ROMANIA Law and Practice Contributed by: Lucian Bondoc, Bogdan Bunrau and Diana Ispas, Bondoc si Asociatii
Bondoc si Asociatii 34 Londra Street Sector 1, 011764 Bucharest Romania
Tel: +40 31 224 8400 Fax: +40 31 224 8401
Email: office@bondoc-asociatii.ro Web: www.bondoc-asociatii.ro
1. Trends 1.1 M&A Market
Nevertheless, the authors remain cautiously optimis - tic in the short term, given the ongoing fiscal reforms intended to curb the budgetary deficit, and linger - ing geopolitical risks that continue to shape both the domestic and global landscape. 1.2 Key Trends The prevailing trend in the Romanian market contin - ues to revolve around consolidation across numerous sectors. This consolidation trend is evident in most sectors, including renewable energy, real estate, hos - pitality and construction, advanced manufacturing and mobility, with healthcare and pharmaceuticals standing out as particularly active in terms of trans - action volume. Notably, the Healthcare and Life Sci - ences sector experienced strong momentum, driven primarily by heightened activity in the acquisition of veterinary clinics. A significant share of the market value was generated by the energy sector, where operational and project- stage photovoltaic and wind assets continued to attract strong investor interest. 1.3 Key Industries While the geopolitical turmoil has presented several challenges for the global community, opportunities for innovation and adaptation in the M&A market were also created, particularly within the technology and renewable energy sectors. The ability to respond to rapidly changing market conditions and navigate complex environments has become increasingly important for companies seeking to develop or remain competitive, with this trend persisting into 2025. The sectors with the most M&A activity in 2025 included
The Romanian M&A market has retained similar levels in 2025 compared to 2024, with an estimated total value ranging from EUR5.3 billion to EUR5.7 billion, reflecting a slight decrease in value. However, the deal volume continued the positive trend, increasing by approximately 3% on a yearly basis, with strategic investors continuing to dominate the market. Despite the decrease in deal value, the Romanian market nonetheless presents a wealth of advisory opportuni - ties. Compared to previous years (such as 2023 which was an exceptionally strong year for the Romanian capital markets due to the record-breaking EUR1.9 billion Hidrolectrica IPO (the largest in the EU, and one of the largest worldwide in 2023)), 2025 was marked by a relatively low number of equity capital markets transactions. However, considering: • the record increase in the market capitalisa - tion of companies listed on the Bucharest Stock Exchange (at over RON500 billion, the highest in its history); • the ongoing implementation of the Financial Sur - veillance Authority National Strategy for the Devel - opment of the Capital Markets; • the efforts to ensure accession to the OECD; and • EU measures to be taken to increase competitive - ness, including via the Savings and Investment Union there is hope for growth in this area, espe - cially in the medium and long term.
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