Although there has been a slowdown in the total number of concluded deals, the Croatian M&A market remains healthy with 44 deals on record in 2019. Given several high value deals, the average deal value increased from EUR 460m to EUR 610m—up 9%. M&A activity in the food & beverage sector has trended upwards with a threefold increase in the number of deals recorded in 2019, up five deals y-o-y.

The market looks set to continue to be good for M&A activity with interest from a host of both internal and externally based corporates and investors.

Deals by value and volume


Top five deals



Target: Tele2
Sector: Telecoms & IT
Stake: 100%
Buyer: BC Partners Holdings
Country of buyer: United Kingdom
Deal: EUR 220,3m
Value Source: 1

Real estate


Target: Liburnia Riviera Hoteli
Sector: Real Estate
Stake: 53.94%
Buyer: Gitone Adriatic
Country of buyer: Croatia
Deal: EUR 120,9m*
Value Source: 3

*Deal value estimate based on the tender offer price to the minority shareholders of HRK 4,761 (USD 724.8) per share in the Gitone-LRH deal, and also adding the target’s net debt.



Target: Rimac Automobili
Sector: Manufacturing
Buyer: Hyundai Motor; Kia Motors
Country of buyer: South Kore
Deal: EUR 80m
Value Source: 1



Target: Kras
Sector: Food & Beverage
Stake: 25%
Buyer: Kappa Star
Country of buyer: Cyprus
Deal: EUR 38,1m*
Value Source: 3

*Deal value estimate based on the target’s weighted-average share price of HRK 710 per share throughout September 2019, the month when the share purchases took place in several tranches.



Target: Meritus ulaganja
Sector: Services
Stake: 30%
Buyer: Mid Europa Partners
Country of buyer: United Kingdom
Deal: EUR 36m
Value Source: 3

Value Source:

  1. Official data
  2. Market estimate provided by EMIS and based on publicly available information
  3. EMIS estimate

Top three sectors


Food & Beverage:
7 deals


Energy & Utilities:
6 deals


6 deals

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Key contacts

Gregor Famira
Gregor Famira
T +385 1 4825 600
Hrvoje Bardek
Hrvoje Bardek
T +385 1 4825 600