The Romanian merger and acquisition market registered in the first semester of 122 transactions with a cumulative value of over 2.7 billion euros, increasing compared to the same period last year
George Ureche Photo: PWC Romania
The Romanian market for merger and acquisition registered in the first half of 2025 a total number of 122 announced transactions, worth over 2.7 billion euros, thus marking an increase of 6% in volume and 4% respectively compared to the similar period of last year. Despite this positive dynamic, the average value of a transaction was 2% lower than the value registered in the 1st 2024 semester, reaching 22.6 million euros. The small and medium-sized hills are still the main growth pillar of the local market for merger and acquisition, generating 90% of the total volume.
In the first half of the year, 12 transactions with values of over 40 million euros were announced, of which four exceeded the threshold of 100 million euros, including here the transaction of over 1 billion euros through which the Mideuropa Partners investment fund sold the private medical services network Regina Maria to the Finnish Mehiläinen group.
Of the total transactions announced, only 62% were completed, respectively 76 transactions that total a total value of 833 million euros. The largest transaction completed is the purchase of Artrom Steel Tubes by the Great Lakes Global Holdings, with a value of over 100 million euros.
From a sectoral point of view, the highest weights in the total value of transactions are generated by the health services sector, with over 1.1 billion euros, followed by Real Estate with over 630 million euros and the processing industry with over 300 million euros. These three sectors focused over 75% of the total value of transactions. At the opposite pole, the energy sector, which in 2024 was one of the market growth engines, recorded in this semester a significant decrease, reaching a value five times lower than the first semester of 2024, respectively 150 million euros. IT&C continued to lose ground, both in volume and value, continuing a tendency started since 2024.
Strategic investors have continued to remain the most active buyers in the Romanian transaction market, with 93 transactions announced by them (up 12% compared to the first semester of 2024), of which over 50% are already closed, but with an average value of the decreased transaction compared to last year. In contrast, private equity funds have registered a decrease in the number of transactions announced by 36% year/year, announcing 18 hills. However, their value increased five times, as a result of the two transactions of over 100 million euros (Queen Maria and Artrom Steel Tubes). This dynamic confirms the tendencies observed from the first quarter, when financial investors have begun to play a less pronounced role in the local market, as buyers.
Perspective for the rest of 2025
After the presidential elections in May, the Romanian merger and acquisition market seems to benefit from stabilizing the political context. Investors' interest remains high in sectors such as renewable energy, private health, logistics and food industry. Also, the consolidations in retail and financial services, as well as the interest for companies that can serve the defense sector, could generate new transaction opportunities in the second part of the year.
From the value perspective, the second semester is expected to exceed the level of last year as a result of the number of large transactions announced, but still unintentionally, including the purchase of the wine producer by the Maspex group, evaluated at about 170 million euros, the sale of the P3 logistics portfolio, as well as to the CTP, Mideuropa Partners to the CVC, through Mehiläinen Group.
Article supported by PWC Romania
