The number of transactions was 52 in January to May, down from 59 in the year-earlier period, E&Y said Tuesday.
Only the deals for which the involved parties disclosed the value reached $330 million, from $216 million in January-May 2011. For the whole market, E&Y sees a value of $798 million, compared with $408 million a year ago.
Therefore, the average deal value rose to $30 million, from $20 million in the first fivemonths of 2011.
The largest transaction analyzed was Ameropa Holding’s acquisition of Romanian chemical fertilizers maker Azomures (AZO.RO), for an undisclosed amount. “According to market data, the deal value was certainly higher than EUR100 million ($126 million),” E&Y Romania partner Cornelia Bumbacea said Tuesday.
Other major transactions were US foood group Bunge’s acquisition of Prio’s factory in Leehliu for EUR50 million, and the sale of car battery maker Rombat.
“Financial investors were not active on the market, but we expect them to be more involved in the coming period,” Bumbacea said. “The appetite of financial investors and private equity funds (for deals) is reviving. They are opeating in Romania, they have funds available, but they just didn’t find the right opportunity.”
Most deals were closed in real estate, services and retail, and buyers were exclusively foreign, according to E&Y analysis.
As regards the coming period, Bumbacea said the number of due-dilligence contract requests is declining, but there are transactions in waiting mode.
According to E&Y, 120 deals were closed in Romania last year, compared with 114 in 2010. The M&A market was estimated at $909 million in 2011, down from $1.26 billion a year before.