Romania’s mergers and acquisitions market expanded by 49% y/y by value to USD 6 billion (EUR 5.25 billion) in H1, in line with the global trend, while it edged up by only 3% by the number of deals (143), according to the latest EY Romania - Parthenon analysis. Out of the 143 deals, three accounted for over 40% of the market (USD 2.5 billion) with Paval Holding, Premier Energy, and Raiffeisen Bank International as buyers, while the five largest deals accounted for over half of the market.

The consultancy firm noted the low transparency of the market. In H1 2026, the value of transactions was not communicated for 69% of the announced transactions, slightly above the historical average of 67%, according to EY Romania. The value of reported transactions reached USD 4 billion in H1 2026, the highest semi-annual level recorded to date, and 59% above the USD 2.5 billion in H1 2025.

By sector, the category of Real Estate, Hospitality &Construction ranked first in terms of transaction volume (34 transactions), driven by high activity in the retail and logistics park segment. Advanced Manufacturing & Mobility ranked second (25 transactions), with over half of these being between foreign buyers and sellers.

It was followed by the Technology, Media & Telecommunications sector (23 deals), where the technology segment accounted for 70% of the total volume. Energy & Utilities came in next (18 deals), largely supported by inbound investments in renewable energy, which accounted for half of the sector's activity, while Health & Life Sciences recorded 15 deals, with the healthcare segment contributing 87% of the sector's volume.

The three largest transactions in the first half of the year were the acquisition of the Romanian operations of French retailer Carrefour by Pavăl Holding (USD 977 million), the full acquisition of Evryo Group, which includes Evryo Power and Distribuţie Energie Oltenia (DEO), by Premier Energy (USD 824 million), from funds managed by Macquarie Asset Management. and the sale of Garanti BBVA, including Garanti Bank and leasing company Motoractive IFN, to Raiffeisen Bank International, from subsidiaries of Banco Bilbao Vizcaya Argentaria (USD 681 million).

Other notable transactions include: the acquisition of Biofarm, a pharmaceutical manufacturer listed on the Bucharest Stock Exchange, by the Polish company Zaklady Farmaceutyczne Polpharma, for approximately USD 335 million; and the sale of a portfolio of six retail parks in Romania by MAS plc, a company headquartered in South Africa, to AFI Europe, in a transaction valued at USD 327 million. 

The acquisition by Prosus, a company based in the Netherlands, of an 11.77% stake in eMAG (Dante International) from entrepreneur Iulian Stanciu, for USD 577 million, was not included in the EY Romania analysis, as it does not meet the criterion regarding the minimum threshold of the acquired stake.

iulian@romania-insider.com

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