In an interview with Ziarul Financiar, Lucian Poenaru, Founder and Managing Partner of Poenaru Legal, looks at Romania's M&A market. The 2025 figures are encouraging, with 275 transactions according to EY, but the year was uneven: a dynamic first half followed by a visible slowdown. Foreign capital was the main driver, while Romanian investors became more cautious and paid closer attention to transaction structures and risk.

The interview also explains why deals fail: unexpected findings in due diligence, disagreement over the payment structure, and the tension between the warranties requested by the buyer and the limitations of liability sought by the seller. For entrepreneurs considering a sale, the advice is to prepare the company legally before the process starts, from corporate structure and trademarks to key contracts. This kind of advance review can add between 10% and 20% to the final sale price.