Deloitte: Romania solidifies second spot in CEE M&A markets

The M&A market in Romania saw impressive growth in 2024, solidifying its position as the second most active market in Central and Eastern Europe (CEE). Deloitte Romania’s analysis revealed that there were 151 transactions exceeding EUR 5 million, with a total estimated value ranging from EUR 5.7 billion to EUR 6.1 billion. Excluding the mega-deal in which PPC acquired Evryo Group’s renewable energy portfolio, the local market almost matched its record level from 2022, when there were 155 transactions valued at approximately EUR 5.2 billion, excluding two mega-transactions totaling EUR 1.7 billion.

Romania’s share of total transactions in the CEE region increased from 15% in 2023 to 17% in 2024, second only to Poland with 41%. This growth was significant compared to the Czech Republic at 13% and Hungary at 9%. The country also outpaced the CEE region, with an annual growth rate of 27% compared to the average of 9%.

Radu Dumitrescu, Deloitte Romania’s Advisory Partner-in-Charge, highlighted the positive trend in Romania’s M&A activity and the country’s proximity to the leading market, Poland. He emphasized the market’s maturity shown by an increase in high-value transactions, average transaction value, and the participation of local investors in deals. Looking ahead to 2025, Dumitrescu predicted a continuation of this mature market trend with potential mega-transactions.

The average transaction value in Romania in 2024, excluding mega-deals valued over EUR 500 million, rose to EUR 34 million from EUR 25 million in 2023. The real estate and construction sector emerged as the volume leader, 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%, surpassing real estate and construction (22%), consumer products (14%), and banking and industrial services (8%).

Strategic investors continued to drive the market, increasing their share from 87% in 2023 to 89% in 2024. Notably, Romanian investors accounted for 44% of these transactions, up from 29% in the previous year, representing 32% of the total market value, a significant jump from 9% in 2023. This shift signifies a maturing trend among local entrepreneurs, strengthening their market position through acquisitions.

Foreign strategic investors also played a significant role in Romania’s M&A activity in 2024, with Greek investors leading in transaction value at 13%, followed by British and Czech investors at 5% each, and Swiss investors at 4%. Noteworthy contributors in terms of deal volume included investors from the US (7%), Germany (5%), and the UK (4%).

Overall, Romania’s M&A market in 2024 reflected a growing trend of maturation and increased participation of both local and foreign investors, positioning the country as a key player in the CEE region.