Home / Emerging Europe M&A Report 2019/2020 / Romania
Emerging Europe M&A Report 2019/2020
  1. Features
    1. Emerging Europe remains a magnet for international investors
    2. Emerging Europe economic outlook: Growth to stay well ahead of EU average
    3. Start-ups and corporates unite in search of unicorns
    4. Online shopping drives investment into CEE logistics
    5. Taking business to a new level
    6. Reforms put Ukraine on brink of historic transformation
    7. Forward-thinking firms shape up for the future
    8. No turning back the tide of South Korean investment
    9. Asian investors turn their spotlight on emerging Europe
  2. Albania
  3. Bosnia and Herzegovina
  4. Bulgaria
  5. Croatia
  6. Czech Republic
  7. Hungary
  8. Montenegro
  9. Poland
  10. Romania
  11. Russia
  12. Serbia
  13. Slovakia
  14. Slovenia
  15. Turkey
  16. Ukraine

Romania

Romania continues to prove itself a stable provider of deals and overall M&A activity went up by 10% y-o-y to 143 transactions. Deal value came down from the record levels seen in the preceding year, but the market still recorded more than ten deals over EUR 100m. The country has positioned itself well for international investors and there remains a healthy interest from investors from the US and western Europe.

Activity in the wholesale & retail sector has trended upwards with the sector more than doubling total deals and recording 22 deals in 2019, up 13 y-o-y. Still leading by some distance is the manufacturing sector with 28 deals. Both telecoms & IT and real estate & construction experienced a slight dip in activity. 

Several large deals are in the pipeline in Romania, and expectations for a successful 2020 are high. 

Volume and number of deals

ROMANIA graph

Top five deals

Media

#1

Target: Central European Media Enterprises (CME) assets in Romania
Sector: Media & Publishing
Stake: 100%
Buyer: PPF Group
Country of buyer: Czech Republic
Deal Value: EUR 548,3m*
Value Source: 1

*Deal value estimate based on CME’s 2018 revenues attributable to Romania.

Telecoms

#2

Target: UiPath
Sector: Telecoms & IT
Stake: N/A
Buyer: Coatue Management; Accel Partners; Sequoia Capital;
Wellington Management Company; other
Country of buyer: United States
Deal Value: EUR 506,3m
Value Source: 1

Finance

#3

Target: Banca Romaneasca
Sector: Finance & Insurance
Stake: 99.3%
Buyer: EximBank
Country of buyer: Romania
Deal Value: EUR 307,3m
Value Source: 1

Real estate

#4

Target: Romanian office portfolio of NEPI Rockastle
Sector: Real Estate & Construction
Stake: 100%
Buyer: AFI Group 
Country of buyer: Israel
Deal Value: EUR 290m
Value Source: 1

Gambling

#5

Target: Superbet
Sector: Other
Stake: N/A
Buyer: The Blackstone Group
Country of buyer: United States
Deal Value: EUR 175m
Value Source: 1

Value Source:

  1. Official data
  2. Market estimate provided by EMIS and based on publicly available information
  3. EMIS estimate

Top three sectors

Manufacturing

Manufacturing:
28 deals 
Wholesale

Wholesale & Retail:
22 deals
Real estate

Real Estate & Construction:
21 deals

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Key contacts

Contact
Horea Popescu
Horea Popescu
Managing Partner
Head of CEE Corporate M&A
T +40 21 407 3824

Expertise

Corporate