Romanian M&A market in 2024: Real estate, hospitality, and construction sectors lead
The market for mergers and acquisitions (M&A) in Romania demonstrated considerable activity during 2024, with 265 transactions valued at an estimated 6.6 billion USD. This accounts for a 10% increase in the number of deals compared to 2023, although there was a slight decrease in the total value of transactions, which stood at 7.1 billion USD the previous year. EY Romania’s analysis reveals that the disclosed value of transactions saw a significant increase by 40.7% in 2024, reaching 2.9 billion USD, excluding mega-deals such as the Enel Romania and Profi Rom Food acquisitions. Surprisingly, almost three-quarters of the transactions in 2024, amounting to 74.7%, did not disclose their deal value, surpassing the historical average of approximately 65% since 2018, marking one of the lowest levels of transparency in Central and Eastern Europe (CEE) markets.
Despite initial sluggishness, the global M&A market experienced a rebound in 2024, with a 12% year-on-year increase in deal value. European M&A also saw growth at 13%. Romania demonstrated a robust performance with a 10% increase in deal volume compared to Europe’s 5% uptick. With growing confidence and a reinvigorated appetite for deals, 2025 is expected to show an acceleration in M&A activity. Strategic investors held a strong position in Romania’s M&A landscape in 2024, accounting for 91.3% of transaction volume and dominating the market for a record sixth year. Domestic transactions slightly fell to 113, while inbound foreign deals surged by 26.9%, reinforcing Romania’s status as a prominent M&A destination in the region.
The real estate, hospitality, and construction sector emerged as the most active by deal volume, representing 18.5% of transactions, followed by energy and utilities at 16.6%, and advanced manufacturing and mobility at 15.5%. The energy sector displayed remarkable growth of 51.7% in deal volume due to investments in renewable energy. Technology, media, and telecommunications sectors experienced an increase in deal volume of 55.6% within the media sub-sector. Consumer products and retail also saw a rise, particularly in the beverage sub-sector with a 267% growth in 2024.
Key transactions in 2024 included the sale of a renewable energy portfolio, the acquisition of OTP Bank’s operations in Romania, and the sale of an onshore wind project, further demonstrating the attractiveness of Romania for investment. The average transaction size in 2024 reverted to levels seen in 2021, standing at 42 million USD. In terms of investor origin, the United States led with 13.6% of inbound deals, followed by Poland at 8.3%, a notable first in the ranking, and France, Austria, and Germany at 7.6% each. The Romanian M&A market is expected to sustain its momentum in the coming years, fueled by strong fundamentals and growing investor interest.
