Meanwhile, the market value amounted to €1.5 billion in Q3 2025. This represents an increase in value but a decrease in the number of transactions compared to the same period in the previous year. Excluding the significant €700 million transaction between PPC and Evryo in August 2024, the market's value saw an increase of over 50% year-on-year.
"With the return of political stability and the implementation of fiscal measures, founders' decisions to divest have been reactivated, and the Romanian transaction market has re-entered investors' radar," said George Ureche, M&A Partner at PwC.
The energy sector was a major driver, accounting for over 55% of the market's total value. This was largely due to continued investor interest in solar and wind farms, both operational and in development. Portfolios of installed capacity exceeding 3 GW were transacted, with many including battery energy storage systems (BESS).
In terms of volume, the market saw 61 transactions, a decrease of nine from the previous year. Of these, 15 were in the energy sector.
Consequently, the average transaction value rose to €25 million, a 74% increase compared to Q3 of the previous year (excluding the PPC-Evryo deal). The highest average transaction values were in the energy sector (€61 million), followed by industry and IT&C (€21 million each).
Smaller transactions, averaging under €4 million, were recorded in the financial services and medical/pharma sectors. Only 10 of the 61 deals exceeded €40 million, indicating that the Romanian market is still dominated by small-scale transactions with entrepreneurial sellers.
Strategic investors continue to dominate the market, completing 51 of the 61 transactions. However, the number of deals by investment funds as buyers increased to 10 in Q3 2025, up from eight in the same period last year.
This decline was attributed to the first two quarters of the year, when political uncertainty and anticipation of fiscal measures delayed many transactions.
Renewable energy, healthcare, food industry, and agribusiness are expected to remain key sectors for transactions. Additionally, companies providing products and services for the defense sector could generate new opportunities in Q4 2025.
