|  04.02.2013

M&A Romania Barometer 2012

Despite the political and economic uncertainties of 2012, the Romanian M&A market had a good year. However, the size of the market more than doubled in terms of value, with an estimated 106% increase based on disclosed deal values in the analyzed period (not including cross-border deals).

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When computing the market value, the decrease in the number of deals was offset by the increase in average deal size, which also doubled.


►As anticipated, the M&A activity decelerated in the second half of 2012, the number of deals decreasing by 30%. However, some significant deals were finalized during this period, mostly in the months of July and August 2012: the acquisition of eMag by Naspers, two real-estate deals (involving Liberty Center Mall and Tower Center International), the takeover of Astra Vagoane and the acquisition of a hypermarket from Pitesti by Auchan Romania.


►In 2012 we saw an increasing number of transactions involving strong targets - indicating a growing confidence of investors in the Romanian economy -, but insolvent and distressed companies continued to be in the focus.


►Last year meant also the completion of the largest transaction of the last two years: the acquisition of chemical fertilizer producer Azomures by Ameropa Holding.


Outlook 2013 


►We expect a better 2013, based on the resumed push in privatizations and transactions in the renewable energy and the financial sector. We base this view also on the undertaken more positive attitude of the Romanian Government towards economy.



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