Poland’s M&A market in Q2

This article is a part of Poland Unpacked. Weekly intelligence for decision-makers

The second quarter of 2026 brought a decline in the number of mergers and acquisitions on the Polish market. The number of transactions decreased both quarter-on-quarter and compared with the same period in 2025, according to the latest edition of the M&A Index Poland report prepared by Navigator Capital and Fordata. Although the April–June period saw several billion-zloty transactions, small and medium-sized deals accounted for the majority of activity.

According to the report’s authors, the strongest transaction trends by sector were observed in media, IT and telecommunications. The segment accounted for nearly one-fifth (19%) of all transactions. Biotechnology and healthcare represented 16% of mergers and acquisitions, while industry accounted for one in ten deals.

A more selective market

The report’s authors note that Poland’s M&A market is increasingly focused on companies with niche know-how, as well as specialized or advanced technologies.

“Compared with the first quarter, deal volume declined by 12 transactions, or around 14%. The year-on-year comparison shows an even sharper decline: the current figure represents a 16% drop. However, this does not rule out a market recovery, as illustrated by Germany’s example. Rather, it confirms the market’s volatile and selective nature,” says Marcin Rajewicz, head of sales at Fordata.

The expert adds that the second quarter of 2026 also lacked transactions on a scale comparable to the acquisition of InPost, which was the largest deal of the previous quarter.

“Globally, M&A transaction value is increasing, driven by megadeals, artificial intelligence and strategic acquisitions. But the number of transactions – as in Poland – remains under pressure. Investors continue to prioritize selectivity, scalability, capabilities, access to customers and the potential for value-creating integration after an acquisition,” says Michał Rajewicz.

Qemetica exits the salt business

The largest transaction of the second quarter (among M&A deals where the transaction value was disclosed) was Qemetica’s sale of its salt business. The company, owned by Sebastian Kulczyk, decided to sell its plants in Janikowo, Poland, and Staßfurt, Germany, to German chemicals group K+S. The transaction was valued at approximately PLN 1.5–1.6 billion (around EUR 350–370 million).

According to information published by the company, the divested salt business accounted for around 9% of Qemetica’s revenue. In 2025, it generated EUR 125 million in sales revenue and EUR 50 million in EBITDA. The business had annual production capacity of approximately one million tons of evaporated salt.

Good to know

The transaction attracted significant attention in Poland not only because of its size and the identity of the owner. Qemetica’s facilities are strategically important for Solino, the salt mining company owned by Orlen. The evaporated salt plant and soda production facility in Janikowo were the main buyers of raw material supplied by the Orlen subsidiary. Regular salt purchases from Inowrocław are, in turn, crucial for Poland’s fuel storage capabilities. The caverns created after salt extraction are used to store crude oil and fuels. Solino is the largest fuel storage facility of its kind in Poland.

As XYZ has reported, for years IKS Solino and Qemetica operated in near symbiosis. However, recent negotiations between the companies over extending their supply agreement ended without success. Qemetica stresses that this was unrelated to the talks concerning the sale of the business.

“Acquiring the two evaporated salt production facilities from Qemetica gives us the opportunity to continue expanding in Europe. We see significant growth potential in Central and Eastern Europe. Both Qemetica plants focus on the production of specialty salts, for example for water softening and the food industry. This represents an ideal extension of our existing portfolio (...). We intend to maintain production at both Qemetica facilities, but we cannot comment on their future profitability,” Michael Wudonig, K+S spokesperson, said in June in response to questions from XYZ.

XYZ

Polpharma’s billion-zloty investment

The report’s authors also highlight an implementation agreement between pharmaceutical company Zakłady Farmaceutyczne Polpharma and the main shareholders of Romanian pharmaceutical company Biofarm. The agreement represents a formal step ahead of the launch of a voluntary public tender offer for 100% of the company’s shares.

The offer price has been set at approximately PLN 1.12 per share. The total value of the transaction will therefore amount to around PLN 1.11 billion (approximately EUR 260 million). The deal is awaiting formal approval from the Romanian regulator.

Polpharma has secured commitments to sell shares from Biofarm’s two key shareholders: Longshield Investment Group and investment fund Lion Capital. Both entities have agreed to sell all of their holdings. This will give Polpharma a capital stake of at least 88% in the company.

Owner of Moya fuel station network changes hands

Among the significant transactions in the second quarter, the report’s authors also highlighted the sale of Anwim, the owner of the Moya fuel station network. After nearly eight years in the portfolio of private equity fund Enterprise Investors, the company is being acquired by a consortium of international investment firms Stonepeak and Energy Equation Partners.

