Romanian mergers and acquisitions (M&A) market recorded robust activity in 2024, recording 265 deals with an estimated value of USD 6.6 billion. This indicates a 10% increase in the number of deals compared to the estimated value in 2023 (241 deals) and a 5.9% decrease in the estimated value (USD 7.1 billion in 2023). The value of disclosed deals increased by 40.7% (USD 2.9 billion in 2024, compared to USD 2.1 billion in 2023), excluding last year’s mega-deals, namely the acquisitions of Enel Romania (USD 1.3 billion) and Profi Rom Food (USD 1.4 billion), according to EY.

The deal value was not disclosed for almost three quarters (74.7%) of all deals announced in 2024 (198 deals), well above the historical average of around 65% in 2018 – this is one of the lowest levels of transparency seen in CEE markets.

Although it did not reach the anticipated level due to a slower start to the year, the global M&A market recovered in 2024, recording a 12% year-on-year increase in deal value, while the value of deals at the European level increased by 13%. Dealmakers had to balance the downside of a slower-than-expected global economic recovery amid ongoing geopolitical tensions and regulatory constraints with the upside of reduced macroeconomic uncertainty, lower inflation, a lower interest rate regime and narrowing valuation spreads in 2024. Romania continued to be a top performer in 2024, with deal volumes up 10%, compared to 5% in Europe. With renewed confidence and a growing appetite for deals, activity is expected to accelerate in 2025.

Strategic investors maintained their dominance of the local M&A market in 2024, accounting for 91.3% of deal volumes and marking the highest market share in the last six years. Domestic deals fell marginally to 113, from 120 in 2023, while foreign deals increased by 26.9% year-on-year to 132, highlighting Romania as a top destination for M&A in the Central and Eastern Europe region. Despite the lower share of total activity, foreign deals increased by 54.5%, to 17 deals, the highest number since 2018, demonstrating the resilience of Romanian investors in cross-border deals.

The most active sectors by deal volume were Real Estate, Hospitality & Construction (18.5% of deal volume), followed by Energy & Utilities (16.6%), Advanced Manufacturing & Mobility (15.5%), Technology, Media & Telecommunications (15.1%) and Consumer Goods & Retail (14.7%).

Real estate, hospitality and construction, a traditional top M&A sector, saw a 19.5% increase in 2024, with deal volume increasing to 49. In line with global patterns, the energy and utilities sector saw a 51.7% year-on-year increase, fueled by a doubling of deal volume to 38 deals (up from 19 in 2023) in the renewable energy sub-sector. This growth highlights Romania’s emergence as a leading destination for renewable energy investments, supported by its rich natural resources and alignment with EU policy commitments. Advanced manufacturing and mobility maintained its position in third place, with 41 deals, with the logistics sub-sector recording a 20% increase in deal volumes, reaching 12 deals. Technology, media and telecommunications ranked fourth, holding steady at 40 deals, fueled by a 55.6% increase in the media sub-sector. Supported by resilient private consumption, consumer products and retail ranked fifth, growing by a modest 5.4%, with the beverages sub-sector registering an impressive 267% growth in 2024.

 Biggest deals of the year

• Sale of a 629 MW renewable energy portfolio by Evryo Group (formerly CEZ Romania) to Public Power Corporation (PPC), Greece’s leading power company, for USD 768 million.
• Acquisition of the Romanian operations of Hungary-based OTP Bank by Banca Transilvania, the country’s largest bank, for USD 375 million.
• The sale of a 99 MW onshore wind project by Sweden-based OX2 for approximately USD 234 million to Nala Renewables, a joint venture between Australia’s IFM Investors and Trafigura, one of the world’s largest commodities providers. EY’s multidisciplinary and cross-border team supported OX2 in its first transaction in Romania, providing full M&A sell-side advice.

In 2024, the average deal size returned to 2021 levels at $42 million, reflecting solid market fundamentals. Ultimately, the most active investors by country of origin came from the United States (13.6% of inbound deals), followed by Poland (8.3%, second for the first time) and France, Austria and Germany (7.6% each).