Q1 2026 data indicates a revival of activity in the local M&A market, both in terms of value and volume of announced transactions. The 77 announced transactions, with a total value of €2.9 billion, mark a 38% increase in volume and three times higher value compared to the same period last year, according to a PwC Romania analysis.
This growth was driven by four major transactions exceeding €100 million each, which generated over 60% of the market's total value. These include the acquisition of Carrefour Romania by the Paval brothers for €821 million, the acquisition of Garanti BBVA Romania by Raiffeisen Bank for €591 million, the global merger of US spice producer McCormick with Unilever's food division (excluding India) worth over €200 million for the Romanian market, and the acquisition of SAI Patria Asset Management by BRD Asset Management.
Mid-sized transactions (€40-100 million) recorded growth in both volume and value compared to Q1 2025. The 10 transactions (+66% year-on-year) in this segment had an average value of €59 million (+39% year-on-year). Small-value transactions (under €40 million) continued to grow in volume to 65 transactions (+33% year-on-year), but marked a slight decrease in average value to €6.6 million.
From a sectoral perspective, the M&A market was dominated by retail transactions (30% of total) and financial services (26% of total), while the most active sectors numerically were real estate (19 transactions), energy (14 transactions) and industry (10 transactions). IT&C and medical services sectors recorded a decrease in volume but an increase in value compared to the same period last year.
"Much of this decrease is due to the increasing complexity of market transactions, many having a relevant impact on the competitive structure of their sectors, which determines longer analysis periods by the Competition Council and/or the Commission for Examining Foreign Direct Investments," said Marina Pavel, M&A Director at PwC Romania. "Romania is becoming a market of paradox from a transaction activity perspective, with numerous interesting investment opportunities from a financial and operational performance perspective, but few new investors attracted to the market, willing to incorporate macroeconomic or sectoral instability risk into investment returns," stated George Ureche, Transactions Partner at PwC Romania.
