Mergers and acquisitions in Romania recorded deals worth 2.7 billion Euros during the first half of 2025
The Romanian mergers and acquisitions (M&A) market experienced a modest but notable increase in the first half of 2025, with 122 transactions totalling over €2.7 billion, according to PwC Romania. This represents a 6% rise in transaction volume and a 4% growth in deal value compared to H1 2024.
### Sector Analysis
The real estate sector remains prominent, with significant activities such as NE Property BV securing a €190 million sustainability-linked credit facility and several new residential developments starting in Q4 2025 in cities like Iași and Bucharest. The retail sector saw continued growth, with Romanians spending approximately €40 billion in large retail chains last year, though this growth has cooled compared to previous years.
The energy and infrastructure segment witnessed notable deals, including Simtel Team landing a €34 million contract for energy storage. The financial sector showed strength, with Banca Transilvania completing a significant RON 1.5 billion (€301.7 million) sustainable bond issue.
### Notable Deals
Some of the most significant deals include Pluxee's acquisition of MyBenefits, which underscores an active market in employee benefits and engagement solutions. PLG Group's full acquisition of ticketing platforms such as Bilete.ro, Entertix.ro, and Myticket.ro highlights consolidation trends in the entertainment sector. The sustainable bond market’s growth and large credit facilities in real estate reflect increasing investor interest in ESG-linked financing.
### Future Expectations
Despite the positive start, experts forecast a slowdown in the construction sector in H2 2025, which may temper M&A activity related to real estate development. An expected rise in mortgage interest rates could impact financing conditions for residential property acquisitions. Inflationary pressures, predicted to overshoot 7% due to recent fiscal measures, might introduce caution among investors.
Globally, while M&A volumes are declining, deal values are up, with strategic reallocations to higher-growth or accessible markets. Romania’s market growth bucks the global trend of volume decline, signaling localized resilience and attractiveness.
Some of the largest completed transactions include the acquisition of Artrom Steel Tubes by Great Lakes Global Holdings, worth over EUR 100 million, and the sale of the private healthcare network Regina Maria by MidEuropa Partners to the Finnish group Mehiläinen, which involved a transaction over EUR 1 billion.
It's worth noting that small and medium-sized deals account for 90% of the total volume in the local M&A market, and over 50% of the strategic investor transactions are already closed, though with a lower average transaction value compared to last year. The healthcare services sector generated the largest shares in total transaction value, with over EUR 1.1 billion, while the energy sector registered a significant decline, reaching a value of EUR 150 million.
In summary, the H1 2025 increase in Romanian M&A activity is driven by diverse sectors including real estate, retail, energy, and financial services, marked by both domestic investments and strategic acquisitions. Going forward, economic factors like inflation and rising interest rates, alongside sector-specific slowdowns, may influence the pace and nature of deal-making in the remainder of 2025.
[1] PwC Romania, H1 2025 M&A Report (2025) [2] ZF.ro, Romania's M&A Market in H1 2025: Key Trends and Notable Deals (2025) [3] Business Review, Romanian M&A Market in Q2 2025: Sector Analysis and Future Expectations (2025) [4] Mergermarket, Global M&A Market Analysis: H1 2025 (2025)
The financial sector, in alignment with the business world, demonstrated strength, as exemplified by Banca Transilvania's significant RON 1.5 billion (€301.7 million) sustainable bond issue. Furthermore, various sectors, such as real estate, retail, energy, and finance, saw active mergers and acquisitions (M&A) deals, contributing to a 6% rise in transaction volume and a 4% growth in deal value compared to H1 2024.
