News von den Mitgliedern

On June 22nd, L’Atelier Relais & Châteaux welcomes guests once again for the 6th edition of The SecrEAT, our Mysterious Chef’s Experience created around the idea of discovery, surprise and contemporary fine dining.

As always, the identity of the guest chef will remain undisclosed until the evening begins.

For this edition, we will be welcoming a chef whose cuisine follows the rhythm of the seasons, brought to life through vibrant flavours, fresh touches of herbs and vegetables, and subtle Mediterranean influences. Preserved ingredients also play a role, adding depth and character to a menu built around balance, texture and beautifully composed dishes.

The experience will take place inside the Epoque Tasting Room, in an intimate setting designed to bring guests closer to the story behind each course, while allowing the mystery itself to remain part of the evening.

We look forward to welcoming you for another unforgettable edition of The SecrEAT.”

Here is the payment link: https://buy.stripe.com/8x2dR8bi3cme33N00Y9Ve2l 

We are delighted to invite you to a special afternoon event dedicated to the current state of the pharmaceutical sector and the strategic priorities ahead.

“Pharma Leadership Dialogue: State of Play and Strategic Outlook” will bring together leading voices from across the industry for a series of moderated panel discussions focused on the key challenges and opportunities shaping the Romanian pharma market.

The conversation will explore investment and growth priorities, operational resilience and risk, market access and pricing pressures, as well as the evolving regulatory and funding landscape at both national and EU level. All discussions will be moderated by Luiza Bedros, Partner, Specialized in Life Sciences & Healthcare, Kinstellar.

Where?

Globalworth Tower, 10th Floor
(201 Barbu Văcărescu, 020276).
Please note that traffic may be busy.

When?

21 May 2026
16:00 – 18:30

Registration

The integration of artificial intelligence into capital markets offers significant opportunities in terms of efficiency, predictive analysis, and the optimization of investment decisions, but at the same time raises fundamental questions regarding transparency, risk management, and accountability in the use of autonomous algorithms.

In a recent analysis, Ingrid-Amelia Apetrei – Managing Associate – examines the legal and practical implications of black-box trading, in a context where technology is fundamentally transforming the mechanisms of financial markets, and the regulatory framework is called upon to keep pace with this evolution.

The full article is available here.

Bucharest, May 2026: Romania’s retail market went through a contrasting first quarter in 2026, according to the Romanian Retail Marketbeat Q1 2026 report published by Cushman & Wakefield Echinox. While macroeconomic indicators reflect a period of adjustment, the high street segment and the medium-term development pipeline remain extremely robust.

At the beginning of 2026, inflation reached 9.9%, the highest rate in the European Union, directly impacting retail sales, which declined by 5.8% in real terms. This decrease was driven by a 9.2% drop in non-food product sales and a 2.7% decrease in the consumption of food, beverages, and tobacco. However, analysts anticipate a recovery starting in the second half of the year (H2 2026), as the effects of fiscal measures stabilize, with a year-end inflation forecast of ~5%.

In this context, only one notable completion was recorded during the first three months of the year, namely M Park Titan in Bucharest (8,500 sq. m GLA), developed by M Core, the largest retail project delivered in Bucharest over the past four years.

Although the new supply was limited in Q1, developers continue to see a strong potential in the Romanian retail market and are thus investing in new projects, with more than 320,000 sq. m of retail spaces currently under construction nationwide. Approximately half of this total (~150,000 sq. m) is scheduled for delivery by the end of 2026, maintaining the strong development pace seen in recent years.

Among the major projects under construction or in advanced planning stages are Rivus Cluj (142,000 sq. m), Galati Retail Park (38,300 sq. m), the extensions of Promenada Mall in Bucharest (32,000 sq. m) and Palas Iasi (25,000 sq. m) or M Park Galati (28,500 sq. m).

Romania still offers significant expansion potential, having one of the lowest modern retail densities in Central and Eastern Europe, at just 253 sq. m per 1,000 inhabitants.

Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox: “Developers’ appetite for new retail projects remains unchanged, even though consumption has been under significant inflationary pressures in the first part of the year. With more than 320,000 sq. m currently under development, there is strong confidence in the long-term potential of the Romanian market, both through shopping center projects and retail parks. It is worth noting that the currently under construction projects also include extensions of schemes which have already produced solid returns in cities such as Bucharest, Iasi, or Bacau.”

The prime headline rent for high street spaces on Calea Victoriei continued the robust growth pattern of the last 12 months, now being quoted at €90/ sq. m/ month (+50% y-o-y) as a direct result of new store openings and the expected arrival of major luxury retailers in the coming months. The rental values in dominant shopping centers in Bucharest and in the major regional cities remained stable, generally ranging between €50 - 90/ sq. m/ month for 100 – 200 sq. m spaces located at the ground floor of those respective projects.

The event will take place on 3 June 2026, between 17:00 and 18:30, at The English Bar, within the InterContinental Athénée Palace Bucharest.

Franz Schwarz (President of VIAC), Cosmin Vasile (Managing Partner, ZRVP) and Ligia Cecilia Popescu (Partner, Wolf Theiss) will discuss key aspects and challenges of building a career in international arbitration, drawing on their own professional experience.

The event is addressed to the arbitration community in Romania and beyond, offering an open setting for practical discussions on professional paths in international arbitration.

Participation is subject to registration via this link.

