Indonesia's Islamic finance ripe for continued expansion
8 hours ago
Romania’s mergers and acquisitions (M&A) market expanded by 49% y/y in value to $6bn (€5.25bn, chart) in H1, broadly in line with the global trend, while the number of deals edged up by 3% y/y to 143, according to the latest EY Romania - Parthenon analysis. Three transactions accounted for over 40% of the market value, with Pavăl Holding, Premier Energy and Raiffeisen Bank International acting as buyers, while the five largest deals accounted for over half of the market.
The consultancy noted the market's relatively low transparency. Transaction values were undisclosed for 69% of announced deals in H1, slightly above the historical average of 67%.
The value of disclosed transactions reached $4bn, the highest first-half level on record and 59% above $2.5bn in H1 2025.
By sector, Real Estate, Hospitality & Construction ranked first by deal volume with 34 transactions, driven by activity in the retail and logistics park segments. Advanced Manufacturing & Mobility followed with 25 deals, more than half involving foreign buyers and sellers. The Technology, Media & Telecommunications sector ranked third with 23 deals, with technology accounting for 70% of the total. Energy & Utilities followed with 18 transactions, largely supported by inbound investments in renewable energy, while Health & Life Sciences recorded 15 deals, with healthcare accounting for 87% of the sector's volume.
The three largest transactions were Pavăl Holding's acquisition of Carrefour Romania from the French retailer Carrefour for $977mn; Premier Energy's acquisition of Evryo Group, including Evryo Power and Distribuţie Energie Oltenia, from funds managed by Macquarie Asset Management for $824mn; and Raiffeisen Bank International's acquisition of Garanti BBVA Romania, including Garanti Bank and Motoractive IFN, from subsidiaries of Banco Bilbao Vizcaya Argentaria for $681mn.
Other notable transactions included the acquisition of Bucharest-listed pharmaceutical producer Biofarm by Poland's Zakłady Farmaceutyczne Polpharma for about $335mn, and AFI Europe's acquisition of a portfolio of six Romanian retail parks from South Africa's MAS plc for $327mn.
EY Romania did not include Prosus' acquisition of an 11.77% stake in eMAG (Dante International) from entrepreneur Iulian Stanciu for $577mn, as it did not meet the consultancy's minimum acquired-stake threshold.
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Indonesia's Islamic finance ripe for continued expansion
Sukuk account for 67% of the Islamic finance industry, while Islamic banking assets make up 30%.
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