The mergers and acquisitions market reached a value of 1.5 billion euros in the third quarter of this year, marking an increase in value and a decrease in volume compared to the same period last year, according to data analyzed by PwC Romania.Compared to the third quarter of 2024, the advance is of more than 50%, eliminating the impact of the 700 million euro transaction between PPC and Evryo (August 2024), which would induce a negative base effect.According to the analysis, more than 55% of the market value was generated by the energy sector, where photovoltaic and wind farms, operational or in the project stage, continued to arouse investor interest. Installed capacity portfolios totaling over 3 GW were traded, many of them combining battery energy storage (BESS) capacities.In terms of volume, the market recorded 61 transactions, 9 transactions less than last year, of which 15 in the energy sector. Consequently, the average transaction value reached 25 million euros, 74% higher than the average value in the third quarter of last year, except for the transaction between PPC and Evryo.The highest average transaction values were recorded in the energy sector (61 million euros), industry (21 million euros) and IT&C (21 million euros), while smaller transactions (below 4 million euros, on average) being recorded in the financial services and healthcare and pharmaceutical sectors, respectively.Only 10 of the 61 transactions exceeded the 40 million euro threshold, with the Romanian market remaining predominantly a market for small transactions.In the first three quarters of the year, cumulatively, the Romanian transaction market reached 4.2 billion euro, down 7% compared to the equivalent period of last year. The decline was largely caused by the first two quarters of the year, when political uncertainty and the expectation of fiscal measures aimed at addressing the budget deficit postponed most of the transactions initiated in the market. With the regaining of political stability and the implementation of fiscal measures, the decision to divest from some founders was reactivated, and the transaction market in Romania came back on the radar of investors.Renewable energy, the healthcare sector, the food industry and agribusiness are expected to remain at the top of transactions, analysts believe, along with companies of products and services with applicability in the defence sector, which could generate new opportunities in the latter part of this year.