Forvis Mazars: Romania has one of the most active M&A markets in CEE
Romania is third in Central and Eastern Europe by volume of its M&A market, according to the annual CEE M&A report by auditing company Forvis Mazars.
Romania remained one of the region’s most active M&A markets in 2025, ranking third in CEE by deal volume, with 154 transactions announced. While this represents a 32% year-on-year decline from an exceptionally strong 2024, the market continues to demonstrate depth and resilience, underlining its growing maturity within the regional dealmaking landscape.
Overall, the CEE region did relatively well in 2025 in terms of overall disclosed deal value, though a decline in transaction volume demonstrates the significant geopolitical headwinds and challenging global market conditions it faced, according to the study.
The region saw 1,312 transactions in 2025, with a combined value of EUR 42.5 billion. Though the volume represents a 9% year-on-year decline, deal value surged by 36% compared to 2024.
“2025 was a year of steady progress,” mentioned Andrija Garofulić, CEE Financial Advisory Co-Lead and Partner, Forvis Mazars in the Adria subregion. “Despite the region-wide dip in volume, the total value of announced transactions shows how acquirers shifted their focus to premium assets. This pattern was by no means unique to CEE: 2025 was a year in which large-cap deals were the dominant feature of M&A markets all over the world,” he added.
Another key trend was the rise of intraregional M&A. The share of aggregate value generated by inbound deals led by acquirers within CEE soared to its highest level on record in 2025, accounting for 21% of aggregate value.
The pattern of dealmaking in the private equity arena mirrored that of the wider M&A market in 2025, with volume and value pulling in different directions. In terms of buyouts, the total value of all PE acquisitions announced in CEE in 2025 surpassed that of the previous year, with EUR 7.7 billion worth of deals announced. That represents a 19% increase year-on-year, despite volume dropping by 18% over the same period.
Poland, Austria, Romania, and Lithuania stand out as the region’s most active M&A markets by volume in 2025. Though it remains a mainstay of regional M&A, Romania saw the most pronounced year-on-year decline in dealmaking, falling by 32% in volume terms, from a busy 2024. Among the larger deal markets, Lithuania was the only one to record a year-on-year increase in transaction volume, rising by 21% to 119 deal announcements.
“In value terms, Romanian transactions totalled approximately EUR 2.3 billion in 2025, placing the country seventh in the region. The year’s standout deal was the EUR 1bn acquisition of Regina Maria by Finland-based Mehiläinen, marking one of the largest healthcare transactions in CEE and a successful exit for private equity investors MidEuropa and Blue Sea Capital,” mentioned Răzvan Butucaru, Partner, Financial Services & Advisory Leader, Forvis Mazars in Romania.
Technology continued to act as a key growth engine and energy, particularly renewables, gained further momentum in 2025, accounting for more than 10% of total deal volume. A landmark transaction in this space was Engie’s EUR 472 million acquisition of a 253.1MW wind farm project near Bucharest, set to significantly expand its renewable footprint in the country.
Beyond sector dynamics, Romania continues to benefit from strengthening economic fundamentals, EU funding inflows, and increased regional integration. The country’s full accession to the Schengen area in January 2025 further strengthens cross-border mobility, supply chain efficiency, and investor confidence. Moreover, Romania’s diversified sector base, maturing private equity ecosystem, and growing pool of regional strategic investors position it well for continued M&A activity in 2026.
Looking ahead, continuing uncertainty around US trade tariffs is likely to have an impact on dealmaking in 2026. “The geopolitical outlook is the main question. If people are afraid to invest, we will have a problem. What helps is that there is a lot of public spending, a lot of money from EU funds, and the economy is doing well,” said Andrija Garofulić.
(Photo source: Mr. Phonlawat Chaicheevinlikit|Dreamstime.com)
