PwC Annual M&A Conference 2026: In an increasingly selective market, rigorous exit preparation is no longer optional

In a constantly changing market, where macroeconomic volatility, geopolitical risks and accelerated technological transformations have become the norm, preparing for an exit is no longer optional, but an essential condition for success. The year 2025 proved this: it was the year of megadeals and successful exits on the Romanian market, a year in which private equity funds actively invested and in which well-prepared companies attracted solid valuations and competition among buyers, according to the participants of the PwC Romania M&A 2026 Annual Conference.

The developments and prospects of the M&A market in Romania were discussed by Dinu Bumbăcea, Partner and Leader of the business consulting department of PwC Romania, George Ureche, Partner PwC Romania, Cornelia Bumbăcea, Partner PwC Romania, Anda Rojanschi, Partner D&B David si Baias, Andreea Bistriceanu, Director PwC Romania, Claudiu Simionescu, Director PwC Romania, and their guests Laurențiu Ispir, Partner Booster Capital, Voicu Oprean, CEO and Founder AROBS, Lăcrămioara Deaconu, Country Manager OX2 Capital Romania, Bogdan Bunea, Principal MidEuropa Partners, Ana-Maria Pascu, M&A Director Regina Maria, Simona Gemeneanu, Co-Founder Morphosis Capital, and Cornel Marian, Partner Oresa Ventures.

The recording of the conference can be seen here:

Key statements:

Cornelia Bumbăcea, Partner Deals, PwC Romania

The year 2025 was a reference year for the M&A market in Romania. It was the year of megadeals and successful exits, a year in which private equity and venture capital funds continued to invest actively, partially spending the approximately 250 million euros attracted in the record year 2024 and attracting, in parallel, new funds of approximately 180 million euros intended exclusively for investments in Romania.

For PwC, 2025 was a year of excellence. Specifically, our integrated PwC/D&B teams have been involved in over 30 signed or completed transactions — 20 with strategic investors and 10 with private equity funds, including 6 successful exits, including megadeals of the year. We are currently engaged in 11 other deals in the pipeline and 10 more in the early stages. Of course, not all deals go through: of the more than 60 we were involved in last year, some have been signed, some are ongoing, and some have been delayed or cancelled—the natural reality of a complex market.

Our approach is built as an integrated one-stop-shop platform, bringing together more than 80 professionals from multiple disciplines—financial, commercial, operational, tax, legal and regulatory—who collaborate effectively at every stage of the transaction, from inception to completion and post-transaction integration.

Anda Rojanschi, Partner D&B David and Baias

In a market where change is continuous, exit preparation is no longer optional, but the sine qua non of a successful exit. M&A transactions today take place in a volatile macroeconomic environment, marked by geopolitical risks, accelerating technological transformations and increasingly complex regulations — from artificial intelligence and cyber security to tax. In this context, buyers are much more selective: an unprepared business immediately loses credibility, while well-prepared companies attract solid valuations and competition among buyers. Preparation thus becomes a real competitive advantage: it generates confidence for investors, creates additional value for sellers, enables early addressing of risks and ensures an efficient process that capitalizes on market timing.

From the perspective of transaction typology, both strategic investors and private equity funds maintained a solid investment pace, with strategic investors dominating as the main category of acquirers in PE exits. Exit models have diversified – from full to partial exits, with reinvestment or co-investment – ​​and the holding period varies significantly, most being between 6 and 12 years. At the same time, the transaction processes were influenced by the procedures of the Competition Council, both from the perspective of the control of economic concentrations and the control of foreign investments, with an impact on the duration and mechanism of the completion of transactions.

Andreea Bistriceanu, Director of PwC Romania

In a complex business context, both local and global, the discussion is no longer only if we prepare an exit, but why, when and who prepares it. Preparing for an exit — what we call Exit Readiness — should never be a simple set of documents gathered on the last hundred meters before starting an M&A process. When we talk about preparing an exit, we are actually talking about the ability of a business to inspire trust and credibility, to attract serious investors and to demonstrate that the company's future is sustainable and attractive. Investors don't just buy the assets of a company, they buy the confidence that the business will perform and grow even after the transaction.

The preparation is built on three essential pillars: the financial-strategic pillar, i.e. a coherent financial narrative, with clear historical results and a business plan that concretely demonstrates where it comes from and how growth is sustained; the structural pillar, which includes complete information and documents, a well-defined transaction perimeter and careful management of all stakeholders; and the operational pillar, namely discipline in execution, governance and process scalability, which show investors a business built on solid mechanisms, not on improvisation. Together, these elements reduce perceived risks and maximize sellers' chances for a quick, orderly exit and an attractive commercial offer.

Claudiu Simionescu, Director of PwC Romania

Exit is not the responsibility of a single person, but a team game, where each role directly influences the final outcome. Everything starts with the shareholders, those who set the direction and objectives, decide the time and the type of transaction pursued. Management explains past performance and sustainability of growth ambitions. Investors — either strategic or financial — bring an external perspective, compare the business with market benchmarks and map out what needs to be consolidated to maximize value, and consultants structure the process, manage risks and coordinate the preparation of the due diligence process and transactional documentation. When all these roles are aligned, the exit becomes not only possible, but optimal. Success comes from consistency and collaboration.”

Article supported by PwC Romania