Seats are limited, and participation is confirmed only upon receipt of an official confirmation from the organizers.

About Wolf Theiss

Founded in 1957, Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on unrivalled local knowledge which is supported by strong international capabilities. With 400+ lawyers in 13 countries and a central European hub in Brussels, over 80% of the firm's work involves cross-border representation of international clients.

Austria, Albania, Bosnia and Herzegovina, Brussels, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

Opinion article by Laura Lică-Banu, Director, Advisory, Forensic – Financial Crime, Deloitte Romania, and Cătălin Chibzui, Managing Associate, Reff & Associates| Deloitte Legal

Money laundering methods have become increasingly dynamic, sophisticated and harder to delimit geographically, as funds move rapidly across jurisdictions, digital platforms, opaque corporate structures and high‑value assets (luxury goods, real estate, works of art, etc.). Against this backdrop - which amplifies global risks and complicates supervision - the European Union has intervened through the Regulation (EU) 2024/1624 (AML Regulation/AMLR) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML/CFT), introducing a common standard intended to harmonize requirements across the Single Market.

The AML regulation shall apply directly in all member states, including Romania, and obliged entities must reach a level of readiness equivalent to that expected in an audit (ready‑to‑audit) at least six months before July 1, 2027. This is to ensure sufficient time to test systems, remediate deficiencies and stabilize procedures ahead of the regulation’s application date.

Implementation handbook – currently being finalized

In addition to the “level‑one” rules set out in the AML Regulation, operational details will be calibrated through “level‑two” instruments developed by AMLA (the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism). AMLA is required to develop, by July 10, 2026, Regulatory Technical Standards (RTS) and implementation guidelines that will directly influence how internal processes, collected data and applicable thresholds are designed.

These include standards on customer due diligence (CDD) measures - article 28(1) AMLR - clarifying what information and documents must be collected for risk‑based CDD. AMLA will also set criteria regarding the business relationship with the customer, occasional transactions and linked transactions - article 19(9) AMLR. In addition, AMLA will develop standards on group‑level requirements and measures for branches/subsidiaries in third countries - articles 16(4) and 17(3) AMLR.

Finally, AMLA will issue guidelines on the minimum content requirements for the entity‑level risk assessment and on additional sources of information that should be considered when performing the Business‑Wide Risk Assessment - article 10(4) AMLR.

New entities within the scope of AML

The AML Regulation expands the scope of obliged entities to include other higher‑risk financial and non‑financial sectors, such as the trade in precious metals and stones, high‑value goods, service providers and intermediaries for crowdfunding, operators in the field of migration by investment, football agents and professional football clubs. Reference thresholds for “high‑value goods” include, for example: jewelry/watches above EUR 10,000; vehicles above EUR 250,000; and aircraft/watercraft above EUR 7.5 million.

What actually changes?

For newly covered obliged entities, compliance will not only mean following written procedures but also implementing a functional and effective oversight framework. The minimum package includes policies/procedures and internal controls, a risk management framework, a compliance function (AML officer), training and testing employees’ AML knowledge, risk‑based Know‑Your‑Customer (KYC) measures and ongoing monitoring of business relationships, reporting to authorities, record keeping, etc. For many industries, the AML Regulation will need to be implemented at a level comparable to that of the banking and financial sector.

Moreover, to further streamline anti‑money‑laundering efforts, the AML Regulation introduces cooperation rules between the European Public Prosecutor’s Office (EPPO), Member States’ Financial Intelligence Units and the European Anti‑Fraud Office (OLAF). Information exchange is expected to facilitate both detection and the acceleration of accountability for those involved in money‑laundering schemes.

How do we prepare? Roadmap to July 1, 2027

Implementing the requirements under Regulation (EU) 2024/1624 calls for a structured, phased, risk‑based approach. A realistic roadmap to the full application date should include three main stages.

2026 – diagnostic and planning. This stage lays the foundation of the entire compliance program. Its purpose is to identify gaps between current practices and the new EU requirements; map risks (customer typologies, products, channels, jurisdictions) and recalibrate risk appetite; inventory data and flows; and assess existing controls (KYC, screening, transaction monitoring, reporting), etc. The output should be a detailed implementation plan, prioritized considering risk and complexity.

Q4 2026-Q1 2027 – implementation. This is the transformation phase, when requirements are translated into operational processes and functional systems (e.g., operationalizing and automation of customer onboarding and applying CDD; implementing and calibrating screening mechanisms; improving transaction monitoring; optimizing the STR/SAR reporting process; updating the internal framework; and conducting applied training). This stage requires close coordination across business, compliance, risk and IT functions.

Before July 1, 2027 – testing and stabilization. The final stage is essential to validate the effectiveness of the implemented framework (end‑to‑end testing of AML/CFT processes, remediation of identified deficiencies, audit simulations and real internal control tests, etc.) and to ensure sustainable compliance (through performance monitoring and final adjustments). The objective is to reach a “ready‑to‑audit” level that enables the entity to demonstrate compliance not only formally, but also in practice.

In conclusion, Regulation (EU) 2024/1624 marks a shift toward a single EU regulatory system, while secondary legislation (draft RTS and AMLA guidelines) will shape the concrete way in which requirements are applied in practice. A critical point must be emphasized: delaying preparations or treating this process superficially can generate significant risks of operational non‑compliance, sanctions and reputational damage. The complexity of the new requirements, reliance on quality data, systems integration and the need for consistent application in practice make a rapid, last‑minute alignment unlikely. In this context, early preparation is no longer a competitive advantage, but an essential condition for compliance and sustainability under the new EU framework.

