BOSNIA & HERZEGOVINA Law and Practice Contributed by: Bojana Bošnjak-London and Nebojša Marić, Marić & Co Ltd
1. Trends 1.1 M&A Market
1.3 Key Industries M&A activity over the past 12 months has been con - centrated in several key sectors. Real estate transac - tions have focused on income-generating assets and development platforms. The IT sector has continued to attract both regional and international investors seeking scalable service providers and outsourcing platforms. Industrial production facilities have been subject to consolidation, particularly where opera - tional optimisation and export capacity form part of the investment rationale. In addition, the fast-moving consumer goods (FMCG) sector has seen selective acquisitions aimed at strengthening regional distribu - tion networks and brand portfolios. Common methods for acquiring a company in Bos - nia and Herzegovina include share purchases, asset purchases, mergers, tender offers, joint ventures (JVs), and squeeze-outs. The choice of acquisition method depends on factors like control, risk, regula - tory requirements, and strategic goals. In most cases, share acquisitions are preferred as they facilitate the smooth continuation of business operations. 2.2 Primary Regulators 2. Overview of Regulatory Field 2.1 Acquiring a Company Acquisition of shares in non-regulated companies is subject to merger control (if the conditions are met) and registration of the acquisition with the competent court. Acquisition of shares in all regulated entities (banking, finance, insurance, etc) requires an approval of the regulator prior to closing the deal which is usu - ally stipulated as a condition precedent in the transac - tion documents, as well as merger filing and registra - tion requirements. 2.3 Restrictions on Foreign Investments Bosnia and Herzegovina generally has a liberal foreign direct investment regime, but some restrictions exist in specific sectors, notably the defence and military industry, and public media and broadcasting. Foreign ownership in companies belonging to the above sec - tors is limited to 49%, unless a special approval is obtained from the authorities.
The M&A market in Bosnia and Herzegovina has recorded consistent transactional activity over the past 12 months, with a visible increase in both domestic and cross-border deals. The market is char - acterised by strategic acquisitions, sector consolida - tion and platform-building investments rather than purely opportunistic transactions. Energy, particularly renewables and related infrastructure, continues to generate significant investor interest, alongside tel - ecommunications, IT services, industrial production and selected real estate projects. Regional corpo - rate groups remain active buyers, while international investors are increasingly assessing Bosnia and Her - zegovina as part of broader South-East European strategies. Transactions are typically structured with careful regulatory planning and close co-ordination with competition and sector-specific authorities. The overall deal environment reflects a maturing market in which investors are prepared to engage with complex structures to secure long-term strategic positions. 1.2 Key Trends The main trends that marked the last 12 months in Bosnia and Herzegovina include continued efforts to align the domestic legal and regulatory framework with EU standards as part of the country’s accession process. Legislative and regulatory developments have focused on business regulation, competition enforcement practice, environmental compliance, corporate governance and human rights protections. These reforms are aimed at increasing legal certainty, strengthening institutional accountability and improv - ing the overall investment environment. At the same time, institutional digitalisation has pro - gressed. Courts, company registries and administra - tive bodies are increasingly implementing electronic systems, including e-registration of legal entities, improved digital access to public registers and elec - tronic case management tools. These developments contribute to greater procedural transparency and effi - ciency, even within a complex multi-level governance structure.
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