The Romanian mergers and acquisitions (M&A) market recorded positive dynamics in 2025, with the number of transactions increasing by 3% compared to the previous year, up to 275 transactions, with a total value estimated at USD 6.7 billion (steady y/y), according to an analysis conducted by EY Romania.

At the same time, the level of transparency remained low, with approximately 70% of transactions (192) not having their value communicated, a constant trend since 2022.

The value of reported deals increased by 18% to USD 3.7 billion, supported by the acquisition of Regina Maria Health Network for USD 1.4 billion and the EUR 1 billion acquisition of a 50% stake in the wellness destination Therme Horizon by CVC Capital Partners.

Overall, the total estimated value of the Romanian M&A market remained relatively stable at USD 6.7 billion, amid a 17% decrease in the average value of transactions between USD 5 and 100 million, down to USD 19 million.

Strategic investors continued to dominate the Romanian M&A market in 2025, representing 88% of the total transaction volume (245), in line with the historical average recorded since 2018. Financial sponsors directly represented the remaining 12% of the transaction volume, but approximately a third of this year's transactions were carried out by companies backed by private equity funds.

From a sector perspective, Real Estate, Hospitality & Construction ranked first, with 56 transactions (+2% YoY), supported by increased interest in acquisitions from international investors. Notably, British real estate investment company M Core held a share of approximately one-third of total inbound transactions in this sector.

iulian@romania-insider.com

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