Romania is the most dynamic mergers and acquisitions (M&A) market in Central and Eastern Europe, with a 9% increase in the number of transactions in 2025, more than double the regional growth rate of 4%, according to an Deloitte Romania analysis based on Mergermarket data.
Hungary and the Czech Republic rank second and third with 8% growth each, while the market in the largest country in the region, Poland, remained flat.
In terms of share of total regional transactions, Romania's M&A market is the only one to have grown consistently over the past five years, rising from 13% in 2021 to 18% of the total volume in 2025. This strengthens Romania's position as the second most active market in Central and Eastern Europe and narrows the gap with the market leader, Poland, whose share fell to 39% in 2025 from 41% in 2024.
In terms of the geographical areas from which investors who were active in Central and Eastern Europe in 2025 come, Romania is part of the regional trend, with a market dominated by local investors, but their share (44%) is the lowest in the region (Hungary - 66%, Czech Republic - 53%, Poland - 52%), according to the analysis.
Regarding transactions in Romania with an estimated or reported value above 5 million euro, the Deloitte Romania analysis shows that there were 130 such deals in 2025, with the total market value reaching 5.5-5.9 billion euro. Excluding mega-transactions (over 500 million euro), the average value of a transaction was 37 million euro in 2025, up from 34 million euro the previous year.
"The constant increase of Romania's share in the region's M&A market confirms the attractiveness of our country for both strategic investors and investment funds. We see an increasingly competitive market, where investors find solid projects and sectors with impressive growth and yields. We expect Romania to consolidate its dynamic and attractive market position, and local investors to remain an important pillar of the market in 2026 as well. It is also worth noting that local private equity and venture capital funds, which raised record funds of more than 250 million euros in 2024, have continued to mature in 2025 and are expected to become increasingly strong and attractive partners for companies that want to move to the next level of development and efficiency", Advisory Partner-in-Charge at Deloitte Romania Radu Dumitrescu said, as quoted in the release.
Strategic investors dominated the market in 2025 as well, with their share increasing to 92% of the total number of transactions, from 89% in the previous year, according to Deloitte's analysis on transactions worth more than 5 million euro. As for the country of origin, Romania has the highest share both in terms of number of transactions (31%) and value (21%).
The sector which recorded the most transactions in 2025 in Romania remains real estate and construction (19%), followed by industrial products and services (17%), energy (14%), consumer products (10%) and technology (8%).
In terms of value, the medical sector leads, with 22% of the total market. The energy sector recorded a decrease in the share of value (to 19%, from 34% in 2024), followed by industrial products and services (15%), tourism and hospitality (11%) and consumer products (8%).
Regarding foreign strategic investors, Deloitte's analysis shows that those from Finland invested the largest amounts (18% of the local market value in 2025), followed by those from Luxembourg (11%), the United Arab Emirates (6%) and the US (5%).
Depending on the number of transactions in which they have been involved, strategic investors in the US remain in second place, with a share of 7% of the number of transactions, those in the UK, Poland and Austria having equal shares of 5%.
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