Romania recorded the seventh largest transaction in Central and Eastern Europe in 2024, namely Banca Transilvania's acquisition of OTB Bank, valued at approximately $400 million. Last year, Romania ranked third, propelled by the announcement of the acquisition of the Profi retail chain by Ahold Delhaize, the owner of Mega Image, for $1.4 billion.

Central and Eastern Europe recorded transactions totaling $18 billion in the first nine months of 2024, a slight increase compared to the same period last year. In the regional ranking, the Czech Republic leads with $4.7 billion in transactions, followed by Poland ($2.4 billion) and Romania ($1.7 billion). Slovenia, Hungary, and Croatia round out the ranking with transaction values of $500 million, $300 million, and $100 million, respectively.

The global M&A market recorded a total transaction value of $1.6 trillion in the first nine months of 2024, representing a 10% increase compared to the same period in 2023. However, the number of mega-transactions (valued at over $10 billion) continued to decline, with only 17 such transactions reported, compared to 20 during the same period last year.

“In 2024, M&A market players remained cautious or tested the market with reservations,” said Balázs Zoletnik, BCG Partner. “However, we are seeing early signs of recovery, supported by strategic transactions in sectors such as energy, financial services, and technology.”

Key Findings from the Report:

North America remains the most significant M&A market:

Transactions involving targets in the Americas totalled $958 billion, an approximate 13% increase compared to the first nine months of 2023. The overwhelming majority ($877 billion) targeted North America, representing 55% of global M&A activity. Most of these targets were acquired by American companies. 

M&A in Europe shows mixed results:

Transaction values in Europe totalled $353 billion, a 14% increase compared to the first nine months of last year. The UK saw a 131% increase in transaction value, achieving its highest share of European M&A activity since 2015. Significant increases were also noted in Sweden (111%), the Czech Republic (68%), and France (29%), driven by larger transactions. In contrast, aggregate transaction values were significantly lower than the same period last year in Germany (–52%), Austria (–34%), Switzerland (–31%), and Italy (–25%). 

M&A activity in Asia-Pacific hits a ten-year low:

Transaction values in Asia-Pacific declined by 5%, reaching a ten-year low of $263 billion. Declines in China (–41%) and Australia (–7%) were major factors in the regional decrease. However, there were bright spots, including growth in Malaysia (132%), India (66%), Singapore (48%), Japan (37%), and South Korea (10%).