The Romanian mergers and acquisitions (M&A) market recorded one of its highest levels in five years in 2024, according to an analysis conducted by Deloitte Romania. With 151 transactions of over 5 million euros, with a total estimated value of between 5.7 and 6.1 billion euros and 5.2 billion euros, excluding the mega-transaction through which PPC took over the renewable energy portfolio from Evryo Group, the local market in this field came close last year to the record level of 2022, when 155 transactions were recorded with a total estimated 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% (in 2023) to 17%, being surpassed only by Poland (41%, down from 44%, in 2023) and followed by the Czech Republic (13%) and Hungary (9%). Compared to 2023, the number of transactions in Romania had the highest annual growth rate in the region, of 27%. For comparison, the average annual growth in CEE was 9% in 2024.
“The sustained pace of growth in M&A activity in Romania in 2024 consolidates our country’s position in the region, narrowing the gap with the leader, Poland. It is also worth noting the trend of maturation of the local market in this field, visible in the increase in the number of high-value transactions, the average transaction value, as well as the share of local investors in total transactions. For 2025, we expect an evolution in the same direction of market maturation and one or two mega-transactions”, said Radu Dumitrescu, Advisory Coordinating Partner, Deloitte Romania.
Excluding mega-transactions (transactions over 500 million euros), the average value of a transaction was 34 million euros in 2024, compared to 25 million in 2023.
The sector in which the most transactions were recorded in 2024 in Romania remains real estate and construction (28%). This is followed by energy (18%), consumer products (13%), industrial products and services (10%) and technology (7%). In terms of value, the energy sector leads, with 34% of the total market, followed by real estate and construction (22%), consumer products (14%), banking and securities, and industrial products and services (8% each).
Strategic investors continued to dominate the market in 2024, their share increasing slightly from 87% (in 2023) to 89% of the total number of transactions. Of these, 44% were Romanian, a significant increase compared to the previous year (29%), and the transactions in which they were involved represent 32% of the market value, again, a considerable advance compared to 9% in the previous year.
“It is remarkable that Romanian strategic investors involved in mergers and acquisitions 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 trend of maturation of local entrepreneurial businesses, which are now consolidating their market position through acquisitions,” added Radu Dumitrescu, Advisory Coordinating Partner, Deloitte Romania.
Among foreign strategic investors, those from Greece invested the largest amounts (13% of the local market value in 2024), followed by the British (5%), the Czechs (5%) and the Swiss (4%). Depending on the number of transactions in which they were involved, investors from the USA (7% of the market volume), Germany (5%) and the UK (4%) also stand out.