Romania is the most dynamic mergers and acquisitions (M&A) market in Central and Eastern Europe, with a 9% growth rate in the number of transactions in 2025, more than double the region's 4%, according to Mergermarket data analyzed by Deloitte Romania. Second and third place are occupied by Hungary and the Czech Republic (8% each), while the market in the largest country in the region, Poland, stagnated.
In terms of share in the total number of transactions in the region, the local M&A market is the only one that has grown steadily over the past five years, from 13% in 2021 to 18% of total volume in 2025. Romania thus consolidates its second place in the top of the most active markets in Central and Eastern Europe and, in addition, reduces the gap compared to the market leader, Poland, whose share decreased 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 carried out by Deloitte Romania based on Mergermarket data.
As for transactions in Romania with an estimated or communicated value of over 5 million euros, Deloitte Romania's analysis shows that they amounted to 130 in 2025, and the total market value was 5.5-5.9 billion euros. Excluding mega-transactions (over 500 million euros), the average value of a transaction was 37 million euros in 2025, compared to 34 million euros in 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", said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.
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 euros. As for the country of origin, Romania has the highest share both in terms of number of transactions (31%) and value (21%).
The sector in which the most transactions were recorded 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 USA (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%.
The share of transactions of more than 5 million euros with undisclosed value increased in 2025 to 73% (from 64% in 2024), the highest in the last five years. In terms of segmentation by value ranges, the local market remains dominated by transactions with a value between 5 and 20 million euros (76 out of the 130 transactions analysed).
Deloitte Romania coordinates a multidisciplinary M&A practice, with a holistic approach, which includes business lines such as Corporate Finance, Due Diligence, Post-Merger Integration, Tax Advisory and Legal Advisory. Thus, Deloitte's teams of professionals can cover all relevant aspects of a transaction.
Note: The analysis is based on information collected from public sources and updated with transaction values resulting from the most recent information available.
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