EU Trends and Developments Contributed by: Vedran Obradović, Andrei Demian and Karoline Zehetmayer, LeitnerLaw Rechtsanwälte
number of large, strategic transactions. Investors will remain focused on assets that support long-term competitiveness, particularly in areas such as digitali - sation, infrastructure and energy transition. Financing conditions will continue to shape market activity. Even in a stabilising macroeconomic environ - ment, lenders are likely to maintain disciplined under - writing standards. This will favour buyers with strong balance sheets or access to flexible capital and rein - force the use of structured transactions to address valuation gaps. Private equity will remain an important driver, sup - ported by significant dry powder and ongoing exit pressure. The activity is set to focus on carve-outs, infrastructure platforms and consolidation strategies, with a clear emphasis on operational value creation.
Regional differences are likely to persist. Central and Eastern Europe is set to remain an attractive growth region with strong cross-border interest, while West - ern Europe continues to be characterised by more competitive processes and complex execution requirements. Regulation will remain a central factor in dealmak - ing. Expanded FDI screening regimes will increase timing and structuring considerations. Although the Illumina/Grail decision has improved legal certainty, national review mechanisms continue to require care - ful analysis. At the same time, initiatives such as EU Inc. may gradually reduce structural barriers and sup - port cross-border investment. In this environment, successful transactions in 2026 will depend on disciplined execution, a clear strategic focus and the ability to proactively manage financing and regulatory complexity.
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