The Romanian mergers and acquisitions (M&A) market increased by 8.5% y/y by the number of deals, to 216 transactions, but contracted by 1.9% y/y to USD 5.4 billion by the estimated value in the first nine months of 2025, according to an EY analysis. Three outbound deals stood out in the third quarter of the year, one of which was the largest deal in the quarter, and the number of outbound deals increased by 10% to 89.
The value of reported transactions recorded a significant increase, advancing by 22.7% to USD 3.2 billion, driven by the CVC-backed acquisition of Regina Maria by Mehiläinen for USD 1.4 billion, Ziarul Financiar reported.
In Q3 alone, the M&A market value was USD 1.3 billion, slightly down from USD 1.4 billion in the same period last year.
Notably, the two largest deals in the quarter were both outbound, in a market dominated by inbound deals. Specifically, the largest transaction of the quarter was the acquisition of Praktiker Hellas by Paval Holding, for USD 151 million, from Fairfax Financial Holdings Limited, the Canadian investment and insurance group.
The second largest transaction in Q3 2025 was Premier Energy’s acquisition of 51% of a 158 MW wind farm portfolio in Hungary from Iberdrola (Spain) for USD 77 million. The portfolio includes 79 Gamesa turbines with an annual production of approximately 300,000 MWh.
Under the third-largest deal announced in Q3 was the sale of Napolact, along with two local production units, by FrieslandCampina to the largest agri-food company in Hungary, Bonafarm, for USD 76 million.
Strategic players continued to dominate the Romanian market, accounting for 86% of transaction volume. Financial investors increased their activity by almost 80% compared to the same period in 2024, with over a third of transactions involving multi-country acquisitions.
The most active sectors by deal volume in the first nine months of the year were Real Estate, Hospitality & Construction (45 deals) – traditionally a top sector, Technology, Media & Telecommunications and Health & Life Sciences (32 deals each), followed by Energy & Utilities (31) and Advanced Manufacturing & Mobility and Consumer Products & Retail (27 deals each). Notably, the Health & Life Sciences sector recorded strong momentum, with volume up 60% year-on-year, driven by increased activity in veterinary clinic acquisitions.
In terms of country of origin, the United States led with 15 transactions, closely followed by the United Kingdom with 14 transactions. The US maintained its historic leadership position, while the United Kingdom continued the momentum started in the first part of the year. Poland came next with 10 transactions, followed by Germany and France with 7 transactions each.
iulian@romania-insider.com
(Photo source: Vichaya Kiatyingangsulee/Dreamstime.com)
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