 reached an estimated total value of USD 4.1bn in the first half of 2025.){kind=link}
Romanian mergers and acquisitions (M&A) reached an estimated total value of USD 4.1bn in the first half of 2025, marking a 45% increase from USD 2.8bn in H1 2024. Total disclosed deal values reaching USD 2.8bn in H1 2025 – a 185% increase compared to USD 962m in H1 2024, EY reports.
This market evolution is accompanied by a rise in global deal values by around 30% compared to 2024 levels. The robust performance of Romanian M&A contrasts with the broader European landscape, where deal values saw a slight 4% decline in H1 2025.
In terms of volume, Romanian M&A recorded 139 transactions in H1 2025—up 9% from 127 deals in H1 2024 and broadly flat compared to H2 2024. This represents the second-highest half-yearly deal count on the record. The consistent level of activity underlines the market’s resilience, even amid wider macroeconomic uncertainty.
Strategic investors retained their dominant hold on Romanian M&A during the first half of 2025, accounting for 87% of deal volume (121), down from 93% in H1 2024 (118 deals). Meanwhile, private equity activity gained momentum, with acquisitions rising to 9% of total deals valued at USD 621m, up from 6% share in the same period last year, none of which had disclosed values.
Top 3 largest transactions in H1 2025
Mid Europa’s sale of Regina Maria in Romania and MediGroup in Serbia to CVC-backed Mehiläinen, Finland’s largest private healthcare provider, in a transaction valued at approximately USD 1.4bn for the Romanian operations, was the biggest move in H1 2025.
It was followed by a 50% stake acquisition in Therme Horizon by CVC Capital Partners, valued at approximately USD 575m3. The newly created holding company comprises Therme Bucharest and Therme Erding, two of Europe’s most visited wellbeing destinations, together welcoming approximately 3.5 million guests annually. EY’s multidisciplinary teams provided buy-side financial and tax due diligence services.
Top 3 is completed by the acquisition of P3 Group’s Romanian operations by CTP, Europe’s largest publicly listed industrial and logistics property developer, for USD 280m, followed by the sale of 70% stake in La Cocos retail chain to Schwarz Gruppe for an estimated USD 117m.