It is not companies from China, India, the 'BRIC countries' or the 'Asian tigers' that appear to be emerging markets most active in cross-border mergers and acquisitions involving companies in the Benelux. Rather, Eastern European companies in particular seem to be in demand.

This is evident from the M&A Trend Survey Benelux 2024 / 2025 by M&A and Ansarada. For this research, 175 Dutch and Belgian M&A professionals took part in an online survey and the M&A editors interviewed 35 dealmakers live.

This is a surprising result. After all, the shift in economic power from West to East is one of the most defining geopolitical and economic trends of our time. This shift is marked by the increasing economic strength of Asian countries, particularly China and India, while the relative economic dominance of Western nations is declining. You would expect, then, that companies from those Asian countries would become the most active in the M&A sector in the Benelux in the coming years. However, that is not the case – at least not according to many participants in the study. They see companies from Eastern Europe as more likely buyers.

Moreover, Eastern Europe is home to many tech companies that are of interest to private equity and venture capital funds from the Benelux. "I believe that Eastern Europe, particularly Poland and Ukraine, has great potential", observes Ida Kuijken, Partner at Fortino Capital. "These countries have a wealth of technological talent and many startups and scale-ups, making them attractive for talent acquisition and software investments. Despite the current political situation, Ukraine holds a great deal of untapped potential. Today, they have less access to Western capital."

Sander Neeteson, Head of Corporate Finance at ABN AMRO, also identifies Eastern Europe as the most active emerging market for cross-border deals with the Benelux. This view is largely based on the current deal pipeline of his own team. However, beyond that, Eastern Europe appears to be a region with growth potential. This, combined with the increasing economic integration with Western Europe, makes it an attractive market for Benelux companies looking to expand.

Several experts interviewed by the M&A editorial team also point to Eastern Europe for inbound M&A. They highlight that Eastern Europe is home to many successful companies seeking to expand their reach. With the Benelux nearby, it is a logical choice for them to explore acquisition opportunities there.

Marktlink sees so much potential in the region that the M&A specialist opened an office in Poland in October. Managing Director Tom Beltman notes that since the fall of the Berlin Wall in 1990, there is now a group of companies that are 30 years old and facing succession issues. Additionally, he sees many buyers from Eastern Europe who are interested in acquiring West European companies. He emphasizes that Eastern Europe, in terms of population size, is as large as Germany, a fact that is often underestimated.

Southeast Asia is seen as the second most important emerging M&A market, while India ranks fourth. These are dynamic economies that are expected to make a stronger impact in the Benelux in the coming years.

Some experts are already noticing increased acquisition activity from these Eastern countries. Philippe Craninx, Managing Partner at M&A specialist Moore Corporate Finance, states: "I put Southeast Asia in first place. But we are already seeing many companies from India heading this way."

Joost den Engelsman, Head of Private Equity at NautaDutilh, also believes that if any region becomes more active, it will be Southeast Asia. "The region has a growing economy and a relatively young population compared to others. There is also increasing interest from foreign investors, which clearly indicates that if we see a rise in activity from an emerging market, it will most likely come from Southeast Asia."

The Middle East is mentioned by over 20 percent as the most likely source of companies to engage in M&A activities in the coming months. “If I had to choose one, I would say the Middle East, mainly due to the amount of available capital”, says Marco Gulpers, Head of Corporate Finance M&A Netherlands at ING. “We see a lot of interest in investments related to food security and ESG sectors, particularly in the Benelux market.”

“We also see that the large sovereign wealth funds are diversifying significantly”, notes Jan-Hendrik Horsmeier, Partner at law firm Clifford Chance. “Initially, they were focused mainly on the oil industry, but now they are heavily investing outside of it, particularly in other types of energy companies. Many of these companies are based in Europe.”

Although the focus of many experts is often on Asian markets, the M&A Trend Research shows that Eastern European companies, partly due to their technological progress and strategic location, play an important role in cross-border acquisitions in the Benelux. This trend appears to be continuing, with Eastern Europe leading the way in this area. Emerging markets in Southeast Asia and the Middle East are also becoming more important, indicating a diversification of capital flows and a shifting focus in the international M&A landscape.