milestone
Four startups from Central and Eastern Europe reached unicorn status in 2024, showcasing the region’s growing influence in the global tech ecosystem.
Gaming M&A Surges: Opportunities for Startups
The gaming industry experienced a surge in mergers and acquisitions in April, driven by market consolidation and the rising value of innovative startups.
Bulgaria’s Startup Ecosystem Faces Growing Pains
The Bulgarian startup ecosystem continues to evolve, but venture capitalists have highlighted several challenges. A lack of high-quality, scalable startups and a limited domestic market size have slowed progress.
Andreessen Horowitz Expands Gaming Focus with $600M Fund
Andreessen Horowitz continues to lead the charge in gaming innovation. In February, the firm announced a $600 million gaming fund, its second to date, dedicated to fostering the next generation of gaming startups.
Bitkraft Ventures Fuels Gaming Startups with $225M Fund
The gaming sector is booming, and Bitkraft Ventures has once again demonstrated its commitment to fostering innovation by closing a $225 million flagship fund.
The Stakes Are High: M&A Activity in Europe’s Gambling Industry
Three landmark European gambling deals of 2019 to 2021 - Flutter and The Stars Group, Evolution and NetEnt, Caesars and William Hill - and what their valuation multiples looked like on a consistent basis.
The Impact of Technology on M&A Strategies
Technological advancements continue to reshape industries and disrupt traditional business models. This article delves into the influence of technology on merger and acquisition strategies.
Exploring the Surge in M&A Activity in Central and Eastern Europe
The Central and Eastern European region has experienced a significant uptick in merger and acquisition activity in recent years. This article delves into the reasons behind this surge.
The Role of M&A in the Healthcare Sector's Transformation
The healthcare industry is undergoing significant transformation driven by technological advancements, regulatory changes, and shifting demographics. This article explores the role of mergers and acquisitions in shaping the sector.
The Impact of the War in Ukraine on M&A Activities in Europe
The ongoing war in Ukraine has had far-reaching consequences, extending beyond geopolitical and humanitarian realms. This article explores the effect of the war on merger and acquisition activities in Europe.
The Role of ESG Factors in M&A Decision Making
In recent years, environmental, social, and governance considerations have gained significant prominence in the corporate world. This article explores the growing importance of ESG factors in M&A decision making.
The Rise of Cross-Border M&A Deals in the Post-Pandemic Era
The global business landscape has experienced significant transformations in the wake of the COVID-19 pandemic. One prominent trend that has emerged is the surge in cross-border mergers and acquisitions.
What investors say about startups in the age of coronavirus
Digital health investors discuss the opportunity, responsibility and liability of investing in health tech during market volatility and a possible recession. By Laura Lovett, MobiHealthNews, March 2020.
Convertible Notes and SAFE Notes (explained)
Two early-stage financing alternatives in simple language, convertible notes and SAFE notes, and the pros and cons associated with each. By Andrew Abouchar, September 2019.
Do You Need A Virtual CFO?
Financial management can comprise accounting, expense management, strategy, forecasting, and much more. In a fast-growing company it can be easy to lose sight of it. By Darren Upson, VP Small Business Europe at Soldo.
6 reasons why your business needs a virtual CFO
As workplaces transform, from hot-desking to the prevalence of cloud-based technologies, smart companies are fast recognising the benefits of outsourcing their chief financial officer function.
Rise of the virtual CFO
Awareness of the benefits of vCFO services is growing among SMEs as firms embrace changes in technology and the marketplace. By Helen Ozolins, Acuity.
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