Top of foreign investors in Romania, by country of origin. What businesses they bought in 2025

The Romanian mergers and acquisitions (M&A) market registered positive dynamics in 2025, with the number of transactions increasing by 3% compared to the previous year, up to 275 operations, including the acquisition of the Regina Maria health network and part of Therme.

50% of Therme Horizon was bought by CVC Capital Partners in 2025. Photo Therme

“In 2025, the Romanian mergers and acquisitions market remained solid, even if it was a year marked by a difficult macroeconomic context, high inflation and political volatility. The mergers and acquisitions activity carried out by foreign investors had a remarkably positive evolution, coming to represent almost two thirds of the total volume of transactions, against the background of the increase in foreign acquisitions in the second half of the year. On the other hand, the acquisitions made by established local firms increased in the first half of the year, both through domestic transactions and the increased interest of domestic companies for business outside the country.The appetite of investors was also reflected by the announcement of some landmark transactions, such as the acquisition of the Regina Maria network by Mehiläinen, backed by CVC, and the acquisition of a 50% stake in the wellness destination Therme Horizon by CVC Capital Partners.

Together, these two transactions represented 54% of the total value of transactions with the value communicated in 2025, demonstrating CVC's confidence in the Romanian market. Looking ahead, we expect that M&A activity to maintain its favorable dynamics, supported by the improving macroeconomic outlook and the continued interest of investors in cross-border transactions“, said Iulia Bratu, Head of Lead Advisory, EY-Parthenon Romania.

The most attractive areas for investors

From a sectoral perspective, the most attractive areas for investors were Real Estate, Hospitality & Construction, which ranked first with 56 transactions (+2% in 2025 compared to the previous year), supported by increased interest in acquisitions from international investors. Notably, British real estate investment company M Core accounted for about a third of all inbound transactions in this sector.

Energy & Utilities came second with 41 deals, down 7% in 2025 from the previous year, despite a three-fold increase in oil and gas acquisitions to seven deals. In line with the positive trend observed globally in the M&A industry, Advanced Manufacturing & Mobility saw an 11% increase in 2025 compared to the previous year, reaching 41 deals, supported by deals in the mobility sub-sector, especially among car dealers.

Health & Life Sciences climbed to fourth place, from sixth in 2024, with a 30% increase in deal volume to 39th, driven largely by a 63% increase in veterinary clinic acquisitions. Activity in the Technology, Media & Telecommunications sector remained relatively flat with 39 deals, although the technology sub-sector was up 30%.

Biggest deals of the year

• Mid Europa's sale of Romania's Regina Maria Health Network and Serbia's MediGroup to Mehiläinen, Finland's largest private healthcare provider, backed by CVC, in a transaction valued at approximately USD 1.4 billion for its Romanian operations. EY assisted CVC in the transaction.
• CVC Capital Partners' acquisition of a 50% stake in Therme Horizon, valued at approximately USD 575 million, in a joint venture uniting Therme Bucharest and Therme Erding, two of the most visited wellness destinations in Europe, with a cumulative annual number of approximately 3.5 million visitors. EY assisted CVC in the transaction.
• Engie's acquisition of a 253 MW wind project in Ialomita County from Greenvolt, a Portuguese producer of energy from residual forest biomass, for USD 554 million. The project represents one of the largest wind farms in Romania and benefits from long-term revenue visibility through a Contracts for Difference (CfD) support scheme.

Top of foreign investors in Romania, by country of origin

The most active investors by country of origin were those from the UK, with 13% of transactions, surpassing the US (12%) for the first time. Poland (8%), Germany (7%) and France (6%) were in the following positions. For the second consecutive year, Poland ranked in the top five investors, ahead of France and Germany. Sector activity varied by investor country of origin, with UK investors focused on real estate, US and German investors on advanced manufacturing and mobility, Poland on healthcare and France on technology.