The Romanian mergers and acquisitions (M&A) market recorded 216 transactions in the first nine months of 2025, marking an increase of 8.5% compared to the same period last year (199 transactions).
The estimated value of M&A activity in Romania stood at USD 5.4 billion in the first nine months, reflecting a modest decrease of 1.9% compared to USD 5.5 billion in the first 9 months of 2024. The result comes after the 45% advance in the first half, thanks to the acquisition of private healthcare network Regina Maria by Mehiläinen, a transaction worth USD 1.4 billion.
The value of M&A transactions in Europe increased by approximately 11% in the first 9 months of 2025, while global values recorded a notable increase of 33%.
The most important transactions in Q3: Paval holding – Praktiker Hellas, Premier Energy – wind farms Hungary and Napolact – Bonafarm Hungary
The third quarter of 2025 saw only one deal that exceeded USD 100 million, as opposed to four deals in Q3 2024. The two largest deals in Q3 2025 were both outbound, a change that occurs for the first time since 2018, as such deals are typically inbound.
The largest deal of the quarter was Paval Holding’s acquisition of Praktiker Hellas, a well-known Greek DIY and home products retailer, for USD 151 million from Fairfax Financial Holdings Limited, the Canadian investment and insurance group. This transaction follows other acquisitions, such as Waldhaus Flims Wellness Resort in Switzerland (USD 78 million, 2024) and Grand Hotel Gardone in Italy (2023).
The second largest transaction in Q3 2025 was Premier Energy’s acquisition of 51% of a 158 MW wind farm portfolio in Hungary from Iberdrola (Spain) for USD 77 million. The portfolio includes 79 Gamesa turbines with an annual production of approximately 300,000 MWh.
In third place was the announced sale of Napolact, along with two local production units, by FrieslandCampina to Hungary’s largest agri-food company, Bonafarm, for USD 76 million.
Financial investors more interested in Romania
In terms of investor dynamics, strategic players continued to dominate the Romanian M&A market in the first 9 months of 2025, representing 86% of transaction volume.
Financial investors increased their activity by almost 80% compared to the same period in 2024, with over a third of transactions involving multi-country acquisitions.
Inbound activity increased modestly by 4%, totaling 108 deals, while domestic investors recorded a stronger 10% increase, with 89 deals announced. Moreover, inbound acquisitions significantly exceeded sales transactions by foreign-owned companies (79 deals) in the first 9 months of 2025, highlighting the market’s role as a net beneficiary of foreign investment.
Sectors of interest
The most active sectors by transaction volume in the first nine months of the year were Real Estate, Hospitality & Construction (45 transactions) – traditionally a top sector, Technology, Media & Telecommunications and Healthcare & Life Sciences (32 transactions each), followed by Energy & Utilities (31) and Advanced Manufacturing & Mobility and Consumer Products & Retail (27 each).
Notably, the Health & Life Sciences sector recorded strong momentum, with volume increasing by 60% compared to the previous year, driven by increased activity in veterinary clinic acquisitions.In terms of country of origin, the United States led with 15 transactions, closely followed by the United Kingdom with 14 transactions. The US maintained its historic leadership position, while the United Kingdom continued the momentum started in the first part of the year. Poland came next with 10 transactions, followed by Germany and France with 7 transactions each.
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