Despite this positive momentum, the average transaction value slightly decreased by 2% from H1 2024, settling at €22.6 million. Small and medium-sized deals continue to be the primary drivers of growth, accounting for 90% of the total volume, according to an analysis by George Ureche, Partner at PwC Romania.

H1 2025 saw 12 transactions exceeding €40 million, with four surpassing the €100 million mark. The largest of these was MidEuropa Partners' sale of the private healthcare network Regina Maria to the Finnish group Mehiläinen, valued at over €1 billion. 

Of the announced transactions, 76 (62%) have been finalized, totaling €833 million. The acquisition of Artrom Steel Tubes by Great Lakes Global Holdings, valued at over €100 million, stands as the largest completed deal.

The healthcare sector led in total transaction value, contributing over €1.1 billion, followed by real estate with over €630 million, and manufacturing with over €300 million. These three sectors collectively represented over 75% of the total transaction value. In contrast, the energy sector, a significant growth engine in 2024, experienced a substantial five-fold decrease in value, reaching €150 million in the first half of 2025. The IT&C sector also continued its decline in both volume and value, a trend observed since 2024.

Strategic investors remained the most active buyers, announcing 93 transactions, a 12% increase from H1 2024. Private equity funds, however, saw a 36% year-on-year decrease in announced deals, with 18 transactions. 

More deals expected in H2

Looking ahead, H2 2025 is expected to surpass last year's levels in terms of value, driven by several large announced but unclosed transactions. 

These include the acquisition of Purcari wineries by Maspex (approximately €170 million), the sale of the P3 logistics portfolio to CTP (estimated at €280 million), and the sale of Regina Maria by MidEuropa Partners to CVC, via Mehiläinen Group.