The Romanian mergers and acquisitions (M&A) market reached a record high in the first quarter of 2026, with the total estimated value of transactions reaching USD 2.9 billion, compared to USD 765 million in the same period last year, according to an EY analysis.

The value of the announced transactions amounted to USD 2.2 billion, mainly supported by two large transactions that totaled approximately USD 1.7 billion.

The number of transactions was 67, up 29% from 52 in Q1 2025. EY states that the development was driven by a strong start to the year in January, while volumes in February and March remained close to the previous year's levels.

The largest transaction announced in Q1 2026 was the acquisition of Carrefour's operations in Romania by local financial investor Pavăl Holding, an investment group associated with Dedeman, one of the most successful Romanian entrepreneurial businesses.
The transaction value amounted to USD 977 million, placing it just below the mega-transaction threshold.

This ranks as the second-largest retail transaction announced in Romania, surpassed only by the sale of Profi Rom for USD 1.4 billion in 2024. The transaction follows the acquisition made by Pavăl Holding in 2025, when it bought Praktiker Hellas, a major Greek DIY and home products retailer, from the Canadian group Fairfax Financial Holdings Limited, for USD 151 million.

The long-awaited sale of Garanti BBVA to Raiffeisen Bank International, worth USD 681 million, announced right at the end of the quarter, contributed to the strong close of Q1 2026 and reflects the sustained appetite for transactions, as well as the consolidation trend in the financial services sector.

Strategic investors continued to dominate the Romanian M&A market in Q1 2026, accounting for 87% of the total number of deals.

Financial investors accounted for 13% of the deal volume, marked by the presence of established players such as Pavăl Holding (two acquisitions) and MidEuropa Partners (one acquisition). Meanwhile, buyers backed by investment funds were involved in approximately one-fifth of the deals announced in Q1 2026.

The real estate, hospitality, and construction sector remained the most active in terms of deal volume in Q1, with 19 deals, double the level recorded in Q1 2025. The technology, media and telecommunications, and healthcare and life sciences sectors followed closely, with 11 and 10 deals respectively, while energy and utilities, as well as advanced manufacturing and mobility, recorded 9 deals each.

The US was the most active investor in Q1 2026, with 4 transactions, followed by Hungary, Switzerland, and Poland, each with 3 transactions.

(Photo: Designer491/ Dreamstime)

iulian@romania-insider.com