Romania\u2019s M&A market recorded its best quarter in two years in Q1 of 2026, reaching a cumulative value of EUR 2.9 billion, three times higher than the first three months of last year, according to an analysis by PwC Romania.<\/p>\n
Data from the first quarter of 2026 indicates a revival of activity in the Romanian mergers and acquisitions market, not only in terms of value but also in the number of announced transactions. The 77 announced deals, with a total value of EUR 2.9 billion, represent a 38% increase in volume and a threefold increase in value compared to the same period last year.<\/p>\n
This growth was driven by four significant transactions, each exceeding EUR 100 million, which generated over 60% of the total market value. These were the acquisition of Carrefour Romania by the Pav\u0103l brothers (EUR 821 million), the acquisition of Garanti BBVA Romania by Raiffeisen Bank (EUR 591 million), the global merger of American spice producer McCormick with Unilever\u2019s food division (EUR 56 billion for Unilever and EUR 200 million in terms of turnover for the local market), and the acquisition of SAI Patria Asset Management by BRD Asset Management.<\/p>\n
In terms of market dynamics by transaction size, medium-sized deals (EUR 40\u2013100 million) recorded an increase in both volume and value compared to the first quarter of 2025. The 10 transactions in this segment (+66% year-on-year) had an average value of EUR 59 million (+39% year-on-year).<\/p>\n
Small-value deals (under EUR 40 million) also continued to grow in volume, reaching 65 transactions (+33% year-on-year), but marked a slight decrease in average value to EUR 6.6 million (compared to EUR 6.7 million in the first quarter of last year).\u00a0<\/p>\n
From a sectoral perspective, in terms of value, the M&A market was dominated by transactions in retail (30% of the total) and financial services (26% of the total), while in terms of volume, the most active sectors were real estate (19 transactions), energy (14 transactions), and industry (10 transactions). Conversely, sectors such as IT&C and healthcare services recorded a decrease in volume but an increase in value compared to the same period last year.<\/p>\n
The number of closed transactions rose in the first part of 2026 to 39, compared to 32 in the same period the previous year, but their share in the total volume of transactions dropped to 50%, from 57% in the first quarter of 2025.<\/p>\n
\u201cA large part of this decline is due to the increasing complexity of transactions in the market, many of which have a relevant impact on the competitive structure of the sectors in which they occur, leading to longer analysis periods by the Competition Council and\/or the Commission for the Examination of Foreign Direct Investments,\u201d said Marina Pavel, M&A Director at PwC Romania.\u00a0<\/p>\n
\u201cThe revival of activity in the local M&A market at the beginning of this year is clearly visible. 2025 was filled with events that postponed buy or sell decisions, and that naturally generated an investment tension that strongly manifested in the first quarter of this year when we witnessed a significant number of announced transactions. Sustaining this recovery pace throughout 2026 depends significantly on the macroeconomic context and political stability,\u201d stated George Ureche, Transactions Partner at PwC Romania.<\/p>\n
The completion of the sale of Lukoil\u2019s assets to Carlyle, the relaunch of the Liberty Gala\u021bi tender, and the acquisition of Azomure\u0219 by Romgaz are three of the most anticipated announcements in the market, with significant potential to reshape the 2026 statistics.<\/p>\n
From a supply perspective, new sectors such as infrastructure, veterinary clinics, and defense industry products and services may become relevant for the M&A market, alongside consistently active sectors like healthcare, energy, and consumer goods, according to PwC.<\/p>\n