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Romanian mergers and acquisitions (M&A) totaled 212 transactions (1) during the first nine months (9M) of 2026, marginally lower (1%) than the same period last year (215 deals). Notwithstanding this, the estimated value of Romanian M&A value increased significantly to USD 7.1bn (4), up 33% from USD 5.4bn in 9M 2025, while disclosed deal value rose by 39% to USD 4.1bn (2).
Disclosed deal value was concentrated in the three largest transactions in the first half of 2026: Paval Holding’s USD 977m acquisition of Carrefour Romania, Premier Energy’s USD 824m acquisition of Evryo Group and Raiffeisen Bank International’s USD 681m acquisition of Garanti BBVA Romania. Together, these transactions accounted for approximately 60% of total disclosed value in 9M 2026, with no large transactions disclosed in Q3 2026.
Romania’s value-led performance was consistent with broader international M&A trends, where rising deal values contrasted with declining transaction volumes. European M&A value increased by 54% during 9M 2026, while global value rose by 28%. At the same time, the number of announced transactions decreased by 8% globally and 11% across Europe.
Following an exceptionally strong first half, global dealmaking slowed in the third quarter, marking the first quarter below USD 1tn since Q2 2025 (LSEG). Only ten transactions exceeding USD 10bn were announced, the lowest quarterly number of mega-deals since Q4 2024. The slowdown came against a backdrop of rising energy costs, renewed inflationary pressure and higher longer-term interest-rate expectations. Romanian M&A activity also weakened in Q3 2026, with deal volume declining by 9% and disclosed transaction value 15% lower than Q3 2025.
The third quarter of 2026 saw no transactions exceeding USD 100m, while only one such transaction was recorded in Q3 2025, namely Paval Holding’s c. USD 151m outbound acquisition of Praktiker Hellas, a prominent Greek DIY and home goods retailer, from Fairfax Financial Holdings.
An important transaction announced in Q3 2026 was the acquisition of Pall-Ex Romania by BoldMind Capital Partners together with the company’s executive management team, through a leveraged buyout valued at c. USD 29m. Pall-Ex Romania provides domestic and international distribution services for palletized freight and forms part of a broader European distribution network.
Although outside the criteria for EY’s Romanian M&A database, another notable transaction was Canada-based Alimentation Couche-Tard’s announced voluntary tender offer for Żabka Group, Poland’s largest convenience retailer, which operates more than 13,000 stores across Poland and Romania, with its Romanian stores operating under the Froo brand. The offer implied an equity value of approximately USD 8.6bn for Żabka Group.
In terms of investor dynamics, strategic investors remained the predominant acquirer in 9M 2026, accounting for 83% of total transaction volume. Direct acquisitions by financial sponsors decreased by 17% compared with 9M 2025, with more than one-third involving multi-country transactions. However, transactions involving financial sponsor-backed acquirers accounted for approximately 28% of total deal volume in 9M 2026.
Foreign investment continued to underpin Romanian M&A. Inbound acquisitions increased by 13% year-on-year to 124 transactions, while domestic activity declined by 10% to 78 deals. Inbound acquisitions also exceeded the 70 transactions involving disposals by foreign-owned businesses, reinforcing Romania’s position as a net recipient of foreign investment.
Real Estate, Hospitality & Construction retained its leading position as the most active sector, with 46 transactions. Technology, Media & Telecommunications ranked second with 40 deals, maintaining its position from 9M 2025. Almost a quarter of TMT activity involved multi-country technology acquisitions, while only one transaction was recorded in the telecommunications segment. Advanced Manufacturing & Mobility followed with 37 transactions, representing a 37% year-on-year increase, driven entirely by stronger activity in Advanced Manufacturing, while Mobility deal volume remained unchanged. Inbound acquisitions generated approximately two-thirds of the sector’s activity. Energy & Utilities ranked fourth with 30 transactions, approximately half of which involved inbound acquisitions of battery energy storage system (BESS) projects. Consumer Products & Retail and Health & Life Sciences each recorded 19 transactions, with deal volumes declining by 32% and 41%, respectively, compared with 9M 2025. The slowdown in Health & Life Sciences followed a particularly active prior-year period, when deal activity was boosted by a high number of veterinary clinic acquisitions.
In terms of investor country, the United States retained its number 1 ranking with 16 transactions. France and Austria followed with 11 deals each, while the United Kingdom ranked fourth with seven transactions with Poland close behind with six transactions.
Note: (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 are 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
