Slovakia’s biggest M&A deals of the year: 365.bank, DNA ERA, and more

This article was published in Investment Guide – Your key to understanding the Slovak business environment.

Advice on transactions dominates the references provided by the largest law firms in Slovakia in the field of Mergers & Acquisitions (M&A, i.e. business transactions that consolidate companies or their assets).

The top players summarised the biggest and most interesting deals they have worked on over the past 12 months for the ranking.

These include the sale of 365.bank to the parent company of ČSOB Bank, and the acquisitions of startups DNA ERA and Photoneo.

Slovak biotechnology company DNA ERA, founded by Michaela and Jakub Šiško, develops genetic tests analysing 650,000 DNA sites to help detect predispositions to certain diseases.

It was announced in late 2024 that the health-tech startup would be bought by the international company Diagnose.me, based in the Netherlands and led by businessman Lukáš Alner. The company provides a platform enabling patients to consult medical experts from clinics around the world and focuses on offering tests for targeted cancer therapies.

The acquisition benefited both companies.

“As someone who spent the last year and a half negotiating, I already know that the best deals are those where both parties find real value,” said Michaela Šišková. The acquisition expands DNA ERA’s reach to 17 countries where Diagnose.me is active.

The startup was advised by the law firm TaylorWessing, which tops the current edition of the Largest Law Firm ranking in the M&A category.

Andrej Leontiev from TaylorWessing, the largest law firm in Slovakia in category Mergers & Acquisitions. (source: Jozef Jakubčo)

“Our role covered all legal aspects, including structuring, regulatory compliance, intellectual property, and cross-border considerations – enabling a seamless transaction that positions both companies at the forefront of personalised medicine innovation,” said partner Juraj Frindrich.

In addition, the firm provided legal assistance to the Slovak deep-tech startup GA Drilling on its international investment round in advanced hard-rock drilling and geothermal technology.

“This €35-million funding round supports the commercialisation of their advanced technology and strengthens partnerships with key strategic investors, positioning GA Drilling for rapid growth in global clean energy markets,” Frindrich said.

Their role encompassed three key areas – structuring, negotiation and compliance – to ensure a successful closing aligned with the client’s international expansion goals, he added.

In May 2025, J&T Finance Group announced that it had found a buyer for 365.bank – the Belgian banking giant KBC, which already owns ČSOB Bank in Slovakia. Legal advice on the €761-million acquisition of a 98.45 percent stake in 365.bank was provided by A&O Shearman, which ranked second in this year’s list.

“The transaction was signed in an extremely short time,” said partner Tomáš Búry. “In just three months, we conducted three phases of due diligence, including a review of bank secrecy data requiring approval from the National Bank of Slovakia, and simultaneously negotiated the share purchase agreement.”

International teams specialising in M&A, financial regulation and antitrust law from Brussels, Bratislava, and across the central and eastern European (CEE) region played a key role. It was the largest merger and acquisition in the financial sector in CEE in 2025, Búry added.

Law firm Relevans represented the seller, J&T Finance Group SE. Its team was led by partner Marián Masarik. The transaction is still subject to regulatory approval and is expected to be completed by the end of 2025.

A&O Shearman was also involved in the acquisition of the Slovak startup Photoneo, which operates in the sector of 3D machine vision systems and intelligent sensors.

Its lawyers represented the American company Zebra Technologies, which bought the Slovak firm for an undisclosed sum.

“Given the international nature of the transaction, seamless collaboration across our offices in Bratislava, London, Shanghai and New York was essential,” said Búry.

The team managed parallel workstreams, conducting due diligence and negotiating the business sale agreement simultaneously, which required precise coordination and clear communication among all stakeholders.

Photoneo was advised by Dentons, represented by partner Juraj Gyárfáš. The startup developed the world’s highest-resolution and most accurate 3D camera, he explained. The company was renamed Brightpick after the acquisition.

Entering the stock exchange

The legal team from Havel & Partners, which ranked third, provided legal assistance to Gevorkyan – a company based in Vlkanová, near Banská Bystrica in central Slovakia, specialising in powder metallurgy.

It mainly develops and produces custom metal components for the automotive, engineering, oil and healthcare industries. To expand and increase production capacity, it required additional capital.

The firm represented the company in 2023 when it entered the Prague Stock Exchange, and a year later in Bratislava. They provided comprehensive advice in corporate law and capital market regulation in connection with share issues on the Czech and Slovak capital markets, said partner Ondřej Majer.

Lawyers from Havel & Partners also assisted Diagnose.me in acquiring the startup DNA ERA (represented by TaylorWessing; see above). It was one of the key venture capital deals uniting Slovak health-tech leaders, according to senior associate Peter Košecký and partner Jaroslav Baier.

Fire protection partnership

Lawyers from Kinstellar provided legal assistance on the partnership between Slovak company Pyronova and the Belgian Altebra Group across six jurisdictions.

“Our team assisted Altebra with its merger with Pyronova Group, forming a new European leader in active fire protection under the name Altenova,” said counsel Dominika Bajzáthová.

The transaction involved Pyronova and its subsidiaries in the Czech Republic, Hungary, Romania, Serbia, Slovakia, Germany and Ukraine. Pyronova Group is an international fire protection company headquartered in Bratislava, while Altebra Group is a market leader in active fire protection across Belgium, the Netherlands, France and Scandinavia.

Kinstellar’s offices in Bucharest and Bratislava jointly coordinated the project – the Bucharest office led due diligence, regulatory analysis, and related filings, while the Bratislava office led the SPA drafting and closing phases, Bajzáthová added.

The firm also advised the American company Honeywell on the sale of its Personal Protective Equipment business PIP for $1.325 billion. Honeywell is a US-based advanced-technology company producing aerospace and automotive products, control systems, speciality chemicals, plastics, and engineered materials. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners.

Completing the EPH transaction

Energetický a Průmyslový Holding (EPH) completed its acquisition of a 50-percent stake in Slovak Power Holding (SPH) from Italy’s Enel Produzione for €150 million. The deal marked the final step in a gradual acquisition process that began in 2015 and concluded in May 2025.

EPH now owns 100 percent of SPH, which holds a 66 percent stake in Slovenské Elektrárne, the electricity utility.

“Our advice covered the renegotiation of the original transaction documentation, shareholder loan agreements, acquisition documentation, and regulatory matters critical to the deal, as well as assistance with closing,” said Zoran Draškovič, partner at Hillbridges, which advised EPH.