Romania's M&A market continues to grow, reaching EUR 2.3 billion in the third quarter of 2026

Bucharest, 2 October 2026 – Romania's mergers and acquisitions market reached an estimated value of EUR 2.3 billion in the third quarter of 2026, 2.2 times higher than in the same period last year, on the back of strong deal activity. A total of 93 transactions were announced, 52% more than in the third quarter of 2025.

Excluding the transaction in which Electronic Arts was acquired by the consortium of Public Investment Fund (PIF), Silver Lake and Affinity Partners, where the value attributable to the Romanian operations is estimated at more than EUR 650 million, the average deal value remained at approximately EUR 16 million, a level comparable to that of the third quarter of last year. Also excluding this transaction, the Industrial Products and Services sector was the largest contributor to market value, with approximately EUR 463 million, or around 32% of the value of transactions announced this quarter. It was followed by the Energy sector, with approximately EUR 232 million (around 16%).

"The deals market in the third quarter of 2026, in terms of both value and number of transactions, points to sustained investor interest in Romanian businesses, whether these were standalone transactions or part of deals covering operations in several territories. The first positive results of the fiscal consolidation package, announced this quarter, the rating agencies' decision to maintain the country's investment-grade rating and the prospect of OECD accession have set the stage for continued strong activity in the deals market, where consolidation opportunities are being pursued mainly by strategic investors already present in the local market," said George Ureche, Deals Partner, PwC Romania.

The most significant transactions announced in the third quarter, with estimated values of more than EUR 90 million, included:

• the acquisition of the Urleasca wind project (77 MW) by Scatec ASA;
• the acquisition of the FORVIA Interiors division by Apollo Global Management;
• the acquisition of Zabka Group, including the Froo operations in Romania, by Alimentation Couche-Tard.

Other notable transactions announced this quarter included the acquisition of International Personal Finance (IPF), whose local operations are represented by Provident Financial Romania, by BasePoint Capital, and the acquisition of ContiTech, the industrial division of Continental, by an affiliate of Lone Star Funds.

Only 11 of the 93 transactions exceeded the EUR 40 million threshold, which means the local market remains dominated, by number, by small deals.

In terms of target companies, EUR 1.6 billion of the total market value was generated by transactions involving European or international groups with operations in Romania, rather than by direct acquisitions of independent local companies.

"Political stability, a continued reduction in the budget deficit and confirmation that inflation is stabilising or falling remain key factors for investor interest and for the valuations of local businesses, given that a large part of the risks identified and captured in a transaction are external risks, arising from the macroeconomic environment or from the market or sector," said Marina Pavel, M&A Director, PwC Romania.

In terms of investor profile, strategic investors continue to dominate the buyer segment, while private equity funds remain in the minority but are on an upward trend in deal volume. Of the 93 transactions announced, 65 involved strategic investors and 28 involved financial investors, with the number of deals by financial investors approximately 14% higher than in the same period last year.

In terms of investor origin, 35 transactions were carried out by local investors, representing approximately 38% of the total number of deals, similar to the share of around 41% in the third quarter of 2025.

Compared with the third quarter of last year, a higher share of transactions were still at the signing stage at the end of the period, relative to those already closed. This points, on the one hand, to a longer time needed to obtain regulatory approvals and fulfil conditions precedent and, on the other, to more intense investment activity at the end of the quarter.

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