PwC Romania : Mergers and Aquisitions market trebles in Q1, to 2.9 billion euros

  Romania's transaction market recorded its strongest quarter in two years in 2026, with a cumulative value of 2.9 billion euros, three times higher than in the first three months of last year, according to an analysis by PwC Romania.Data from the first quarter of 2026 indicate a rebound in activity on the local mergers and acquisitions market, both in terms of value and the volume of announced deals. The 77 deals announced, totalling 2.9 billion euros, represent a 38% increase in volume and threefold growth in value compared with the same period last year.This growth was driven by four major deals, each exceeding 100 million euros and together accounting for over 60% of the total market value. These include the acquisition of Carrefour Romania by the Paval brothers, valued at 821 million euros; the acquisition of Garanti BBVA Romania by Raiffeisen Bank, valued at 591 million euros; the global merger of American spice producer McCormick with Unilever's food division (excluding India), valued at 56 billion euros globally, which corresponds to over 200 million euros for the Romanian market based on local revenue; and the acquisition of SAI Patria Asset Management by BRD Asset Management.In terms of market dynamics by deal size, mid-sized deals (40-100 million euros) increased in both volume and value compared with the first quarter of 2025. Ten deals in this segment (+66% year on year) had an average value of 59 million euros (+39% year on year).Smaller deals (under 40 million euros) continued to rise in volume to 65 transactions (+33% year on year), although the average value fell slightly to 6.6 million euros (from 6.7 million euros in the same period last year). This trend indicates continued consolidation among smaller companies, PwC Romania says.Regarding completed transactions, although the number rose in early 2026 to 39 from 32 in the same period last year, the share of completed deals in total announced transactions fell to 50%, from 57% in the first quarter of 2025.'Much of this decline is due to the increasing complexity of market deals, many of which have a significant impact on the competitive structure of their sectors, resulting in longer review periods by the Competition Council and/or the Foreign Direct Investment Review Commission. Additionally, the rise of highly regulated sectors, such as financial services and energy, in the Romanian M&A market requires additional approvals from regulatory bodies, complicating the conditions precedent to financial closing. Market maturity, reflected in higher average deal values, diversified pricing mechanisms, more sophisticated investors, and the declining contribution of the real estate sector with simpler M&A mechanisms, has been a key factor in the lower proportion of completed deals relative to total announced deals,' said PwC Romania M&A director Marina Pavel.By sector, in terms of value, the M&A market was dominated by retail (30% of total) and financial services (26% of total), while numerically the most active sectors were real estate (19 deals), energy (14 deals) and industry (10 deals).Conversely, IT&C and healthcare saw a drop in deal volume but an increase in value compared with the same period last year.'The rebound in local market activity at the start of this year is clear. A 2025 marked by numerous events that delayed sale and purchase decisions created pronounced investment tension, reflected in the high number of deals announced in the first quarter. Maintaining this momentum through 2026 will depend significantly on macroeconomic conditions and political stability, which directly affect market participants' risk perception and valuations. Romania's transaction market is paradoxical: it offers many attractive investment opportunities in terms of financial and operational performance, but few new investors are willing to take on the risk of macroeconomic or sectoral instability,' said PwC Romania Transactions partner George Ureche.Expected announcements likely to significantly impact 2026 statistics include the sale of Lukoil assets to the Carlyle investment fund, the relaunch of the Liberty Galati auction, and Romgaz's acquisition of Azomures.