Deloitte: Romania consolidates its second position among the M&A markets in Central and Eastern Europe

The mergers and acquisitions (M&A) market in Romania recorded one of the highest levels in the last five years in 2024, according to an analysis conducted by Deloitte Romania. With 151 transactions of over 5 million euros, whose total estimated value is between 5.7 and 6.1 billion euros and 5.2 billion euros, without the mega-transaction through which PPC took over the renewable energy portfolio from Evryo Group, the local market last year approached the record level of 2022, when there were 155 transactions with an estimated total value of approximately 5.2 billion euros (excluding the two mega-transactions in 2022, which totaled 1.7 billion euros).

This level of activity consolidates Romania’s second position in the top of the most active M&A markets in the Central and Eastern Europe (CEE) region, according to Mergermarket data analyzed by Deloitte Romania. Our country’s share in the total number of transactions registered in the region increased from 15 percent (in 2023) to 17 percent, being surpassed only by Poland (41 percent, down from 44 percent in 2023) and followed by the Czech Republic (13 percent) and Hungary (9 percent). Compared to 2023, the number of transactions in Romania had the highest annual growth rate in the region, of 27 percent. For comparison, the average annual growth in CEE was 9 percent in 2024.

“The sustained growth rate of the M&A activity in Romania in 2024 strengthens our country’s position in the region, narrowing the gap from the leader, Poland. It is also worth noting the maturing trend of the local market, visible in the increase in the number of high-value transactions, in the average value of transactions, as well as in the share of local investors involved in transactions. For 2025, we expect an evolution in the same direction of market maturation and one or two mega-transactions”, said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Excluding the mega-transactions (with values of more than 500 million euros), the average transaction value was 34 million euros in 2024, compared to 25 million euros in 2023.

The sector in which the most transactions were recorded in 2024 in Romania remains real estate and construction (28 percent). This is followed by energy (18 percent), consumer products (13 percent), industrial products and services (10 percent) and technology (7 percent). In terms of value, the energy sector is the leader, with 34 percent of the total market, followed by real estate and construction (22 percent), consumer products (14 percent), banking services and securities and industrial products and services (8 percent each).

Strategic investors continued to dominate the market in 2024, with a share increasing slightly from 87 percent (in 2023) to 89 percent of the total number of transactions. Of these, 44 percent were Romanians, a significant increase compared to the previous year (29 percent), and the transactions in which they were involved represent 32 percent of the market value, again, a considerable advance compared to 9 percent in the previous year.

“It is remarkable that Romanian strategic investors involved in M&A processes in 2024 represent almost half of the total number and almost a third of the total value of transactions with strategic investors, which indicates a maturing trend of local entrepreneurial businesses, which are now strengthening their market position through acquisitions,” added Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Among foreign strategic investors, those from Greece invested the largest amounts (13 percent of the value of the local market in 2024), followed by the British (5 percent), Czechs (5 percent) and Swiss (4 percent). When it comes to the number of transactions in which they were involved, investors from the US (7 percent of the market volume), Germany (5 percent) and UK (4 percent) also stand out.