The mergers and acquisitions (M&A) market in Romania stood at approximately USD 6.7 billion in 2025, according to an EY report.
Inbound transactions (foreign companies buying assets in Romania) reached their highest level in 2018, with 146 transactions and a disclosed value of USD 3.2 billion. The United Kingdom was the leading inbound investor (13%), followed by the United States and Poland. The largest inbound transaction was Mehiläinen’s acquisition of the Regina Maria healthcare network and of Serbia’s MediGroup for USD 1.4 billion.
Outbound transactions (Romanian companies buying assets abroad) represented 6% of the market, with 16 transactions and a value of USD 247 million. The most important transaction was the acquisition of Praktiker Hellas by Paval Holding, for USD 151 million.
The value of the mergers and acquisitions (M&A) market in Romania was estimated at around USD 6.7 billion in 2025, with the number of transactions reaching 275. While the number of transactions rose by 3% against the previous year (2024: 268 transactions), the total estimated value of transactions fell by less than 1% (2024: USD 6.8 billion), according to EY experts.
Inbound transactions grow steadily, especially in the second half of the year
Inbound mergers and acquisitions (M&A) activity in Romania reached its highest level since 2018 in 2025, with 146 deals, up 10% year-on-year. Inbound deals accounted for 53% of the total transactions volume, “signaling steady investor interest in the context of global and cross-border M&A market revitalization,” according to the report.
The total disclosed value of inbound transactions rose to USD 3.2 billion, up 59% from 2024, representing 87% of the total value of transactions, a similar level to that recorded in 2023.
„Foreign investor activity accelerated in the second half of the year, after election-related uncertainties eased, as investor confidence strengthened, and their share of total transactional activity went up from 47% in the first half of 2025 to 59% in the second half of 2025,” the cited document states.
United Kingdom heads inbound transactions for first time since 2018
2025 marked the first time since 2018 that the United Kingdom was the leading source of inbound mergers and acquisitions (M&A). The UK accounted for 13% of all inbound deals, almost double the volume of the previous year, and surpassed the United States (12%), which ranked second.
Poland followed with an 8% share, maintaining its presence among the top six investing countries for the second consecutive year. Germany (7%) and France (6%) ranked next, while Austria accounted for less than 6% of inbound transactions, falling from the second position it held in 2024.
Overall, the top six countries contributed to more than half of total inbound transactions activity, reflecting a continued concentration of investor activity.
In this context, Israel also re-entered the top ten investing countries for the first time since 2021, standing out as the only representative from the Middle East region.
Foreign investor profile: Sectors targeted by transactions depending on investors’ country of origin
Sectoral activity also differed between investing countries: investors from the United Kingdom focused on Real estate, hotels and construction, those from the US and Germany on Automotive, machinery and manufacturing/industry, Poland on Health and life sciences (medicine, pharmaceuticals, biotech), and France on Technology, media and telecommunications.
Overall, foreign investors focused mainly on Energy & utilities (29 deals), continuing the positive momentum from the previous year, followed by Automotive, machinery & manufacturing/industry (28 deals) and Real estate, hotels & construction (24 deals). Together, these three sectors accounted for 55% of the total inbound transactions volume.
The largest M&A transaction of 2025 was the acquisition of the Regina Maria healthcare network in Romania and the MediGroup in Serbia by Mehiläinen, from MidEuropa Partners, for a disclosed value of USD 1.4 billion.
Outbound transactions (Romanian companies buying assets abroad) reached 6% of the M&A market
In 2025, 16 outbound transactions were announced (one less than in 2024), with a total disclosed value of USD 247 million, down 14% from the previous year.
„Despite the slight easing compared to the record levels observed in 2024, the growing importance of outbound transactions in M&A activity in Romania continues. The year 2025 recorded the second highest activity in the last eight years, both in terms of number of transactions and disclosed value – both with considerable margins,” point out EY experts.
Outbound transactions represented 6% of total transaction volume – in line with the high level set in 2024 – and 7% of the disclosed transaction value for the year.
Significant outbound transactions: the Praktiker acquisition by Pavel Holding, the largest deal of the year; Internationalization mainly targeted the region, but Romanian entrepreneurs also focused on Western Europe and the US
As in 2024, the Technology, Media & Telecommunications sector led outbound activity with five deals, followed by Automotive, Machinery and Manufacturing/Industry with three transactions. The Healthcare & Life Sciences and Energy & Utilities sectors were next, recording two deals each.
The only transaction in the Construction, Property and Retail sector was the acquisition of Praktiker Hellas, the Greek DIY and home products retailer, by Paval Holding, estimated at USD 151 million.
This transaction was also the largest disclosed outbound transaction of the year and the second largest ever recorded, slightly inferior to Digi’s acquisition of Nowo Communications in 2024.
„Vertical integration continues to emerge as the defining strategy in outbound M&A, consolidating already established trends,” the cited experts also note.
From a geographical perspective, neighbouring countries remained a significant focal point, particularly Bulgaria, with four targets, followed by Hungary and Moldova, with two deals each. However, Western Europe also saw notable outbound activity, with five deals announced, despite its traditional role as a source of capital, rather than a destination for outbound investment.
Moreover, one transaction to the USA was also recorded in 2025, out of the four ever recorded, namely the acquisition of Codingscape by AROBS Transilvania.
Sharp decline in domestic transactions: their share at the lowest level since 2019
In 2025, domestic transaction activity fell by 7% year-on-year to 107 transactions. The total disclosed transaction value decreased sharply by 70% to USD 235 million from USD 785 million in 2024, largely reflecting the lack of large transactions disclosed during the year. In 2024, transaction value was strongly influenced by the acquisition of OTP’s Romanian operations by Banca Transilvania and the acquisition of Brico Dépôt Romania by Altex, which together accounted for more than half of the total disclosed value.
Domestic transactions accounted for 39% of the total number of transactions, marking a decrease of 4 percentage points from 43% in 2024 and reaching the lowest share recorded since 2019.
The largest domestic transaction took place in the Construction, Property and Retail sector, with Paval Holding acquiring Ethos House in Bucharest from a private investor for USD 30 million. In fact, the sector accounted for almost 60% of the total disclosed value of domestic transactions. The most active sectors by volume for domestic transactions were Construction, Property & Retail (27 transactions) and Health & Life Sciences (17), followed by Construction, Property & Retail (14), Technology, Media & Telecommunications (12) and Energy & Utilities (10).
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