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Biggest M&A transactions on Romanian market in 2020

The total value of M&A transactions on Romanian market decreased by 6% last year compared to 2019, amid uncertainties brought by the COVID-19 pandemic, according to the PwC M&A Outlook report, prepared by PwC Romania and D&B David and Baias’ integrated M&A team.

However, given the context, the market value still remained at a high level of € 4.9 billion, compared to € 5.2 billion in 2019 and € 5 billion in 2018.

During 2020, a total of 254 transactions were concluded, according to the PwC analysis, 18% above the volume recorded in 2019 (with 215 transactions more). According to the report, there was an increase in the transactions segment of below 5 million euros, both in terms of number and average value of the transaction, fueled by the higher number of relevant targets and increasing investor availability and interest in this segment.

The highest total value of M&A transactions on Romanian market was recorded back in 2007, when it reached approximately 5.8 billion euros during the year.

50% of the transactions were at over 100 million euros

As usual, more than 50% of the market value was achieved through transactions exceeding EUR 100 million each, which remained constant in number from year to year.

“The “king” industries of 2020, taking into account the circumstances and changes driven by the restrictions imposed by the pandemic, were IT&C, Industrial Products, Energy, Real Estate, Health and Pharma. And these sectors will remain on the agenda of investors in 2021. Also, 2021 will be favorable for consolidation of big players in industries such as energy and construction “, says Dinu Bumbăcea from PwC.

The 10 most important transactions of over 100 million euros completed in 2020 were:

  • Acquisition of CEZ by Macquarie Infrastructure and Real Assets
  • Acquisition of a 5.3% stake in Electrica SA by Allianz SE
  • Crucea S.A. Wind Farm purchased by Hidroelectrica SA
  • The package of shares held by Fondul Proprietatea in OMV Petrom
  • Acquisition of Smart Diesel by DKV
  • Acquisition of Floreasca Business Park by Fosun International Ltd; Zeus Capital Management
  • Acquisition of the NEPI Rockastle portfolio by AFI Group
  • Acquisition of Globalworth Real Estate Investments by CPI Property
  • Acquisition of the fixed Telecom network by Orange
  • UiPath financial funding rounds
  • Acquisition of Al Dahra – Agricost by ADQ

The PwC Romanian M&A Outlook report was prepared based on publicly available information in connection with transactions signed and/or closed during 2020.

Publicly announced transactions that, for various reasons, were not closed in 2020 and transactions signed in 2019 but closed in 2020 are not included in this report. Indicative valuation methods based on comparables were used to estimate values that are not publicly available, considering the influence of the business model and the industry of which those companies are part of.


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