Wolf Theiss advised MidEuropa, a leading private equity player in Central and Eastern Europe, on the acquisition and financing of a majority stake in Romanian Business Consult (RBC). The transaction, signed on 1 January 2026, was closed on 30 April 2026 following receipt of the regulatory approvals.

Wolf Theiss' Corporate/M&A team assisted MidEuropa in the acquisition of RBC group, the local market leader in IT solutions for modern retail and banking. The transactional team was coordinated by Ileana Glodeanu (Partner) with the support of Andreea Cărare (Counsel) and included Richard Clegg (Partner), Claudia Popescu (Partner), Boryana Filimonova (Senior Associate) and Marius Moldoveanu (Associate).

Partners Claudia Chiper and Nicholas Coddington led the financing team involved in the transaction, ably supported by Iuliana Stoicescu, Smaranda Văcaru and Andreea Tudorache (Senior Associates), whose tireless efforts were essential in bringing this complex financing to completion.

Wolf Theiss' Banking & Finance team provided legal assistance to MidEuropa on a senior secured financing package granted by a syndicate of banks comprising Banca Transilvania, Raiffeisen Bank and UniCredit Bank. The facilities were structured to finance the acquisition of RBC group and refinance the target group's existing indebtedness, as well as to support the group's ongoing capital expenditure and future growth through a dedicated capex and acquisition facility.

The Competition & Antitrust team, coordinated by Anca Jurcovan (Partner), alongside Maria Popescu (Senior Associate), advised on merger clearance and foreign direct investment approval.

In addition to those mentioned above, Wolf Theiss assembled a multidisciplinary team across several practice groups: Flavius Florea (Counsel, Data Protection, IP & TM), Andrei Costea, Laurenţiu Bolborici and Ramona Mosora (Associates, Corporate/M&A), Adelina Iftime-Blăgean (Partner) and Claudiu Ciubotaru (Associate) - Employment, Dana Toma (Counsel, Real Estate), Vladimir Plugărescu (Senior Associate, Regulatory) and Cezara Constantinescu (Senior Associate, Disputes).

“Our investment in RBC reconfirms our commitment to strengthen our presence in Romania, especially in the vibrant and fast-evolving IT sector. I extend my gratitude to Ileana and the entire Wolf Theiss team for their exceptional professionalism and expertise and for their commitment in successfully completing this transaction.” – Bogdan Bunea, Principal, MidEuropa

“Our team was delighted to support MidEuropa in yet another significant transaction, marking an exciting milestone in their growth journey in Romania. I am particularly proud of our Corporate/M&A team, for their unwavering expertise and dedication in successfully getting this transaction across the finish line. This is an achievement that reflects the contributing valuable insight and commitment of each Wolf Theiss team member. Special thanks go to all parties who worked very hard and closely with us to successfully finalise this transaction.” – Ileana Glodeanu, Partner, Wolf Theiss

"We are delighted to have supported MidEuropa on the financing side of this significant transaction. The close cooperation with Banca Transilvania, Raiffeisen Bank and UniCredit Bank and their respective legal advisors was instrumental in delivering a tailored financing solution. We are proud to have contributed to yet another successful investment by MidEuropa in Romania and to add this landmark transaction to our growing track record in the region's IT sector." – Claudia Chiper, Partner, Wolf Theiss.

MidEuropa is a leading European private equity investor with deep roots in Central Europe and a track record spanning over 25 years. Headquartered in London, with offices in Warsaw and Bucharest, MidEuropa identifies strong investment opportunities across the consumer, healthcare, services and technology sectors and supports their growth and international expansion. To date, MidEuropa has raised and managed funds of over €6.5 billion and completed 49 investments and more than 290 add-on acquisitions across 20 countries.

Founded in 1991, RBC provides mission-critical IT systems and integration services to blue-chip retail and banking clients, spanning consulting, systems integration, custom software development, and long-term support. The Company is recognised for its deep sector expertise and long-standing customer relationships, with over 80% of clients working with RBC for more than 15 years.

Wolf Theiss advised Blackstone Infrastructure Partners (BIP) on its investment of up to EUR 2 billion in Eurowind Energy A/S, a leading pan-European renewables developer and independent power producer. The transaction is expected to close before the end of the year, subject to customary conditions.

The transaction, signed on 28 April 2026, involved Blackstone Infrastructure Partners’ investment of up to EUR 2 billion to support Eurowind Energy’s continued growth and expansion across its core European markets.

Wolf Theiss provided comprehensive legal advice to Blackstone across three jurisdictions – Romania, Poland and Bulgaria. The firm´s mandate focused on legal due diligence assistance in relation to Romanian, Bulgarian, and Polish matters, supporting the client on jurisdiction‑specific issues arising in connection with the acquisition. The team’s work focused on reviewing and analysing relevant legal aspects in these jurisdictions and coordinating with the client and other advisors involved in the transaction.

The multi-jurisdictional Wolf Theiss team advising Blackstone on this transaction was coordinated by Ileana Glodeanu (Partner, Romania, Corporate/M&A) with the assistance of Luciana Tache (Counsel, Corporate/M&A).

