The Baltics are no longer just a regional M&A hub – they are shaping dealmaking across Central and Eastern Europe. Despite geopolitical tensions and with all three Baltic states among the global leaders in support for Ukraine relative to GDP, the region continues to demonstrate strong economic resilience. According to Mergermarket, total deal value in the first nine months of 2025 grew by 79% compared to the same period in 2024, surpassing even the all-time record set in 2021.

In this context of accelerating activity and growing deal values, Sorainen’s advisory work has been recognised on both fronts: as the “Baltic M&A Legal Adviser of the Year” and the “CEE M&A Legal Adviser of the Year” by the Mergermarket European Awards. This dual recognition reflects the firm’s leading role in transactions that influence markets, attract new investors, and drive sector transformation across borders.

Mergermarket’s assessment – based on verified deal data, cross-border complexity, and the wider impact of each transaction – highlights a broader trend in the region: today’s major Baltic deals are less about simple consolidation and more about strategic repositioning, capital inflows, and sector transformation.

“Deals don’t just close – they shift industries. When a major investor enters a market or a scale-up attracts global capital, the impact reaches far beyond the deal room,” said Toomas Prangli, head of the M&A practice at Sorainen. “Ownership changes reshape supply chains, investment flows and entire sectors. Our role is to guide that transformation and help clients unlock what comes next.”

Sorainen’s performance is particularly notable given the firm operates from just three integrated Baltic offices. In the reference period (October 2024–September 2025), it ranked first for the number of advised deals (61 deals, with a total disclosed value of EUR 1.964 billion), outperforming many larger international law firms with presence in multiple countries across CEE, highlighting how the Baltic team punches above its weight on the regional stage. This demonstrates not only the firm’s capability but also the efficiency and sophistication of the Baltic market itself: a compact, well-connected region where deal values are gradually growing, investors can access multiple jurisdictions through a single team, and complex cross-border transactions can be executed at the same pace as in larger European markets.

Deals that move industries

Sorainen advised on five of the top ten Baltic transactions – a portfolio that reflects both the strategic developments in the region, and its growing influence in CEE. One of these deals, Salling Group’s EUR 1.3 billion acquisition of Rimi Baltic, was also ranked among the top five transactions by value across the CEE region this year.

  • Salling Group’s EUR 1.3 billion acquisition of Rimi Baltic – a major change for the Baltic retail group, consolidating more than 300 stores across Latvia, Lithuania and Estonia. It was the largest Baltic deal of the decade so far by value. With Rimi Baltic recording a turnover of approx. EUR 1.9 billion in 2024, the deal signalled the entry of a pan-European retailer with deep ambition. Under Salling Group’s umbrella, the Baltics may benefit from stronger supply chain integration, enhanced purchasing power, and the possible expansion or upgrade of stores. With Sorainen’s support, the deal was completed within five months – an unusually short timeline for a transaction of this scale.
  • TPG’s EUR 340 million investment in Vinted, a major European consumer tech player. This was the largest investment into the Baltic startup ecosystem in 2024 and the largest ever for a Lithuanian-founded scale-up. With Vinted reporting strong revenue growth and profitability, the deal sends a clear signal: the Baltics can produce scalable, globally relevant tech businesses, and attract global capital even in volatile markets. The outcome matters beyond Vinted alone: the deal boosts confidence in the Baltics as a hub for tech-driven, high-growth ventures, potentially unlocking further investments across fintech, consumer tech and sustainability-oriented businesses.
  • Södra’s EUR 720 million divestment of forest assets in Latvia and Estonia to Ingka Investments – the second-largest Baltic deal of 2025 in value and the largest forest portfolio sale in the region’s history. The transaction signals strong long-term confidence in Baltic real assets and is expected to influence sustainable forest management and sector consolidation. Sorainen supported Södra throughout the process, helping navigate the vendor-side legal and regulatory complexities of a deal of this scale.

Other deals outside the top ten supported by the firm in the Baltics include Citycon’s divestment of Kristiine Keskus (EUR 129 million), Sunly’s EUR 60 million equity raise, and Activate Capital’s investment in Aerones (EUR 54 million).

Taken together, these mandates reflect where the Baltic M&A market is heading: bigger deals, often involving more than one Baltic country; multinational investor groups; and transaction processes that require regional coordination combined with deep local legal and tax knowledge.

“Clients no longer view the Baltics as three separate markets,” added Prangli. “Whether it’s retail, energy, logistics or tech, they expect one unified strategy, seamless execution, and the ability to manage cross-border risks quickly. This shift is driving the next generation of deals across the region.”

As investors continue to reassess portfolios, deploy capital into renewables and technology, and execute strategic restructurings across CEE, the Baltic M&A market is entering a period of gaining momentum. Sorainen’s integrated three-country team remains at the heart of this regional activity, demonstrating that Baltic dealmakers can compete and lead on the European stage.

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