Romania’s mergers and acquisitions (M&A) market recorded one of its strongest performances in the past five years in 2024, according to an analysis by Deloitte Romania. A total of 151 transactions exceeding €5 million were registered, with an estimated total value between €5.7 and €6.1 billion—or €5.2 billion excluding the landmark PPC-Evryo Group renewable energy deal. This marks a near return to the record level of 2022, when 155 transactions were recorded with an estimated total value of €5.2 billion, excluding two major deals worth €1.7 billion.
This surge in deal activity reinforces 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. The country’s share of the region’s total transaction volume increased from 15% in 2023 to 17% in 2024, trailing only Poland (41%, down from 44% in 2023) and ahead of the Czech Republic (13%) and Hungary (9%). Notably, Romania registered 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. 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.
M&A Trends: Sector Growth and Investor Landscape
Excluding mega-transactions (deals over €500 million), the average transaction value in 2024 stood at €34 million, a significant increase from €25 million in 2023.
- Top Sectors by Transaction Volume:
- Real Estate & Construction – 28%
- Energy – 18%
- Consumer Products – 13%
- Industrial Products & Services – 10%
- Technology – 7%
- Top Sectors by Transaction Value:
- Energy – 34% of total market value
- Real Estate & Construction – 22%
- Consumer Products – 14%
- Banking & Securities and Industrial Products & Services – 8% each
Strategic investors remained dominant in 2024, increasing their share of the total transaction volume from 87% in 2023 to 89%. Romanian investors played a notably stronger role, accounting for 44% of strategic deals, a substantial jump from 29% the previous year. The value of transactions involving Romanian investors rose to 32% of total market value, compared to just 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, Advisory Partner-in-Charge, Deloitte Romania.
Among foreign strategic investors, Greek investors led in total deal value (13% of the market), followed by investors from the UK (5%), Czech Republic (5%), and Switzerland (4%). In terms of transaction volume, investors from the US (7%), Germany (5%), and UK (4%) were among the most active.