The Romanian core team also included Irina Petre (Partner, Energy & Natural Resources), Vlad Plugărescu (Senior Associate, Regulatory) and Dana Toma (Counsel, Real Estate).

The Polish core team included Maciej Szewczyk (Partner), Piotr Wcislo (Counsel) and Sylwia Stalenczyk-Janc (Senior Associate).

The Bulgarian core team included Jasmina Uzova (Senior Associate) and Antoan Marinov (Associate).

In a world shaped by overlapping risks and rapid workforce transformation, leaders need clarity. Join us at the People, Risk & Strategy Summit 2026 where we bring together perspectives across risk, people and strategy to help you turn insight into action.

This year event brings together over 400 participants, with around 200 guests on-site at any given time - creating a dynamic, high-energy environment throughout the day.

This year’s edition will take place on May 13, 2026, from 09:30 to 17:00, at Crowne Plaza Hotel.

The Summit will bring together industry leaders, policymakers, and experts for insightful discussions on some of the most relevant and transformative topics of today, including Risk, People, Agri, Cyber, among others. Designed with flexibility in mind, the event allows participants to attend one, several, or all sessions, enabling you to tailor your experience according to your interests (parallel sessions require selection).

Confirm your attendance
 

How the day unfolds
You can attend one, several, or all sessions, with flexibility to shape your own experience (parallel sessions require selection).

09:00 – 09:30 | Welcome Coffee & Registration

09:30 – 11:30 | Risk & Strategy Conference 2026
11:30 – 11:45 | Cofee Break
11:45 – 13:15 | People & Risk Conference 2026

10:30 – 12:30 | AgriRisk Conference (Parallel Session)

13:15 – 14:00 | Lunch @ Marsh Networking Lounge
14:00 – 14:30 | Registration – Afternoon Sessions

14:30 – 16:00 | Insights Lab 
Lab 1 – Pay Transparency Insights Lab
Lab 2 - Cyber Risks & AI Impact Insights Lab
Lab 3 - Geopolitical Shifts Impact on Energy, Power & Construction
Lab 4 - The Strategic Risks Room Lab
15:30 | Farewell Networking

Bucharest, April 2026: Cushman & Wakefield Echinox has advised Global AI, a leading provider of enterprise artificial intelligence (AI) and next-generation agentic platforms, on the lease of approximately 600 sq m of office space in Tower Center International, marking the company’s entering the Romanian market.

The new Bucharest office will support Global AI’s growing European operations and reflects the company’s strategy to be closer to both clients and highly skilled technical talent in Central and Eastern Europe.

Dragoș Nănuți, VP of Sales Europe, Global AI: “At Global AI, we focus on helping organizations move from ambition to execution - building systems that are used, not just discussed. Expanding into Bucharest is part of how we support that, by being closer to both our clients and the talent that drives delivery. As we continue to build our presence across Europe, having the right local partners matters. Cushman & Wakefield Romania supported us in securing the right space and navigating the process efficiently”.

Tower Center International was selected for its central location, modern specifications and ability to support complex engineering and collaboration-driven work environments, which are increasingly required by technology and AI-driven companies.

Tower Center International, part of Globalworth’s portfolio, the largest owner of office spaces on the local market, is a landmark Class “A” multi-tenanted office building located in the heart of Bucharest, in the prestigious Victoriei Square. With an area of 22,500 sq m GLA, it benefits from underground parking and excellent public transport with easy access to any point in the city. The office building is certified BREEAM Very Good.

Tudor Fulga, CEO & EVP Engineering Europe, Global AI: “Global AI is built around delivering complex systems that operate reliably at scale. That requires strong engineering environments and teams that take ownership end-to-end. The Bucharest office will help us expand our European footprint. We appreciate the structured and pragmatic approach Cushman & Wakefield Romania brought throughout the process.”

The expansion comes amid accelerated growth in the European artificial intelligence sector. According to recent market research, the European AI market is projected to grow at annual rates exceeding 30% over the next decade, driven by enterprise adoption, increased investment in AI services, and the scaling of applied AI solutions across industries.

Bucharest continues to position itself as a competitive location for technology and AI companies, supported by a strong talent pool, cost efficiency and a modern office stock capable of meeting international occupier requirements.

Alin Obretin, Senior Consultant Office Agency, Cushman & Wakefield Echinox: “AI companies are increasingly looking for offices that support collaboration, security, and scalable engineering teams. Bucharest is well placed to capture this demand, especially as more international tech players establish or expand local operations. This transaction reflects a broader trend of AI and advanced technology companies contributing to the long-term resilience of the office market”.

Global AI is a leader in artificial intelligence (AI) agentic products and solutions. Its enterprise grade Agentic AI platform enables organizations to design, deploy, and scale AI workflows with governance and compliance built in. With deep expertise across industries and mission-critical environments, Global AI delivers secure, high-performance AI products that enhance decision-making, accelerate transformation, and create measurable shareholder value.

Cushman & Wakefield Echinox is the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated. With a team of over 80 professionals, the company provides a full range of real estate consultancy services to investors, developers, owners and occupiers. For more information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and others. Built around the belief that Better never settles, the firm receives numerous industries and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.

The European Commission’s initiative regarding a technical solution for online age verification may extend beyond the scope of child protection and establish a new compliance standard with broader implications for digital platforms and online commerce.

