Romanian M&A market evolution during H1 2026

Romanian mergers and acquisitions (M&A) reached an estimated total value of USD 6.0bn¹ in the first half of 2026, reflecting a staggering 49% increase year-on-year (H1 2025: USD 4.0bn). The underlying strength of M&A was reflected in disclosed deal values, which totaled USD 4.0bn in H1 2026, the highest half-year total on record and 59% above the USD 2.5bn recorded in H1 2025. Romanian deal-making activity mirrored the global trend, where the value of M&A increased by 50% in H1 2026 driven by the rise of mega-deals over USD 10bn, and a 105% increase in the value of European M&A. 

One recurring theme for Romanian M&A, however, remains the limited transparency of transaction values. In H1 2026, deal values were not disclosed for 69% of announced transactions, marginally above the historical average of 67%.

In terms of deal volume, a total of 143 Romanian M&A transactions2 were announced in H1 2026, representing a 3% increase compared to H1 2025 (139 deals) and up by 5% from H2 2025 (136 deals). H1 2026 recorded the highest half-year deal count on record, narrowly surpassing H2 2024, which recorded 142 transactions. The sustained pace of activity highlights the market’s resilience despite ongoing macroeconomic uncertainty, particularly when compared to global deal volumes which declined by 9% in H1 2026 as capital was allocated to mega-deals which more than doubled during the period to 48 transactions. Global market activity also remained uneven, with the US accounting for 54% of global deal value, despite representing only 23% of global transaction activity.

Strategic investors maintained their dominant position in Romanian M&A during the first half of 2026, accounting for 83% of deal volume (119 deals), largely in line with the 82% share recorded in H1 2025 (114 deals). Meanwhile, financial sponsor activity remained robust, representing 16% of total deal volume valued at USD 1.2bn, compared to 19% (USD 766m) in the same period last year. Furthermore, financial sponsor-backed acquirers accounted for almost a quarter of the transactions in H1 2026.

From a cross-border perspective, the share of domestic M&A declined to 39% in H1 2026 (vs. 41% in H1 2025), while deal volume remained broadly stable with 56 transactions (H1 2025: 57). Meanwhile, foreign investor activity rose by 15% compared to H1 2025 (77 vs 67 deals), accounting for 54% of the deal volume and remaining in line with historical trends. Moreover, inbound acquisitions significantly exceeded foreign-owned disposals (61 deals) in H1 2026, further underscoring Romania’s position as a net recipient of foreign investment.

In terms of sectors, Real Estate, Hospitality & Construction led deal activity by volume (34 transactions), supported mainly by retail and industrial real estate assets. Advanced Manufacturing & Mobility ranked second (25 transactions), with over half of the transactions taking place between foreign buyers and foreign sellers. It was followed by Technology, Media & Telecommunications (23 transactions), where technology accounted for 70% of total deal volume. Energy & Utilities came next (18 transactions), driven largely by inbound renewable energy investments, which represented half of the sector’s deal activity, while Health & Life Sciences recorded 15 transactions, with healthcare contributing 87% of the sector’s volume.

The top 3 largest transactions in H1 2026

1. The acquisition of French retailer Carrefour’s Romanian operations by Paval Holding, the investment vehicle linked to Dedeman, one of the most successful Romanian entrepreneurial businesses, for a consideration of USD 977m, placing the deal just below the mega‑deal threshold. The transaction represents the second largest retail deal on record, following the USD 1.4bn sale of Profi Rom in 2024. The deal was closed on 30 June 2026.
   
2. Premier Energy’s full acquisition of Evryo Group, comprising Evryo Power and Distributie Energie Oltenia (DEO), for USD 824m, from funds managed by Macquarie Asset Management. This deal represents the fourth largest transaction in Romania’s energy sector on record. The transaction significantly strengthens the group’s vertically integrated platform, complementing its existing generation and supply activities and supporting its strategy to consolidate its position in the Romanian energy market.
3. The sale of Garanti BBVA (comprising Garanti Bank and leasing unit Motoractive IFN) from subsidiaries of Banco Bilbao Vizcaya Argentaria to Raiffeisen Bank International, valued at USD 681m.

Other notable transactions:

• The acquisition of Biofarm, a Bucharest‑listed pharmaceutical producer, by Poland’s Zakłady Farmaceutyczne Polpharma, valued at approximately USD 335m, marking one of the most significant transactions in Romania’s pharmaceutical sector.
• The sale of a portfolio of six retail parks in Romania by South Africa-based MAS plc to AFI Europe, a leading real estate developer and investor in Central and Eastern Europe, valued at USD 327m. The assets, located across several regional cities, strengthen AFI’s position in the retail segment and support its continued expansion strategy in Romania.
• Netherlands‑based Prosus’ acquisition of an 11.77% stake in eMAG (Dante International) from entrepreneur Iulian Stanciu, valued at USD 577m, further consolidating Prosus’ position as the controlling shareholder and underlining continued confidence in the regional e‑commerce market. This transaction has not been included in our analysis as it does not meet the stake threshold criteria.

This year marked a shift in deal origin, with the United States, historically a leading investor, reclaiming its top position with eight deals and surpassing the United Kingdom (three). France and the Netherlands followed, both with five deals, while Austria, Poland and Hungary recorded four deals each.

Note: (1) 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. (2) EY-P’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 are not disclosed.

Disclaimer: Transaction values presented in this report are sourced from third-party databases, including Mergermarket and S&P Capital IQ, and are presented in USD.