Romania's mergers and acquisitions (M&A) market maintained strong momentum in 2024, securing its position as the second most active in Central and Eastern Europe (CEE), according to an analysis by Deloitte Romania.

With 151 transactions of over EUR 5 million, whose total estimated value is between EUR 5.7 and 6.1 billion and EUR 5.2 billion, without the mega-deal 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 roughly EUR 5.2 billion (excluding the two mega-transactions in 2022, which totaled EUR 1.7 billion), the same source said.

Romania’s share of total transactions in the CEE region rose from 15% in 2023 to 17%, trailing only Poland, which led with 41%, down from 44% the previous year. The Czech Republic and Hungary followed, accounting for 13% and 9% of deals, respectively.

Romania also posted the highest annual growth rate in the region, at 27%, compared to the CEE average of 9%.

“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,” said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

“For 2025, we expect an evolution in the same direction of market maturation and one or two mega-transactions,” he added.

The average transaction value in 2024, excluding mega-deals over EUR 500 million, was EUR 34 million, up from EUR 25 million in 2023.

The real estate and construction sector led in deal volume, accounting for 28% of transactions, followed by energy (18%), consumer products (13%), industrial products and services (10%), and technology (7%). In terms of transaction value, the energy sector dominated with 34% of the total market, ahead of real estate and construction (22%), consumer products (14%), and banking and industrial services (8% each).

Strategic investors remained the primary drivers of the market, increasing their share from 87% in 2023 to 89% in 2024. Notably, Romanian investors accounted for 44% of these transactions, a sharp rise from 29% the previous year. Their deals represented 32% of the total market value, a significant jump from 9% in 2023.

“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.

Among foreign strategic investors, Greek investors led in transaction value, accounting for 13% of Romania’s M&A market in 2024, followed by British and Czech investors (5% each) and Swiss investors (4%). In terms of deal volume, investors from the US (7%), Germany (5%), and the UK (4%) were also notable players.

irina.marica@romania-insider.com

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