The Romanian mergers and acquisitions market registered a total of 122 announced transactions in the first half of 2025, with a value exceeding EUR 2.7 billion, marking a slight increase of 6% in volume and 4% in value compared to the same period last year, according to an analysis by George Ureche, partner at PwC Romania.
Nevertheless, the average transaction value was 2% lower compared to the value recorded in the first half of 2024, reaching EUR 22.6 million.
Small and medium-sized deals continue to be the main growth driver of the local M&A market, generating 90% of total volume.
In the first half of the year, 12 transactions with values exceeding EUR 40 million were announced, of which four surpassed the EUR 100 million threshold, including the transaction of over EUR 1 billion through which the investment fund MidEuropa Partners sold the private healthcare network Regina Maria to the Finnish group Mehiläinen.
Of the total announced transactions, only 62% were closed, specifically 76 transactions totaling a value of EUR 833 million.
The largest completed transaction is the acquisition of Artrom Steel Tubes by Great Lakes Global Holdings, valued at over EUR 100 million.
Overall, the largest shares in total transaction value were generated by the healthcare services sector, with over EUR 1.1 billion, followed by real estate with over EUR 630 million, and the manufacturing industry with over EUR 300 million, the PwC expert said. These three sectors accounted for more than 75% of the total transaction value.
At the opposite end, the energy sector, which in 2024 was one of the market’s growth drivers, registered a significant decline this semester, reaching a value five times lower than the first semester of 2024, namely EUR 150 million. IT&C continued to lose ground, both in volume and value, continuing the trend started in 2024.
Strategic investors remained the most active buyers in the Romanian transaction market, with 93 announced transactions (up 12% compared to the first half of 2024), of which over 50% are already closed, though with a lower average transaction value compared to last year.
On the other hand, private equity funds registered a 36% year-over-year decrease in the number of announced transactions, with 18 deals. However, their total value increased fivefold, as a result of two transactions exceeding EUR 100 million (Regina Maria and Artrom Steel Tubes).
Following the presidential elections in May, the Romanian M&A market appears to benefit from a stabilization of the political context. Investor interest remains high in sectors such as renewable energy, private healthcare services, logistics, and the food industry. In terms of value, the second semester is expected to exceed last year’s level due to the number of large transactions announced but not yet closed.
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