After an inconsistent performance in 2021 and 2022, the M&A market in Southeast Europe remained relatively stable in 2023, in line with the subdued global mergers-and-acquisitions landscape, where deal values and volume continued to lag behind their post-pandemic highs. In Romania, the largest market in the region, the M&A witnessed 132 transactions in the first half of 2023, with an estimated total value of $3.7 billion, according to data compiled by Ernst &Young. While the number of transactions increased slightly compared to the first half of 2022, there was a significant 11% drop in total value compared to the same period last year when it reached $4.2 billion.