The Romanian mergers and acquisitions (M&A) market reached an estimated value of $4.1bn in the first half of 2025, representing a 45% year-on-year increase from the same period in 2024, Ziarul Financiar reported on July 8, citing EY Romania.

The value of disclosed transactions rose sharply by 185% to $2.8bn, although deal transparency remained limited, with 73% of transactions announced in the period lacking disclosed values. This figure exceeds the 66% historical average recorded since 2018.

"The Romanian M&A market has demonstrated resilience in both volume and value, largely supported by strategic transactions with significant value," said Iulia Bratu, head of lead advisory at EY Romania. She noted that healthcare and technology returned among the most active sectors despite ongoing global economic pressures and local political developments.

A total of 139 transactions were recorded in the Romanian market in H1 2025, a 9% increase from 127 deals in the same period last year. It is the second-highest half-year volume on record. Strategic investors continued to lead deal activity, accounting for 87% (121 deals), down from 93% in H1 2024. Private equity acquisitions increased to 9% of the total, contributing $621mn in value.

There were four transactions with a declared value exceeding $100mn, compared to three in the same period of 2024. The largest was the sale of the Regina Maria private healthcare network in Romania to Finnish group Mehiläinen, backed by CVC Capital Partners, valued at approximately $1.4bn.

CVC also acquired a 50% stake in Therme Horizon for $575mn and was a central investor in the sector. In another major deal, industrial developer CTP acquired P3 Group’s Romanian operations for $280mn.

Domestic transactions accounted for 42% of the total, with foreign investor participation rising to 66 deals. Inbound investments outpaced foreign divestments (42), strengthening Romania’s position as a net recipient of international capital.

The most active sectors by deal volume were real estate, hospitality & construction (30), advanced manufacturing & mobility (23), healthcare & pharmaceuticals (18), and both energy & utilities and technology, media & telecommunications (17 each).