“Anwim is an excellent example of the growth we achieve by working together with the founders and management teams of our portfolio companies. Together, we more than tripled the network’s size, increased EBITDA more than fourfold and transformed the company into an integrated player ready for further expansion,” said Sebastian Król, partner at Enterprise Investors, commenting on the firm’s exit from the investment.

The value of the transaction has not been disclosed. Closing is planned for the second half of the year.

Strategic acquisitions in Ukraine

According to the report’s authors, a notable feature of Poland’s M&A landscape in the second quarter of 2026 was the wave of acquisitions made by Polish companies across the country’s eastern border. The report points to three strategic takeovers in Ukraine carried out by PZU, Maspex and Zen.

Poland’s largest insurer announced in May that it had acquired MetLife’s Ukrainian business. The company holds a 50% share of Ukraine’s life insurance market. The transaction requires approval from the National Bank of Ukraine and the country’s Antimonopoly Committee before it can be completed.

Maspex Group – Poland’s food industry giant – acquired an 80% stake in Ukrainian company Karpackie Wody Mineralne, one of the country’s largest producers of water, beverages and snacks. As XYZ reported, experts estimated the value of the transaction at USD 30–50 million (approximately PLN 120–200 million).

Meanwhile, Polish fintech company Zen.com completed the acquisition of Ukraine’s PINbank in April. The move marked its entry into the Ukrainian market and expanded its operations to include local banking infrastructure. The company plans to invest PLN 20 million (approximately EUR 4.7 million) in developing its business in the new market.

According to Navigator Capital and Fordata, these three acquisitions completed within a single quarter represent a record result compared with the previous year. The report’s authors also see potential for these deals to help overcome Polish businesses’ long-standing structural concerns about investing in Ukraine.

Most sellers are private investors

Navigator Capital and Fordata also provided data on the types of investors that dominated the buyer and seller sides of the market. On the buy side, private equity (PE) and venture capital (VC) funds accounted for the largest share, carrying out 15% of transactions. Investors from the biotechnology and healthcare sectors were responsible for 12% of deals, while media, IT and telecommunications investors accounted for 11%. Automotive companies represented 7% of buyers, and industrial companies 5%.

On the sell side, private investors were the dominant group. They accounted for two-thirds of M&A transactions completed in the second quarter. Private equity funds were sellers in around 8% of cases. Strategic investors were responsible for nearly one-quarter (24%) of completed transactions.

According to the report’s authors, this market structure points to increased activity from PE/VC funds compared with last year. This is particularly visible on the seller side, where their share increased by 6 percentage points. Fund activity on the buyer side remained high, accounting for 15% of all acquirers.

“This is not a return to the aggressive fund-driven market we saw several years ago. Funds are selecting specific platforms, assets with predictable cash flows and sectors where they can build scale through acquisitions,” says Marcin Rajewicz, head of sales at Fordata.

Technology companies remain in investors’ spotlight

Kamil Moczulski, a Navigator Capital manager specializing in new technology transactions, highlights the trends visible in the second quarter in deals across the telecommunications, media and technology (TMT) sectors.

“The continued strength of the TMT sector is particularly evident. It remains one of the key areas of investor interest. In the second quarter, activity in this segment was focused primarily on software, data and digital infrastructure,” says Kamil Moczulski.

The expert adds that companies in this segment are increasingly creating value not only through organic growth, but also through the consolidation of complementary capabilities – from hosting and cloud services, through e-commerce, to tools supporting online presence and sales.

Among the notable transactions in these sectors last quarter, the manager highlights the acquisition of DomData by Kulczyk Investments, the merger of cyber_Folks and Shoper completed in May, as well as deals involving providers of specialized, industry-specific software: PlumResearch and TerraEye.

The new owner of PlumResearch is Amepere Analysis, a UK-based research and analytics company. Startup TerraEye, meanwhile, was acquired by International Resource Holding, a group based in the United Arab Emirates.

Fewer M&A deals. The number of mergers and acquisitions on the Polish market declined in the second quarter of 2026. Investors are becoming increasingly selective, with a particular focus on companies offering specialized capabilities.
Qemetica’s exit from salt business becomes the quarter’s largest deal. The largest transaction by disclosed value during the period under review was the sale of the salt business by the company owned by Sebastian Kulczyk. Experts also highlight the acquisition of Anwim and three strategic acquisitions by Polish companies in the Ukrainian market as significant deals.
Consolidation in the technology sector. The media, technology and communications sector remains at the center of investor attention in the M&A market. Technology companies are increasingly pursuing not only organic growth, but also consolidation within the sector.