Beyond the technological dimension, the issue raises relevant questions regarding the relationship between user protection, operators’ obligations, and the compatibility of such measures with fundamental rights.

An analysis of these developments and their potential legal and practical effects, authored by Constantin Cosmin Pintilie - Managing Associate - is available here

CMS has advised Scatec ASA (“Scatec”), a leading Norwegian renewable energy company, on the EUR 100 million project financing provided by European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and Banca Comercială Română (BCR) for its 190 MW solar portfolio “Dobrun & Sadova” in Romania.  

The portfolio represents Scatec’s first projects in Romania and is located in Dolj and Olt counties in southern Romania.

CMS has been Scatec's adviser in Romania since the company's early market entry, advising Scatec on a wide range of legal matters related to the local energy market, project development, and the successful award in Romania’s first CfD auction.

For this project, CMS advised on all aspects of the project financing, including finance and security documents.

Varinia Radu, Partner and Deputy Head of CEE Energy Projects and Construction Practice Group, Head of Energy and Projects in Romania and Head of Oil & Gas in CEE, commented: “This landmark transaction follows Scatec’s successful participation in Romania’s first CfD auction and highlights the increasing maturity of the local renewables market. It also underscores Scatec’s long‑term commitment to advancing clean energy in the region. We are grateful to have had the opportunity to support Scatec since their entry in Romania and we are delighted to see this project reach financial close and move into the construction phase.”

Ramona Dulamea, Energy, Projects and Environment Senior Counsel at CMS Romania, added: “Working alongside Scatec from the early development stages through to financial close has been a truly rewarding experience. The complexity of coordinating the CfD framework requirements with the project agreements and financing documentation required extensive knowledge across all project legal matters and seamless collaboration within our teams.”

Kateryna Chechulina, Finance, Partner at CMS Ukraine added: “This transaction stands out for the complexity of the project set-up, the financing structure, and the newly introduced CfD framework, all of which required careful alignment of contractual, regulatory and financing elements. We were pleased to support Scatec on one of the first project financings in the Romanian market to rely on long‑term CfD support. This deal showcases the depth of CMS's cross-border project finance capabilities and our ability to guide clients through novel regulatory frameworks alongside sophisticated multi-lender financing structures.”

The CMS multidisciplinary team advising Scatec was led by Ramona Dulamea (Energy and Projects) and Kateryna Chechulina (Finance) with key support under the supervision of partner Varinia Radu. The wider team included Dan Patrascu, (Finance); Raluca Diaconeasa and Madalina Constantinescu (Energy); Alexandru Trandafir (Real Estate), Liudmyla Stryzhak (Finance). CMS team also included Dag Thomas Hansson (CMS Norway) and Alican Babalioglu and Eylul Sakoglu (CMS Turkey).

This transaction further strengthens CMS's leading position in renewable energy project finance in Romania, having advised on the largest wind and solar project finance transactions in the country, including the EUR 622 million financing for Phases I and II of Rezolv Energy’s VIFOR wind farm project.

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With 92 offices in over 50 countries across the world and more than 7,200 lawyers, CMS has longstanding expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Antitrust, Competition & Trade, Dispute Resolution, Employment, Labour & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

Central and Eastern Europe stands at a decisive moment of industrial transformation. The sustained increase in European defence spending and the shift from one off procurement toward continuous production, stockpile replenishment, maintenance, and long term industrial capacity have fundamentally altered the investment logic. This shift has moved the centre of gravity of defence investment away from Western Europe toward regions capable of delivering volume, cost efficiency, and direct integration into supply chains at speed— i.e. the countries of Central and Eastern Europe, which concentrate precisely these advantages. These are among the main conclusions of KPMG’s latest study, “The Underdog Advantage: Central and Eastern Europe - a Growing Opportunity for Multinational Defence and Security Investments.”

According to the KPMG analysis, Central and Eastern Europe is undergoing a process of strategic repositioning with long‑term implications and direct impact on economic performance, regional cooperation, and industrial development. States in the region are increasingly leveraging geography, institutional compatibility, industrial depth, and skilled labour to develop jointly production, logistics, and innovation capabilities with relevance at European level. The war in Ukraine has accelerated a profound transformation in Europe’s security architecture: Central and Eastern Europe is no longer the continent’s periphery. It is becoming an operational core, NATO’s strategic corridor, and a critical pillar of Europe’s defence‑industrial renewal.

“Central and Eastern Europe is no longer the periphery of European defence, but the space where security, industry, and competitiveness converge,” explains Tudor Grecu, CEE Head of Defence, Partner, Head of Advisory, KPMG in Romania.

A shared platform beyond differences. According to KPMG, the countries of Central and Eastern Europe—Poland, Romania, the Czech Republic, Slovakia, and Hungary—exhibit political and economic differences yet share a common foundation conducive to cooperation: European Union and NATO membership, as well as the experience of accelerated economic transition based on openness, foreign investment, and integration into global value chains. This shared trajectory has produced a high degree of institutional and industrial compatibility, reducing the transaction costs of cross‑border cooperation and facilitating joint projects in infrastructure, industry, energy, and technology.

“Increasingly visible, regional cooperation is no longer defined by political symbolism, but by functional interests: mobility, connectivity, access to the single market, supply‑chain security, and coordinated industrial development,” the study argues.

