MOLDOVA Trends and Developments Contributed by: Oleg Efrim, Vladislav Roșca and Ina Jimbei, Efrim Rosca & Associates
In the private healthcare sector, MedLife’s entry con - firms the attractiveness of a fragmented market and its potential for consolidation. In the wine industry, the takeover of Purcari Wineries by the Polish company Maspex illustrates regional investors’ interest in Mol - dovan assets with international scaling potential. The transaction also has a cross-border dimension given Purcari’s listing on the Bucharest Stock Exchange. Domestically, retail remains the sector with the most intense local transactional activity. Consolidations are often achieved through asset transfers – networks, commercial spaces, key contracts – reflecting a prag - matic use of legal mechanisms and increased atten - tion to competition implications. Renewable energy has become one of the most dynamic segments of the real economy. Installed capacity from renewable sources has increased more than tenfold in recent years, from approximately 77 MW to over 1,000 MW, and the share of green energy in consumption has risen from around 3% to almost 29%. In April of last year, 36% of monthly electricity consumption was covered by local renew - able sources, confirming the sector’s accelerated maturation. Over the past five to six years, cumula - tive investments in renewable energy projects have reached approximately EUR1 billion, representing by far the largest wave of capital deployment in Mol - dova’s real economy during this period. Against this backdrop, the market recorded transactions both at the development phase and among operational pro - jects. The launch of competitive auctions, including storage obligations, and the operationalisation of organised electricity markets by the Energy Market Operator (OPEM), with transparent price formation, have reduced uncertainties around the monetisation of production and increased projects’ ability to attract long-term financing. As projects reach maturity, sec - ondary transactions are expected to rise, including through the entry of institutional investors into already operational assets. The IT sector remains a consistent focus of invest - ment interest, supported by the IT Park’s legal and tax regime. Transactions are primarily focused on intangible assets and specialised teams, with earn-
out and key personnel retention mechanisms, in line with international practices. Overall, the real economy’s dynamics point to an M&A market characterised by strategic relevance and legal sophistication rather than volume. Transactions reflect an economy undergoing regional integration and an increased institutional capacity to manage operations with competitive, prudential and cross-border com - ponents. Privatisation of State-Owned Enterprises: Preparing for a Structural Phase One of the most relevant signals for the evolution of the M&A market is the Reform Agenda associat - ed with the Republic of Moldova’s Growth Plan for 2025–2027, approved in May 2025. The document outlines an extensive privatisation programme, with the first stage planned for the summer of 2026, when five state-owned enterprises are to be put up for sale. Although the process has not formally begun, the mar - ket has already entered a phase of anticipation. Unlike previous waves of privatisation, the current initiative is integrated into a broader programme of economic reform and European convergence, suggesting a more structured and institutionalised approach. In practice, the impact on the legal market happens before the actual transaction. Getting ready for pri - vatisation involves reviewing corporate governance, clarifying asset structures, handling litigation or past exposures, separating non-core activities, and ensur - ing compliance with higher transparency standards. For enterprises of systemic relevance, this phase can be as complex as the competitive sale process itself. If the implementation follows the planned schedule, 2026 might be a milestone year – not only because of the completed transactions, but also because of the extensive preparation and restructuring leading up to them. Moldova International Stock Exchange: Market Infrastructure and Implementation Mechanism Alongside the privatisation agenda, the licensing pro - cess for the Moldova International Stock Exchange, founded at the end of 2025, has begun. Shareholders
864 CHAMBERS.COM
Powered by FlippingBook