Romania ranked second in Central and Eastern Europe (CEE) last year by number of merger and acquisition (M&A) deals, posting a 45.5% increase - the highest level ever recorded - according to a report published Tuesday by an international organization of independent law firms providing legal and tax advisory services.
Increases in both the number and value of transactions were also reported in Albania, Bosnia and Herzegovina, the Czech Republic, Serbia and Slovenia.
"Romania had a record-high number of transactions in 2025, up 45.5% from the previous year. Although the total value rose only 4.3% to EUR 2.7 billion, the strong increase in deal volume confirms sustained investor interest in the local market. Activity was particularly strong in Education & Healthcare, Energy & Utilities and Real Estate & Construction," said Rodica Manea, partner at CMS Romania, quoted in a company statement.
M&A activity in CEE reached record levels in 2025, with 1,568 deals (up 22.4%) worth EUR 36.64 billion (up 42.5%), according to the CMS Emerging Europe M&A 2025/26 report. Five transactions exceeded EUR 1 billion, compared with two in 2024.
Cross-border deals remained central to the region, accounting for 60.8% of total transactions and 87.8% of their value. By number of deals, the US, the UK and Germany were the top investors, while Austria, the U.S. and the Netherlands led by value.
"The findings of the CMS Emerging Europe M&A 2025/26 report, published today with EMIS, show the resilience of the emerging Europe deal market. Activity increased by 22.4% to 1,568 deals in 2025, while total value rose 42.5% to EUR 36.64 billion, driven by more mega-deals and the return of large-cap transactions in banking, retail and mining," the authors note.
Private equity activity also reached a record high, with 330 deals (up 18.7%) worth EUR 17.24 billion (up 24.2%).
"Not only did M&A activity in CEE remain steady, but it accelerated visibly. Mega-transactions show that investors are bringing significant capital to the region. The market is consolidating and diversifying: cross-border investors remain active, private equity funds are strongly involved, and strategic buyers are focusing on core business development," said Horea Popescu, partner at CMS Romania.
Cross-border M&A in emerging Europe rose 22.8% in 2025 to 953 transactions, driven mainly by investors from the U.S. (126 deals), the UK (87) and Germany (71). Total cross-border deal value increased from EUR 23.3 billion in 2024 to EUR 32.2 billion, with Austria leading by value (EUR 7.09 billion). Pharmaceuticals and healthcare remained among the most active sectors.
Private equity continued to play a key role, with a record 330 deals worth EUR 17.24 billion. The largest private equity deal in CEE in 2025 was Advent International's EUR 4.1 billion sale of Zentiva to GTCR.
In emerging Europe, the highest-value sectors were Finance & Insurance (EUR 8.76 billion), Manufacturing (EUR 7.06 billion) and Real Estate & Construction (EUR 5.65 billion). By number of deals, Telecommunications & IT (285), Real Estate & Construction (249) and Manufacturing (240) led the region.
Poland remained the most active M&A market, with 331 deals (up 23%) and total value rising to EUR 13.76 billion (up 138.3%), boosted by the region's largest deal since 2025 - Erste Bank's EUR 7 billion acquisition of a 49% stake in Santander Bank Polska.
Looking ahead to 2026, Popescu said CEE remains attractive to international investors, with 2025 data showing strong volumes and higher values supported by large-cap deals in key sectors.
"With financing stabilizing and market confidence improving, we expect 2026 to bring consolidation, more cross-border acquisitions and selective private equity investments across the region," he added.
Founded in 1999, CMS is an international organization of independent law firms with 92 offices in more than 50 countries and over 7,200 lawyers. EMIS provides multi-sector and multi-regional research covering more than 370 industries and 17 million companies across 197 markets.
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