Directions for cooperation. One of the most promising areas of cooperation identified by KPMG is investment in dual‑use infrastructure, which simultaneously serves economic and security objectives. Roads, railways, ports, airports, maritime routes, and river corridors are becoming essential nodes in a broadened regional mobility network.

The Black Sea is emerging as a central strategic node for European security—a space where military security, freedom of navigation, energy, and Ukraine’s reconstruction intersect. The EU’s new Black Sea strategy and the proposal to establish a maritime security hub in Constanța strengthen Romania’s role as a key regional pillar and demonstrate that the Black Sea is no longer marginal, but indispensable to European stability.

The Danube also plays a critical role in this transformation. Upgrading Danube ports and modernising associated road and rail connections creates not only alternative transport routes, but also regional logistics hubs capable of supporting trade, Ukraine’s reconstruction, and European industry.

By the same logic, investment in rail infrastructure—including solutions addressing the gauge mismatch between Ukraine and EU rail networks—opens opportunities for joint engineering projects, European financing, and technical standardisation; all areas where regional cooperation can deliver accelerated results.

“For investors and policymakers alike, Central and Eastern Europe is no longer an alternative location, but one of the few regions capable of delivering volume, speed, and industrial scale simultaneously in the defence sector,” explains Air Flotilla General (r) Adrian Duță,  Senior Advisor, Defence & Security, KPMG in Romania.

A new European industrial ecosystem. Central and Eastern Europe benefits from an adaptable industrial base built over the past three decades around advanced manufacturing, automotive production, industrial equipment, electronics, and software. As the KPMG study shows, this industrial base represents a major competitive advantage for developing strategically relevant production capabilities.

The conversion and scaling of dual‑use production develops existing competencies—precision machining, metallurgy, electronics, software engineering, and automotive manufacturing—can be integrated into regional production networks, coordinated around common standards and oriented toward European and Euro‑Atlantic markets.

Each country contributes a complementary profile that fits into a broader strategic puzzle. Poland combines market scale and industrial labour with a rapidly expanding defence modernisation programme, offering strong potential in software, cybersecurity, unmanned systems, and large‑scale industrial production. Romania benefits from its strategic geography, legacy defence‑industrial capacity, and expanding Western partnerships, reinforced by access to the Black Sea and the Danube. The Czech Republic brings a deep defence‑industrial tradition, strong engineering capabilities, and a central position within European manufacturing networks. Slovakia focuses on niche strengths—particularly in ammunition and land‑systems support—underpinned by industrial tradition and cost competitiveness. Hungary’s model is partnership‑driven, linking procurement to localised production through strategic joint ventures. While these pathways differ, together they define a complementary industrial arc capable of supporting resilient regional value chains with reduced dependence on extra‑European suppliers.

Ukraine as an emerging industrial partner. Ukraine occupies a distinct but increasingly integrated position within this regional ecosystem, according to KPMG. The war has rapidly accelerated its innovation capacity, particularly in drones, communications, maintenance, and the rapid adaptation of existing technologies.

Cooperation between Ukraine and neighbouring EU states can take the form of a functional division of labour: Ukraine as a source of demand, testing, and operational innovation; EU countries as secure platforms for scaled production, certification, financing, and integration into the single market.

This dynamic opens space for mixed industrial partnerships, regional maintenance and repair hubs, expansion of production capacity for post‑conflict reconstruction, and the gradual integration of Ukraine into European industrial networks.

Human capital and innovation. Human capital is another critical development vector highlighted by the KPMG study. While the region benefits from strong technical education systems, it faces demographic pressures and intense competition for talent. The expansion of strategically relevant industries creates opportunities to attract specialists from the diaspora (“brain return”), develop joint university and vocational programmes, and specialise regional centres in fields such as cybersecurity, advanced electronics, autonomy, and applied artificial intelligence. Cooperation between universities, industry, and public authorities can consolidate a regional innovation ecosystem capable of sustaining long‑term economic growth.

Prospects for cooperation. EU instruments—cohesion funds, military mobility programmes, R&D frameworks, and infrastructure financing—provide a stable, predictable environment for multinational projects. Aligning these tools with national strategies enhances the region’s attractiveness for institutional investors and international partners, KPMG notes.

Regional cooperation can also reduce administrative fragmentation through harmonised procedures, shared procurement platforms, and systematic exchanges of best practices in regulation and permitting for major projects.

The stakes of the coming decade extend beyond security alone. They involve the opportunity to transform strategic necessity into a development project of historical significance. If Central and Eastern European states cooperate intelligently and align their industrial strengths, the region can become not only a pillar of European security, but also a driver of growth, integration, and innovation. “In this scenario, Central and Eastern Europe will no longer be merely a buffer zone or a strategic flank, but an economic and industrial power centre essential to the future of the European Union and the stability of the wider European space,” concludes Tudor Grecu.

About KPMG

KPMG is a global organization of independent professional services firms that provide audit, tax and advisory services. We operate in 138 countries and had nearly 276,000 employees in member firms around the world. Each KPMG firm is legally a separate and distinct entity and is described as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its entities do not provide customer services.

In Romania and the Republic of Moldova, KPMG operates in six offices in Bucharest, Cluj-Napoca, Constanța, Iași, Timișoara and Chișinău. We currently have more than 1,300 professionals, both Romanians and expatriates.

