Romania’s M&A Market Reaches One of Its Highest Levels in the Last Five Years, According to Deloitte Romania

The mergers and acquisitions (M&A) market in Romania recorded one of its highest activity levels in the past five years in 2024, according to an analysis by Deloitte Romania.

With 151 transactions exceeding €5 million each, totaling an estimated €5.7 to €6.1 billion (or €5.2 billion excluding the mega-deal in which PPC acquired Evryo Group’s renewable energy portfolio), the local M&A market in 2024 came close to the record set in 2022, when 155 transactions were recorded with a total estimated value of approximately €5.2 billion (excluding the two mega-deals in 2022 worth a combined €1.7 billion).

This level of activity consolidates Romania’s position as the second most active M&A market in Central and Eastern Europe (CEE), according to Mergermarket data analyzed by Deloitte Romania.

Romania’s share of the region’s total number of transactions rose from 15% in 2023 to 17% in 2024, ranking behind only Poland (41%, down from 44% in 2023) and ahead of the Czech Republic (13%) and Hungary (9%). Romania also recorded the highest annual growth rate in the region, at 27% compared to 2023, while the CEE regional average stood at 9% in 2024.

"The sustained growth pace of M&A activity in Romania during 2024 strengthens the country’s position in the region and narrows the gap with the leader, Poland. We also notice a maturing trend in the local market, evident in the rising number of high-value deals, the increase in average transaction values, and the growing share of local investors in the total deal count. For 2025, we expect this maturation trend to continue and anticipate one or two mega-deals," said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Market Trends and Sector Insights

Excluding mega-deals (transactions exceeding €500 million), the average transaction value in Romania was €34 million in 2024, compared to €25 million in 2023.

The real estate and construction sector remained the most active in terms of deal volume, accounting for 28% of all transactions in 2024, followed by the energy sector (18%), consumer goods (13%), industrial products and services (10%), and technology (7%).

From a value perspective, the energy sector led the market with 34% of the total, followed by real estate and construction (22%), consumer goods (14%), and both banking & securities and industrial products and services (each with 8%).

The Rise of Local Strategic Investors

Strategic investors continued to dominate the Romanian M&A market in 2024, accounting for 89% of all transactions, up from 87% in 2023. Of these, 44% were Romanian investors, a significant increase compared to 29% in the previous year. Deals involving local strategic investors represented 32% of the market value, up from 9% in 2023.

"It is remarkable that Romanian strategic investors accounted for nearly half of all strategic deals and almost a third of the total value, signaling a growing maturity among local entrepreneurial businesses, which are now consolidating their market positions through acquisitions," added Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

International Investors

Among foreign strategic investors, Greek investors allocated the largest amounts, representing 13% of the Romanian M&A market’s value in 2024, followed by British (5%), Czech (5%), and Swiss investors (4%). In terms of transaction volume, notable activity came from investors based in the United States (7%), Germany (5%), and the United Kingdom (4%).

Deloitte’s Multidisciplinary M&A Practice

Deloitte Romania coordinates a multidisciplinary M&A practice with a holistic approach, integrating services such as M&A Strategy, Corporate Finance, Due Diligence, Post-Merger Integration, Tax Advisory, and Legal Advisory. This enables Deloitte’s professional teams to cover all key aspects of a transaction.