In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Perkins Coie London-based Partner Jan Andrusko.
CEELM: What was your first interaction with the CEE region?
Andrusko: My connection with the CEE region is both personal and professional – I was born and raised in the Czech Republic, and I have spent most of my legal career in the CEE region. I also served as the CEO of TV Nova and Nova Group, a leading media and television group in the Czech Republic and the CEE region.
I’ve led one of the leading M&A and private equity teams in the CEE region, working on various high-profile cross-border transactions involving many jurisdictions in the CEE region, including the Czech Republic, Slovakia, Poland, Hungary, Romania, Bulgaria, Serbia, Montenegro, Croatia, and Slovenia.
Most recently, we advised PPF Group on a landmark EUR 2.15 billion sale of 50% and one share in its telecom assets across Bulgaria, Hungary, Serbia, and Slovakia to UAE-based Emirates Telecommunication Group Company (e&). This transaction was awarded both CEE Deal of the Year 2024 and Deal of the Year in Bulgaria at the CEE Legal Matters Awards Banquet.
In June 2024, I relocated to London to co-launch the Perkins Coie London office as the Head of Mergers & Acquisitions, Europe.
Despite the move, the CEE region remains a central focus for me and my team, who relocated to London with me. We are now covering the CEE region from London, whilst still spending part of our time in the region, remaining deeply embedded in its business and legal communities.
Through our long-term relationship and close collaboration with trusted local counsel across the CEE region, we provide tailored, cost-effective support in jurisdictions where we don’t have an office, we collaborate to provide services that align with the complexity and scale of each transaction.
In London, our strategy is focused on serving a wide range of stakeholders in the CEE region – from global financial sponsors investing in the CEE region to regional financial sponsor groups expanding internationally, as well as CEE-based founders and fast-growth firms.
CEELM: As for the current pipeline, what has been keeping you busy in the last 12 months?
Andrusko: The past year has been very active. A major highlight was completing the PPF deal that won the mentioned Deal of the Year awards.
Beyond that, we’ve been working on a strong pipeline of cross-border transactions connected to the CEE region. These range from global investors entering the region and regional financial sponsors investing globally. These pipeline matters encompass a variety of sectors, including retail, e-commerce, defense, tech, and infrastructure.
It’s been a dynamic period, with growing investor interest in the CEE region, and we’re fortunate to be supporting some exciting, high-impact deals that are currently in progress and which are shaping the region’s position in the global economy.
CEELM: Which sectors or industries in CEE do you think are poised for the most growth?
Andrusko: AI is definitely having an investment boom in the CEE region right now, with countries like Poland, Greece, and Croatia at the forefront of major funding rounds. The region has become a natural hub for AI investment, thanks to our strong ecosystem of talented tech talent and ambitious founders.
There is also rapid growth in verticals where the AI horizontal plays a key role – biotech and healthcare, fintech and digital banking, automation, manufacturing, defense, and cybersecurity all come to mind.
On the consumer side, retail made a strong comeback in 2024, and I think this will gain momentum for the rest of 2025 also.
CEELM: As for the markets, which markets in the CEE region do you find more promising or challenging?
Andrusko: The Czech Republic remains a key player in M&A activity, securing the highest share of capital volumes and leading in late-stage investment.
Estonia is another exciting market, small but incredibly dynamic, especially for scaleups.
Poland continues to stand out as one of the most promising markets in the CEE. It leads the region in early-stage capital and the number of scaleups. Its strong entrepreneurial spirit and rapidly developing digital infrastructure make it very attractive to investors.
Each market brings its own strengths and challenges, but overall, we’re seeing real optimism and a strong innovation ecosystem across the CEE region.
CEELM: What is your perspective on internationals in CEE – how will their presence evolve?
Andrusko: I think we’ll continue to see strong interest from international investors who know the CEE region well – they understand the local dynamics and see the long-term value.
At the same time, I expect financial sponsors based in the CEE to remain active both in terms of their local investments and also expanding their investment portfolios globally with a strong focus on Western Europe.
Additionally, I anticipate continued involvement from leading global private equity players who have a deep understanding of the CEE region and who have historically maintained a strong presence there.
CEELM: Where do you see the most activity in the next 12 months?
Andrusko: In terms of inbound transactions, we expect substantial activity around AI investments, particularly in the development of data centers and energy storage solutions.
Given global trends, we anticipate increased investment in the defense industry and related sectors. The broader technology sector will continue to grow, with fintech, e-commerce, and telecommunications remaining key focus areas alongside AI.
As for outbound activity from the CEE region, we expect financial sponsors to maintain strong interest in sectors such as energy and renewables, retail, media and entertainment, and biotech.
This article was originally published in Issue 12.3 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.