MOLDOVA Trends and Developments Contributed by: Oleg Efrim, Vladislav Roșca and Ina Jimbei, Efrim Rosca & Associates
Efrim Roșca Asociații MD-2012, București 72 str., Chișinău,
Republic of Moldova Tel: +37322238301 Fax: +37322238303 Email: contacte@era.md Web: www.era.md
Current Profile of the M&A Market in the Republic of Moldova The number of M&A transactions in the Republic of Moldova did not increase significantly between 2025 and 2026. The market remains selective and domi - nated by one-off transactions, particularly in regulated or strategically important sectors. However, several structural indicators suggest that the activity will likely intensify gradually over the coming years. Accelerated legislative convergence with European Union standards, strengthened prudential supervi - sion, and more active application of mechanisms to control investments and economic concentrations increase the predictability of the transactional frame - work. At the same time, the development of financial infrastructure and the preparation of a comprehensive privatisation programme indicate a reconfiguration of the investment ecosystem. An additional indicator of the strengthening of the macroeconomic profile is the evolution of sovereign ratings. In 2025, S&P Global Ratings assigned the Republic of Moldova a “BB-/B” rating with a stable outlook. At the same time, Fitch Ratings confirmed its “B+” rating, and Moody’s maintained its “B3” rat - ing, both with a stable outlook. Although below the “investment grade” category, these assessments reflect fiscal stabilisation, moderate public debt levels, and external financial support for structural reforms. For the M&A market, the implications are direct: a reduction in the sovereign risk premium influences the cost of transaction financing and strengthens percep - tions of institutional predictability.
In this context, the current market evolution is defined not by volume but by the consolidation of the insti - tutional framework that supports transactions. This stage of stabilisation and European alignment may create conditions for a more pronounced increase in M&A activity as structural reforms and investment projects reach maturity. Alignment With EU Standards and Impact on Transactions The increasing sophistication of transactions in the Republic of Moldova is supported by an accelerated legislative convergence with European Union stand - ards, in the context of accession negotiations. Between 2023 and 2025, the Republic of Moldova made significant progress in transposing European legislation in areas essential to the transaction market: company law, corporate governance, financial regu - lation and competition. Although these reforms go beyond the strict scope of M&A, their impact on the structuring and execution of transactions is tangible. The corporate framework now offers greater flexibility in establishing control mechanisms and shareholder agreements. Financial supervision standards are clos - er to European practices, and competition analysis and foreign direct investment screening are integrated into the transaction architecture from the early stages. For investors, this means greater predictability regard - ing authorisations, compliance requirements, and risks upon completion. A complementary structural element is the Republic of Moldova’s accession to the Single Euro Payments Area (SEPA) in 2025. Integration into SEPA reduces
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