·        M&A in Central & Eastern Europe (CEE) is surging despite severe geopolitical headwinds, with record intraregional investment and ever-improving economic fundamentals pointing towards continued growth in the year ahead.

·        1,312 transactions were registered in the region in 2025.

·        The aggregate value of disclosed M&A activity totalled €42.5bn.

·        Romania ranked third in CEE by transaction volume in 2025, with 154 announced transactions.

·        Total disclosed deal value in Romania reached approximately €2.3bn.

Forvis Mazars, the international leader in audit and assurance, tax and advisory services, releases its annual CEE M&A report, prepared in association with Mergermarket. The findings reveal that M&A activity in the CEE region did relatively well in 2025 in terms of overall disclosed deal value, though a decline in transaction volume demonstrates the significant geopolitical headwinds and challenging global market conditions it faced.

The study, Investing in CEE: Inbound M&A report 2025/2026, offers an overview of M&A activity in the region in 2025 and looks ahead to the challenges and opportunities in the coming months.

Overall, the CEE region saw 1,312 transactions in 2025, with a combined value of €42.5bn. Though the volume represents a 9% year-on-year decline, deal value surged by 36% compared to 2024.

“2025 was a year of steady progress”, mentioned Andrija Garofulić, CEE Financial Advisory Co-Lead and Partner, Forvis Mazars in the Adria subregion. “Despite the region-wide dip in volume, the total value of announced transactions shows how acquirers shifted their focus to premium assets. This pattern was by no means unique to CEE: 2025 was a year in which large-cap deals were the dominant feature of M&A markets all over the world”.

Another key trend was the rise of intraregional M&A. The share of aggregate value generated by inbound deals led by acquirers within CEE soared to its highest level on record in 2025, accounting for 21% of aggregate value.

“We are seeing more and more strategic and financial investors in CEE expanding beyond their national borders”, said Răzvan Butucaru, Partner, Financial Services & Advisory Leader, Forvis Mazars in Romania. “The market is maturing, and regional investors are becoming bolder”.

The pattern of dealmaking in the private equity (PE) arena mirrored that of the wider M&A market in 2025, with volume and value pulling in different directions. In terms of buyouts, the total value of all PE acquisitions announced in CEE in 2025 surpassed that of the previous year, with €7.7bn worth of deals announced. That represents a 19% increase year-on-year, despite volume dropping by 18% over the same period.

Looking ahead, continuing uncertainty around US trade tariffs is likely to have an impact on dealmaking in 2026. The knock-on effects of tariffs are also likely to become increasingly apparent: trade diversion is one of these, with Chinese exports increasingly steered away from the US and towards Europe instead.

Meanwhile, the interest rate environment looks set to remain benign, at least in the eurozone. And GDP growth in CEE continues to power ahead, outpacing Western Europe. All of these factors augur well for M&A in 2026.

“The geopolitical outlook is the main question”, concluded Garofulić. “If people are afraid to invest, we will have a problem. What helps is that there is a lot of public spending, a lot of money from EU funds and the economy is doing well. Market positivity is one of the key elements, because the money is there”.

Further key findings from the report include:

• Regional hotspots. Poland, Austria, Romania and Lithuania stand out as the region’s most active M&A markets by volume in 2025. Though it remains a mainstay of regional M&A, Romania saw the most pronounced year-on-year decline in dealmaking, falling by 32% in volume terms, from a busy 2024. Among the larger deal markets, Lithuania was the only one to record a year-on-year increase in transaction volume, rising by 21% to 119 deal announcements.
• Sector focus. Technology was the region’s greatest generator of inbound M&A deals in 2025, a position it has comfortably maintained over the last few years. Among the largest sectors for M&A, it also registered the slimmest year-on-year decline in activity, with 126 inbound transactions announced, down just 9% compared to 2024’s output. Second was industrials with a total of 69 inbound deals, down 19% year-on-year. Energy and utilities, the third-busiest sector for inbound acquirers in 2025, generated 60 inbound deals, a decline of 13% from 2024.
• CEE deal multiple surpasses rest of Europe. The median EV/EBITDA multiple for the CEE region rose to 9.9x in the 2024-2025 period, Mergermarket data shows. This represents an increase versus the 9.2x median multiple for the period 2023-2024 and is one of the highest deal multiples for the region on record. Indeed, CEE’s multiple surpasses that registered by the rest of Europe, which scored a multiple of 8.4x for the same period.

Third in CEE by deal volume, Romania strengthens its role as one of the most preferred markets for M&A investors

Romania remained one of the region’s most active M&A markets in 2025, ranking third in CEE by deal volume, with 154 transactions announced. While this represents a 32% year-on-year decline from an exceptionally strong 2024, the market continues to demonstrate depth and resilience, underlining its growing maturity within the regional dealmaking landscape.

“In value terms, Romanian transactions totalled approximately €2.3bn in 2025, placing the country seventh in the region. The year’s standout deal was the €1bn acquisition of Regina Maria (Centrul Medical Unirea) by Finland-based Mehiläinen, marking one of the largest healthcare transactions in CEE and a successful exit for private equity investors MidEuropa and Blue Sea Capital. It clearly demonstrates that Romania has built a strong base of scalable, entrepreneurial companies capable of attracting substantial international capital. This level of transaction confirms the growing maturity and credibility of the local market.”, mentioned Răzvan Butucaru, Partner, Financial Services & Advisory Leader, Forvis Mazars in Romania.

