In 2023, central and eastern Europe’s M&A markets held up relatively well, with a total deal value of more than $30 billion according to Dealogic. Lazard, CEE’s best bank for advisory, was involved in many of the most important advisory situations in the region.
It is a longstanding adviser to Naftogaz in Ukraine, and Lazard advised on the completion of its €760 million debt restructuring last year. Aside from being a former Serbian finance minister, Bozidar Djelic, head of central and eastern Europe at Lazard, previously ran the Ukrainian subsidiary of Crédit Agricole and is a well-known figure in Ukraine.
Lazard’s activity during the awards period covered a wide range of the regions markets. In Poland, for example, it advised on Spanish company Cellnex’s €510 million acquisition of 30% of telecommunications infrastructure company OnTower Poland from French firm Iliad.
It also advised on the Zl1.27 billion ($315 million) acquisition of a 48.86% share in Ciech by Kulczyk Investments. And it advised Saudi Telecommunication Company subsidiary Tawal on a €1.22 billion acquisition of telecoms tower assets across southeast Europe owned by the United Group.
The big deals are no longer dependent on companies from outside the region buying targets in CEE. Djelic points to a growing number of deals involving CEE companies buying firms in western Europe.
Lazard, CEE’s best bank for advisory, was involved in many of the most important advisory situations in the region
In 2023, one of the highest profile of these deals saw Lazard advising troubled French retailer Casino Guichard-Perrachon on its €4.4 billion sale to EP Global Commerce, controlled by Czech billionaire Daniel Kretinsky. Lazard also advised on the €653 million acquisition of Editis, Viviendi’s publishing arm, by Kretinsky’s Czech Media Invest.
Separately, it advised Xallas Electricidad y Aleaciones (100%) Feroe Ventures & Investments on the sale of Spanish hydropower assets to Czech power producer Energo Pro.
Lazard advised Croatian retail company Fortenova on a change of its ownership and capital structure in connection with the large minority stake held by sanctioned Russian state-owned lender Sberbank, involving an acquisition by Open Pass, its largest unsanctioned shareholder. The deal was complex and closed successfully on July 9.
