Romania ranked as third in CEE for M&A deal volume in 2025.

The CEE M&A report by Forvis Mazars, in collaboration with Mergermarket, indicates that M&A activity in the CEE region fared well in 2025 in terms of disclosed deal value, despite a decrease in transaction volume due to geopolitical challenges and difficult global market conditions.

In 2025, the CEE region witnessed a total of 1,312 transactions, amounting to €42.5bn in combined value. Although there was a 9% decline in volume compared to the previous year, the deal value escalated by 36% from 2024.

Andrija Garofulić, CEE Financial Advisory Co-Lead and Partner at Forvis Mazars in the Adria subregion, stated, “2025 demonstrated steady progress as the total value of transactions revealed acquirers shifting focus towards premium assets. This trend was observed globally, indicating a dominance of large-cap deals in M&A markets worldwide.”

A notable trend in 2025 was the increase in intraregional M&A activity, with the share of value generated by inbound deals within CEE reaching its peak at 21% of aggregate value.

Reflecting on this trend, Răzvan Butucaru, Partner, Financial Services & Advisory Leader at Forvis Mazars in Romania, remarked on the growth of strategic and financial investors in CEE and their expanding operations across borders.

The private equity (PE) market in 2025 mirrored the wider M&A market, with the total value of PE acquisitions in CEE surpassing the previous year despite a decrease in volume. PE deals in 2025 amounted to €7.7bn, marking a 19% increase in value despite an 18% drop in volume.

Concerns about the impact of US trade tariffs on dealmaking in 2026 persist, with potential effects on trade diversion to Europe from China rather than the US. The interest rate environment remains favorable in the eurozone, and robust GDP growth in CEE compared to Western Europe bodes well for M&A in 2026.

Noteworthy findings from the report include the active M&A markets of Poland, Austria, Romania, and Lithuania in 2025. The technology sector led in inbound M&A deals, followed by industrials and energy. The CEE region also saw a rise in deal multiples, surpassing the rest of Europe.

Romania stood out as one of the preferred CEE markets for M&A investors, despite a decline in deal volume in 2025. The country demonstrated depth and resilience in its dealing landscape, marked by significant transactions such as the acquisition of Regina Maria by Mehiläinen. Technology and energy sectors thrived in 2025, with renewables gaining momentum, attracting investment interest.

Romania’s economic fundamentals, EU funding, and access to the Schengen area in 2025 strengthen its position for continued M&A activity in 2026. The report emphasizes Romania’s diversified sectors, mature private equity ecosystem, and regional strategic investors as factors contributing to its promising outlook for M&A in the coming year.