BOSNIA & HERZEGOVINA Trends and Developments Contributed by: Nebojša Marić and Bojana Bošnjak-London, Marić & Co Ltd
Introduction: A Market Regaining Strategic Momentum Bosnia and Herzegovina is entering a period of renewed strategic relevance in South-East Europe. After several years marked by political complexity and cautious investment cycles, the legal and transactional landscape is becoming more dynamic. Infrastructure modernisation, energy transition, digital transforma - tion and consolidation across traditional industries are shaping a new phase of development. From a legal perspective, this shift is visible in the structure and scale of transactions. M&A activity is increasingly cross-border, regulatory-driven and sec - tor-specific. International investors are approaching Bosnia and Herzegovina not merely as a peripheral market, but as a jurisdiction offering targeted oppor - tunities in energy, natural resources, telecommunica - tions, manufacturing and consumer sectors. At the same time, domestic companies – many of them family-owned – are reassessing ownership structures, governance models and capital strategies. This con - vergence of international capital and local transforma - tion is defining current trends. Infrastructure and Strategic Energy Projects Infrastructure remains one of the most important long- term drivers of legal and transactional activity. Bosnia and Herzegovina’s position as a transit and energy corridor between the EU and the Western Balkans gives strategic importance to transport and energy projects. Particular attention is being paid to gas diversifica - tion initiatives, including the Southern Interconnection project. This initiative is intended to connect Bosnia and Herzegovina to alternative gas supply routes through Croatia, reducing reliance on a single source and aligning the country more closely with EU energy security policies. From a legal standpoint, projects of this scale require the structuring of complex concession and permit - ting frameworks, careful alignment between state- level and entity-level competences, and the securing of multiple regulatory approvals in the energy sector. They must also comply with public procurement rules
and frequently involve co-ordination with international financial institutions, which introduce additional con - tractual, compliance and reporting requirements. Importantly, these projects are not only upgrading physical infrastructure; they are also developing the market itself. By bringing together public authorities, strategic investors and international lenders, they introduce more sophisticated negotiation processes, refined risk allocation mechanisms and increasingly detailed contractual standards. This gradual transfer of know-how strengthens local institutions, market participants and professional advisers alike. These developments also reflect increasing geopo - litical interest. In recent years, the United States has expressed clear support for energy diversification and infrastructure resilience in the region. This has translated into policy engagement, financial back - ing mechanisms and support for regulatory reforms designed to facilitate transparent and sustainable energy investments. Renewable energy also continues to expand. Solar and wind projects are progressing in both entities, with investors focusing on bankable power purchase structures and regulatory stability. Legal advisers are increasingly engaged in structuring project finance arrangements, negotiating grid connection terms and navigating evolving feed-in and market premium regimes, further contributing to the technical maturity of the market. M&A Activity: Sectoral Consolidation and Strategic Acquisitions M&A activity in Bosnia and Herzegovina has evolved in both structure and ambition. With a steady increase of overall deal numbers, transactions are increasingly strategic, cross-border and regulatory-driven. Inves - tors are focusing on sectors where Bosnia and Her - zegovina combines established industrial capacity, recognised brands and access to regional markets. In the consumer sector, the acquisition of a domes - tic brewery by the Finnish group Olvi illustrates how international strategic investors view local companies with strong brands and distribution networks as scal - able regional platforms. A similar dynamic is visible
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