Romanian M&A evolution during 2025

·         Total value of transactions estimated at USD 6.7bn in 2025

·         Real Estate, Hospitality & Construction remained the most active sector by deal volume for a third consecutive year

·         The United Kingdom ranked first among inbound investor countries surpassing the US

Romanian mergers and acquisitions (M&A) saw sustained activity in 2025, with deal volumes increasing by 3% year-on-year (YoY) to 275 transactions[1]. Transparency remained limited, as approximately 70% of deals (192) lacked disclosed transaction values, a consistent trend since 2022. Despite this, the value of disclosed transactions rose by 18% YoY to USD 3.7bn, driven by three deals with a combined value of USD 2.5bn, including the USD 1.4bn acquisition of the Regina Maria healthcare network. However, the estimated total value of Romanian M&A remained broadly stable at USD 6.7bn[2], as the average value of transactions between USD 5-100m fell by 17% YoY to USD 19m.

Building on the momentum seen in 2024, the value of global M&A picked up significantly in 2025, recording a 49% YoY increase, while the value of European M&A rose by 23%. This acceleration was supported by rising investor appetite for mega-deals, increased private equity activity, strategic focus on scale and corporate clarity. Despite the rise in the value of global M&A, the number of transactions fell by 3% globally and 1% in Europe during this period. In this context, Romanian M&A activity showed a more positive trend, increasing by 3%, demonstrating the country’s attractiveness for dealmakers.

The increase in the announced value of Romanian M&A broadly tracked the European trend, driven by the three largest transactions each valued at over USD 500m, implying confidence of foreign investors to deploy larger amounts of capital to Romania. However, the fall in the average value of deals, which was mainly driven by domestic activity, combined with lower domestic and outbound activity in H2 2025, implies lower confidence of Romanian dealmakers.

Romanian M&A was a tale of two-halves in 2025, with domestic (+9% YoY) and outbound (+22%) deal activity seeing positive dynamics in the first half of the year, while inbound transactions increased more modestly (+3%). However, Romanian dealmakers appear to have had lower confidence after the change in government, with domestic (-21% YoY) and outbound (-38%) M&A activity falling sharply, compared to increased foreign (+16%) investor appetite.

As a result, Romanian M&A actually decelerated in the second half of 2025 (-4% YoY). Overall, 2025 saw a 7% YoY decline in the number of domestic deals, one less outbound deals which remained at historical highs, and a 10% YoY increase in inbound acquisitions to 146 deals, which far surpassed foreign-owned disposals (92 deals), reaffirming Romania’s appeal as an investment destination.

[1] EY’s M&A database for Romania excludes transactions with stakes acquired of less than 15% as well as the transaction value for multi-country deals if the value of the country-specific assets is not disclosed.

[2] includes an estimate of the value of transactions where no data was formerly disclosed by the parties or is not available in third party databases and/or reported by media sources

Strategic investors continued to dominate Romanian M&A in 2025, representing 88% of total transaction volume (245 deals), matching the historical average observed since 2018. Financial sponsors directly accounted for the remaining 12% of transaction volume, although around a third of this year’s deals were backed by financial sponsor-owned companies. 

By sector, real estate, hospitality & construction ranked first, recording a modest increase in deal activity to 56 transactions (+2% YoY), driven by stronger inbound acquisition interest. Notably, M Core, the UK based property investment company, accounted for approximately one-third of all inbound deals in the sector. Energy & utilities ranked second with 41 transactions, representing a modest 7% YoY decline, despite a threefold increase in oil & gas acquisitions to seven deals in 2025. In line with strong global M&A momentum in the industrial sector, advanced manufacturing & mobility activity in Romania increased by 11% YoY to 41 deals, supported by increased activity in the mobility segment, particularly automotive dealerships. Health & life sciences rose to fourth place from sixth in 2024, reflecting a 30% rise in deal activity to 39 transactions, largely driven by a 63% surge in acquisitions of veterinary clinics. Lastly, deal activity in technology, media & telecommunications remained broadly flat at 39 transactions, notwithstanding a 30% increase in the technology sub-sector.

The largest transactions of the year

•         The sale of Regina Maria healthcare network in Romania and MediGroup in Serbia by Mid Europa to CVC-backed Mehiläinen, Finland’s largest private healthcare provider, in a transaction valued at approximately USD 1.4bn for the Romanian operations. EY supported Mehiläinen with the transaction.

•         CVC Capital Partners’ acquisition of a 50% stake in Therme Horizon, valued at approximately USD 575m, creating a joint venture comprising Therme Bucharest and Therme Erding, two of Europe’s most visited wellbeing destinations with a combined annual footfall of around 3.5 million guests. EY supported CVC with the transaction.

•         Engie’s USD 554m acquisition of a 253 MW wind project in Ialomita county from Greenvolt, a leading producer of energy from residual forest biomass in Portugal. The project represents one of Romania’s largest wind farms, benefiting from long-term revenue visibility through the country’s Contracts for Difference (CfD) support scheme.

Lastly, the most active investors by country of origin were from the United Kingdom, accounting for 13% of deals, marking the first time that it surpassed the United States (12%). Poland (8%), Germany (7%) and France (6%) followed. Notably, this represents the second consecutive year Poland has ranked within the top five investor countries, ahead of France and Germany. Sectoral activity differed across investor countries, with UK investors focused on real estate, the US and Germany on advanced manufacturing and mobility, Poland on healthcare, and France on technology.

Methodology

• This report is based on the EY Romania M&A database which includes transactions where either the target (inbound) or acquiror (outbound) or both (domestic) are Romanian.
• The EY Romania M&A database has been complied over a number of years based on information included in the Mergermarket, S&P Capital IQ and Refinitiv Eikon databases, together with EY desktop research of other sources. M&A activity and data includes private-to-private transactions and excludes: (i) Acquisitions of minority stakes below 15%, (ii) Majority shareholder’s further acquisition of a minority interest, (iii) Real estate transactions (except when the target or buyer was a real estate company or real estate fund), (iv) Capital market transactions (except for transactions that resulted in a change of control), (v) Acquisitions of licenses, (vi) Joint venture agreements, (vii) Greenfield investments, (viii) IPOs, (ix) Privatizations, (x) Private placements, (xi) Internal reorganizations.
• Multi-country deals are treated in a number of ways. At country level, they are included in total deal volume. However, the deal value by country is not counted if the value of the country-specific assets are not disclosed. At a regional CEE level, deal value is counted if all assets fall under purview but excluded if part of the disclosed deal value relates to assets outside of the CEE area and the split is not disclosed.