M&A activity in Romania steady y/y in H1, with energy likely to remain focal

While the number of mergers and acquisition deals in Romania has slightly decreased in H1 this year (-6%-8%) compared to the same period in 2023, the aggregate value of the deals, most of them not fully disclosed and only estimated, remained steady (according to EY Romania) or even increased (+24% according to PwC Romania) after filtering out the effect of the large-sized deal involving Enel’s assets in 2023.

At the structural level, the market remained dynamic in the energy, real estate, and industrial sectors, both consultancy firms concluded.

The energy sector is expected to remain focal both in terms of the number of transactions and the value of the deals as numerous renewable energy projects advance through the permitting and construction process, according to estimates from PwC Romania.

The consultancy firm sees private healthcare and consumer goods sectors as also expected to see significant transactions, with the prospect of generating a new mega deal. The IT&C industry and sector will remain buoyant, with strategic investors remaining dominant at the expense of private equity funds.

The discrepancies between the value of the M&A market estimated by the two consultancy companies, USD 2.3 billion (EUR 2.2 billion) seen by EY and EUR 2.6 billion seen by PwC Romania, stems from the large share of deals (79%, compared to a historical average of 65%, according to EY) where the terms of the agreement were not disclosed. Furthermore, while EY counted 124 deals, PwC considered only 115.

The largest deals were the sale of OTP Bank Romania to Banca Transilvania (USD 375 million, not concluded yet by the end of June), the acquisition of five industrial parks by CTP (USD 184 million), and the sale of the 80 MW Mihai Viteazu wind farm by the Spanish renewable energy company Iberdrola to Premier Energy (USD 94 million), according to E&Y.

Digi Romania and the Clever Media group are in the process of acquiring the operator Telekom Romania, a transaction conditional on several aspects, including obtaining the necessary approvals from the Competition Council, according to PwC.

Other significant transactions closed in the first half of the year include the acquisition of First Bank by Intesa Sanpaolo, the acquisition of Trei Brutar bakery by Mexican group Bimbo, and the sale of the Expo Market Doraly retail complex to WDP, PwC Romania indicated.

The three sectors of energy, real estate, and industry generated 47% of the total number of transactions announced since the beginning of the year, according to PwC Romania. In the sector of energy and utilities, the volume of deals has nearly doubled, according to EY.

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