July 3 (SeeNews) - The value of Romania's mergers and acquisitions (M&A) market grew in the second quarter of the year, reaching 391 million euro ($456 million), up from 258 million euro in the first quarter, global consultancy Deloitte said on Tuesday.
However, counting also transactions with a still undisclosed value, the M&A market could reach 1.1 - 1.3 billion euro in the second quarter of 2018, Deloitte said in a press release.
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"In the first six months of the year, the trend of not reporting the value of transactions has accentuated. From our estimations, in the first half of 2018, the total value of the market was between 1.6 and 1.8 billion euro," Deloitte Romania M&A consultant partner Ioana Filipescu said.
In total, 27 transactions were announced in the second quarter of this year, including those whose value was not officially disclosed. In the similar period of 2017, 21 transactions had been announced. Deloitte's analysis did not take into account transactions worth less than 5 million euro each.
"We witnessed a recovery of the M&A market in the second quarter of the year, as a number of significant transactions were signed. Although the value of some of these transactions has not been made public, the size of the business entitles us to believe that their value is significant," Ioana Filipescu added.
Four of the transactions signed in the second quarter of the year were assisted by the Deloitte Corporate Finance team. Thus, Deloitte offered advice on the sale of Farmexim and Help Net to Phoenix Group, Fabryo to AkzoNobel, Animax to TRG investment fund and IKB Leasing to BNP Paribas.
Deloitte estimates that one of the largest transactions in the second quarter of 2018 was Vodafone's acquisition of Liberty Global shares in Germany, the Czech Republic, Hungary and Romania, with an unlisted value for Romania.
Next, the takeover of the Oregon Park office project in Bucharest by Lion's Head Investment is believed to be significant, though its value was not disclosed.
Deloitte also mentioned the sale by investment fund SIF Oltenia of the 6.3% stake it had to BCR to Erste Group Bank for 140 million euro, the purchase by the German group Phoenix of Farmexim distributor and Help Net, with an unlisted value and the taking over by the Dutch group AkzoNobel of the Fabryo paints manufacturer for an undisclosed sum.
Romania's M&A market grew by 15% in terms of value to an estimated 4-4.6 billion euro in 2017, according to Deloitte.
($ = 0.8573 euro)