During the first three months of 2025, the Romanian mergers and acquisitions (M&A) market recorded 51 transactions1, with an estimated combined value of USD 1.0bn reflecting a 25% decline in the number of deals (68) and 29% fall in the value (USD 1.4bn) of M&A compared to Q4 2024. The lower level of deal-making was largely due to a slow start to the year with January 2025 recording the lowest number of deals (10) since September 2023 (12), while activity was more in line with the 2024 average monthly run-rate in February and March 2025.