M&A insights across Central and Eastern Europehttps://blackpeak.co/en-gbhttps://blackpeak.co/publications/lottomatica-and-cirsa-scale-at-six-times-ebitda-paid-in-paper/https://blackpeak.co/publications/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 at about EUR 2.8 billion, or roughly six times expected 2026 EBITDA.Tue, 15 Sep 2026 09:00:00 GMThttps://blackpeak.co/publications/the-valuation-gap-kills-more-cee-deals-than-a-lack-of-buyers/https://blackpeak.co/publications/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 this week. It surveys 107 advisers on deals between EUR 1 million and EUR 50 million, which is where most owner-managed companies in the region sit.Fri, 28 Aug 2026 09:00:00 GMThttps://blackpeak.co/publications/bulgaria-keeps-its-gambling-rules-stable-for-now/https://blackpeak.co/publications/bulgaria-keeps-its-gambling-rules-stable-for-now/In July the Bulgarian parliament 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.Wed, 29 Jul 2026 09:00:00 GMThttps://blackpeak.co/publications/entain-sells-20-of-its-cee-business-at-10x-ebitda/https://blackpeak.co/publications/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.Tue, 30 Jun 2026 09:00:00 GMThttps://blackpeak.co/publications/earn-outs-go-shops-and-premiums-how-buyers-bridge-risk-in-2026/https://blackpeak.co/publications/earn-outs-go-shops-and-premiums-how-buyers-bridge-risk-in-2026/Three deals this month show how buyers are paying full prices while protecting themselves.Thu, 28 May 2026 09:00:00 GMThttps://blackpeak.co/publications/hungarys-election-puts-a-closed-gaming-market-in-play/https://blackpeak.co/publications/hungarys-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.Thu, 30 Apr 2026 09:00:00 GMThttps://blackpeak.co/publications/allwyn-completes-the-opap-combination-what-changed-in-five-months/https://blackpeak.co/publications/allwyn-completes-the-opap-combination-what-changed-in-five-months/The Allwyn and OPAP combination completed on 24 March. Five months from announcement to completion for a EUR 16 billion cross-border deal. A few reasons it worked.Thu, 26 Mar 2026 10:00:00 GMThttps://blackpeak.co/publications/super-technologies-buys-maxbet-online-romania-has-a-consolidator/https://blackpeak.co/publications/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.Thu, 26 Feb 2026 10:00:00 GMThttps://blackpeak.co/publications/a-record-year-for-cee-ma-and-bulgaria-now-deals-in-euro/https://blackpeak.co/publications/a-record-year-for-cee-ma-and-bulgaria-now-deals-in-euro/Two things happened this month that change the ground under Bulgarian deals.Thu, 29 Jan 2026 10:00:00 GMThttps://blackpeak.co/publications/eu-fdi-screening-becomes-mandatory-plan-for-it-in-every-cross-border-spa/https://blackpeak.co/publications/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.Wed, 17 Dec 2025 10:00:00 GMThttps://blackpeak.co/publications/bulgarias-gambling-levy-proposed-withdrawn-not-gone/https://blackpeak.co/publications/bulgarias-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 government withdrew the whole draft.Fri, 28 Nov 2025 10:00:00 GMThttps://blackpeak.co/publications/allwyn-and-opap-a-eur-16-billion-deal-built-out-of-cee/https://blackpeak.co/publications/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. This is the largest gaming transaction ever assembled out of Central and Eastern Europe.Wed, 22 Oct 2025 09:00:00 GMThttps://blackpeak.co/publications/allwyns-prizepicks-deal-an-earn-out-worth-studying/https://blackpeak.co/publications/allwyns-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.Tue, 16 Sep 2025 09:00:00 GMThttps://blackpeak.co/publications/what-cee-mid-market-deals-actually-trade-at/https://blackpeak.co/publications/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.Thu, 28 Aug 2025 09:00:00 GMThttps://blackpeak.co/publications/romania-raises-gambling-taxes-again-what-it-does-to-valuations/https://blackpeak.co/publications/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.Tue, 05 Aug 2025 09:00:00 GMThttps://blackpeak.co/publications/hacksaws-stockholm-ipo-sets-a-price-for-slot-studios/https://blackpeak.co/publications/hacksaws-stockholm-ipo-sets-a-price-for-slot-studios/Hacksaw Gaming listed on Nasdaq Stockholm on 27 June at roughly 14 times trailing revenue. A public, current mark for what investors will pay for a game studio with a distribution network and a fast-growing hit list.Thu, 19 Jun 2025 09:00:00 GMThttps://blackpeak.co/publications/banking-consolidation-wave-in-central-and-eastern-europe/https://blackpeak.co/publications/banking-consolidation-wave-in-central-and-eastern-europe/Banking Consolidation Wave in Central and Eastern Europe: A Strategic Opportunity LandscapeWed, 28 May 2025 10:25:34 GMThttps://blackpeak.co/publications/the-rise-of-ai-in-ma-due-diligence-transforming-risk-assessment/https://blackpeak.co/publications/the-rise-of-ai-in-ma-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.Mon, 16 Dec 2024 06:00:00 