Romanian M&A market evolution during the first nine months of 2023

The Romanian mergers and acquisitions (M&A) market recorded 183 transactions during the first nine months of 2023, representing a decrease of 6.2% compared to the same period last year, according to EY.

The estimated value of local M&A activity was also lower on a year-on-year basis, at USD 4.2bn (2) vs USD 5.2bn in 9M 2022 due to a 20% decrease in the value of disclosed transactions.

The largest deal observed during this period remains the sale of Italy-based Enel Group’s operations in Romania to Public Power Corporation, the main electric power company in Greece, for approximately USD 1.4bn.

Another notable transaction announced during the first nine months of 2023 was the acquisition of a majority stake by Bahrain-based fund Investcorp in NetRom Software for an estimated US$ 110m.

Furthermore, Q3 2023 vs Q3 2022 deal activity has also decreased in Romania, with volumes down by 19.4% and estimated value by 41.7%.

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