The Romanian mergers and acquisitions (M&A) market reached an estimated total value of USD 6.0 billion1 in the first half of 2026, up 49% compared to the same period of the previous year (H1 2025: USD 4.0 billion).
The strength of the market is reflected by the value of disclosed transactions, which reached USD 4.0 billion in H1 2026, the highest half-year level recorded to date and 59% above the USD 2.5 billion in H1 2025. The evolution of the Romanian M&A market was in line with the global trend, where the value of transactions increased by 50% in H1 2026, amid the increase in the number of mega-transactions of over USD 10 billion, while the European M&A market recorded an increase of 105%.
However, one of the recurring characteristics of the Romanian M&A market remains the low level of transparency regarding the values of transactions. In H1 2026, the value of transactions was not communicated for 69% of the announced transactions, slightly above the historical average of 67%.
In terms of deal volume, 143 M&A deals were announced in H1 20262, representing an increase of 3% compared to H1 2025 (139 deals) and 5% compared to H2 2025 (136). H1 2026 saw the highest half-year number of transactions to date, slightly surpassing the previous record in H2 2024 (142 transactions). The sustained pace of activity highlights the resilience of the market despite macroeconomic uncertainties, especially in the context in which the global volume of transactions decreased by 9% in H1 2026, as capital focused on mega-transactions, which more than doubled in the period under review, reaching 48 transactions. Global activity also remained uneven, with the United States accounting for 54% of global transaction value, although it generated only 23% of global transactional activity.
Strategic investors maintained their dominant position in the Romanian M&A market in the first half of 2026, accounting for 83% of the deal volume (119 deals), a level largely similar to the 82% share recorded in H1 2025 (114 deals). At the same time, financial sponsor activity remained robust, accounting for 16% of total deal volume, with a cumulative value of USD 1.2 billion, compared to 19% (USD 766 million) in the same period last year. Also, buyers supported by financial sponsors accounted for almost a quarter of the total transactions recorded in H1 2026.
From a cross-border perspective, the share of domestic transactions decreased to 39% in H1 2026 (from 41% in H1 2025), while their volume remained relatively stable at 56 transactions (H1 2025: 57). At the same time, the activity of foreign investors increased by 15% compared to H1 2025 (77 compared to 67 transactions), representing 54% of the total volume and remaining in line with historical trends. In addition, inbound acquisitions significantly exceeded the sales made by foreign investors (61 transactions) in H1 2026, further strengthening Romania’s position as a net beneficiary of foreign investments.
“The Romanian M&A market has recorded a solid evolution both in terms of volume and – especially – the value of transactions, which has reached a record level, supported by high-value strategic transactions. The number of transactions with a reported value of more than USD 100 million also reached the highest level in history, comparable only to that recorded in H1 2020. Domestic activity remained robust, despite heightened local political uncertainties, reflecting investors’ continued confidence in the Romanian market and its long-term potential,” said Iulia Bratu, Head of Lead Advisory, EY Romania.
From a sectoral perspective, Real Estate, Hospitality & Construction occupied the first position in terms of transaction volume (34 transactions), amid high activity in the retail and logistics parks segment. Advanced Manufacturing & Mobility ranked second (25 transactions), more than half of which were made between foreign buyers and sellers. It was followed by the Technology, Media & Telecommunications sector (23 transactions), where the technology segment accounted for 70% of the total volume. Energy & Utilities occupied the next position (18 transactions), largely supported by inbound investments in renewable energy, which accounted for half of the sector’s activity, while Healthcare & Life Sciences recorded 15 transactions, with the healthcare segment contributing 87% of the sector’s volume.
Top 3 largest transactions in H1 2026
• Acquisition of the Romanian operations of French retailer Carrefour by Pavăl Holding, the investment vehicle associated with Dedeman, one of the most successful Romanian entrepreneurial businesses, for a value of USD 977 million, placing the transaction just below the threshold of a mega-transaction. This represents the second largest retail transaction recorded to date, after the sale of Profi Rom for USD 1.4 billion in 2024. The transaction was completed on June 30, 2026.
• Premier Energy’s full acquisition of Evryo Group, which includes Evryo Power and Distribuție Energie Oltenia (DEO), for USD 824 million, from funds managed by Macquarie Asset Management. The transaction represents the fourth largest transaction ever recorded in the Romanian energy sector. This significantly strengthens the group’s vertically integrated platform, complementing existing production and supply activities and supporting the company’s strategy to strengthen its position in the local energy market.
• The sale of Garanti BBVA, including Garanti Bank and the leasing company Motoractive IFN, to Raiffeisen Bank International, from the subsidiaries of Banco Bilbao Vizcaya Argentaria, in a transaction valued at approximately USD 681 million.
Other notable transactions:
• The acquisition of Biofarm, a pharmaceutical manufacturer listed on the Bucharest Stock Exchange, by the Polish company Zakłady Farmaceutyczne Polpharma, for approximately USD 335 million, marking one of the most important transactions in the pharmaceutical sector in Romania.
• The sale of a portfolio of six retail parks in Romania by MAS plc, a company based in South Africa, to AFI Europe, one of the leading real estate developers and investors in Central and Eastern Europe, in a transaction valued at USD 327 million. The assets, located in several regional cities, strengthen AFI’s position in the retail segment and support its strategy of continued expansion in Romania.
• 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, thus strengthening its position as majority shareholder and highlighting the continued confidence in the regional e-commerce market. This transaction was not included in our analysis as it does not meet the criterion of the minimum threshold of the acquired shareholding.
This year, there has been a shift in the origin of transactions, with the United States, historically one of the most active investors, returning to first place with eight transactions and overtaking the UK (three transactions). France and the Netherlands followed, each with five transactions, while Austria, Poland and Hungary recorded four transactions each.