GMThttps://blackpeak.co/publications/top-gaming-investors-highlight-opportunities-for-startups/https://blackpeak.co/publications/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.Wed, 20 Nov 2024 07:00:00 GMThttps://blackpeak.co/publications/gaming-investments-target-next-big-innovators/https://blackpeak.co/publications/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.Tue, 15 Oct 2024 06:00:00 GMThttps://blackpeak.co/publications/bulgarian-startup-ecosystem-evolves/https://blackpeak.co/publications/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.Tue, 17 Sep 2024 06:00:00 GMThttps://blackpeak.co/publications/venture-capital-rebounds-for-gaming-startups/https://blackpeak.co/publications/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.Mon, 19 Aug 2024 06:00:00 GMThttps://blackpeak.co/publications/gaming-ma-growth-creates-opportunities-for-startups/https://blackpeak.co/publications/gaming-ma-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.Mon, 22 Jul 2024 06:00:00 GMThttps://blackpeak.co/publications/european-ma-trends-boost-opportunities-for-tech-startups/https://blackpeak.co/publications/european-ma-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.Tue, 25 Jun 2024 06:00:00 GMThttps://blackpeak.co/publications/cee-unicorn-boom-a-regional-milestone/https://blackpeak.co/publications/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.Wed, 29 May 2024 06:00:00 GMThttps://blackpeak.co/publications/gaming-ma-surges-opportunities-for-startups/https://blackpeak.co/publications/gaming-ma-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.Tue, 30 Apr 2024 06:00:00 GMThttps://blackpeak.co/publications/bulgarias-startup-ecosystem-faces-growing-pains/https://blackpeak.co/publications/bulgarias-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.Tue, 26 Mar 2024 07:00:00 GMThttps://blackpeak.co/publications/andreessen-horowitz-expands-gaming-focus-with-600m-fund/https://blackpeak.co/publications/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.Tue, 06 Feb 2024 07:00:00 GMThttps://blackpeak.co/publications/bitkraft-ventures-fuels-gaming-startups-with-225m-fund/https://blackpeak.co/publications/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.Mon, 08 Jan 2024 06:00:00 GMThttps://blackpeak.co/publications/the-stakes-are-high-ma-activity-in-europes-gambling-industry/https://blackpeak.co/publications/the-stakes-are-high-ma-activity-in-europes-gambling-industry/The gambling industry in Europe has been a dynamic landscape, marked by significant mergers and acquisitions as companies strive for growth, diversification, and market consolidation.Mon, 23 Oct 2023 10:20:04 GMThttps://blackpeak.co/publications/the-impact-of-technology-on-ma-strategies/https://blackpeak.co/publications/the-impact-of-technology-on-ma-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.Tue, 26 Sep 2023 10:00:00 GMThttps://blackpeak.co/publications/exploring-the-surge-in-ma-activity-in-central-and-eastern-europe/https://blackpeak.co/publications/exploring-the-surge-in-ma-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.Tue, 06 Jun 2023 12:00:00 GMThttps://blackpeak.co/publications/the-role-of-ma-in-the-healthcare-sectors-transformation/https://blackpeak.co/publications/the-role-of-ma-in-the-healthcare-sectors-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.Thu, 25 May 2023 12:00:00 GMThttps://blackpeak.co/publications/the-impact-of-the-war-in-ukraine-on-ma-activities-in-europe/https://blackpeak.co/publications/the-impact-of-the-war-in-ukraine-on-ma-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.Tue, 23 May 2023 13:00:00 GMThttps://blackpeak.co/publications/the-role-of-esg-factors-in-ma-decision-making/https://blackpeak.co/publications/the-role-of-esg-factors-in-ma-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.Wed, 05 Apr 2023 11:00:00 GMThttps://blackpeak.co/publications/the-rise-of-cross-border-ma-deals-in-the-post-pandemic-era/https://blackpeak.co/publications/the-rise-of-cross-border-ma-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.Wed, 21 Sep 2022 12:00:00 GMThttps://blackpeak.co/publications/what-investors-say-about-startups-in-the-age-of-coronavirus/https://blackpeak.co/publications/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.Fri, 20 Mar 2020 19:00:00 GMThttps://blackpeak.co/publications/convertible-notes-and-safe-notes-explained/https://blackpeak.co/publications/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.Mon, 30 Sep 2019 18:00:00 GMThttps://blackpeak.co/publications/do-you-need-a-virtual-cfo/https://blackpeak.co/publications/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.Fri, 31 May 2019 15:00:00 GMThttps://blackpeak.co/publications/6-reasons-why-your-business-needs-a-virtual-cfo/https://blackpeak.co/publications/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.Fri, 12 Oct 2018 13:00:00 GMThttps://blackpeak.co/publications/rise-of-the-virtual-cfo/https://blackpeak.co/publications/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.Fri, 07 Sep 2018 13:00:00 GMT