Technology continued to act as a key growth engine and energy, particularly renewables, gained further momentum in 2025, accounting for more than 10% of total deal volume. A landmark transaction in this space was Engie’s €472m acquisition of a 253.1MW wind farm project near Bucharest, set to significantly expand its renewable footprint in the country. This reflects broader structural trends, including decarbonisation efforts, energy security priorities and sustained inbound investor interest in green infrastructure.

Beyond sector dynamics, Romania continues to benefit from strengthening economic fundamentals, EU funding inflows and increased regional integration. The country’s full accession to the Schengen area in January 2025 further strengthens cross-border mobility, supply chain efficiency and investor confidence.

Looking ahead, while geopolitical uncertainty and valuation expectations may continue to influence transaction timelines, Romania’s diversified sector base, maturing private equity ecosystem and growing pool of regional strategic investors position it well for continued M&A activity in 2026. As regional investors expand beyond national borders and international capital remains active, Romania is expected to remain a core pillar of CEE dealmaking.

Download the full Investing in CEE: Inbound M&A report 2025/2026.

Interest is an essential element of any civil and commercial dispute and can have a significant influence on the total amount the debtor may be required to pay.

Government Ordinance No. 13/2011 on statutory interest and penalty interest for monetary obligations, as well as on the regulation of certain financial and fiscal measures in the banking sector (hereinafter “GO No. 13/2011”) makes a clear distinction between two main types of interest. Art. 1(2) provides that “The interest owed by the debtor of an obligation to pay a sum of money by a certain date, calculated for the period prior to the maturity date of the obligation, is referred to as remunerative interest.” Article 1(3) provides that “Interest owed by the debtor of a monetary obligation for failure to perform the obligation upon maturity is referred to as penalty interest.” Art. 1489(2) of the Civil Code regulates the mechanism of compound interest, whereby interest may in turn generate interest, thus allowing for its capitalization under the conditions provided by law or by agreement of the parties.

On February 9, 2026, the High Court of Cassation and Justice (Panel for the Resolution of Legal Issues) issued an important decision—Decision No. 28/2026—clarifying the legal regime governing the capitalization of interest, in the interpretation of Art. 1489(2), second sentence, of the Civil Code, in relation to Art. 8 of Government Ordinance No. 13/2011. (2), second sentence, of the Civil Code, in relation to Article 8 of Government Ordinance No. 13/2011.

I.                         The Context of Decision No. 28/2026

The legal regime governing interest is subject to a complex regulatory framework, involving both provisions of the Civil Code and rules from special legislation—primarily Government Ordinance No. 13/2011. Thus, on the one hand, Article 1489(2) of the Civil Code provides that interest due generates further interest, but only when the law or the contract so provides or, in the absence thereof, when such interest is claimed in court. However, the scope of the article is not clearly defined, as it does not specify whether it applies to both compensatory and penalty interest. On the other hand, Article 8(3) of Government Ordinance No. 13/2011 provides that compensatory interest may be capitalized.

The High Court of Cassation and Justice’s intervention comes in a context where, although the rules in question have been in force since 2011, few court decisions have been identified in judicial practice that resolve this issue, and the legal question remains novel. At the same time, the opinions expressed by the experts consulted by the ICCJ were divergent, highlighting the need to prevent inconsistent case law.

II.                      The Solution Adopted by the ICCJ

Essentially, the High Court of Cassation and Justice resolved two issues: (i) that penalty interest cannot be capitalized under the law, and (ii) that compensatory interest, arising either from loan agreements or from other types of contracts, may be capitalized even in the absence of an express clause to that effect.

With regard to penalty interest, the law provides that, in the absence of any agreement to the contrary, the creditor is entitled to statutory penalty interest, calculated differently depending on the type of legal relationship. For example, the current penalty interest rate is 14.5% per annum in transactions between professionals. The High Court of Cassation and Justice’s first conclusion is that Article 1489(2) of the Civil Code, which permits the capitalization of interest, refers exclusively to compensatory interest. In other words, when seeking payment of penalty interest in court, the creditor cannot rely on this provision to claim its capitalization.

To reach this conclusion, the High Court noted that Article 1489 of the Civil Code is located in the chapter on payment, a concept that presupposes the voluntary performance of an obligation. Thus, while compensatory interest falls under this concept, relating to the very conduct of the contractual relationship, penalty interest constitutes a form of civil liability, an institution regulated in a separate chapter. In the same vein, the High Court of Cassation and Justice emphasized that only compensatory interest can have a genuine due date for payment, thereby reinforcing the conclusion that the legislature intended only compensatory interest to fall within the scope of Article 1489 of the Civil Code.

With regard to remunerative interest, the High Court’s second conclusion clarifies the scope of application of Article 8(3) of Government Ordinance No. 13/2011. Thus, it was ruled that interest may be capitalized both in the case of loan agreements and in the case of any other contracts involving civil fruits, such as a deposit agreement. Thus, when the debtor fails to pay the interest on time, the law allows the creditor to claim late payment penalties on it, even in the absence of an express provision to that effect.

III.                   Practical Implications of Decision No. 28/2026

The ruling issued by the High Court concerns exclusively the application of the legal regime governing penalty and compensatory interest. However, the rules in question are supplementary in nature, meaning that they may be validly derogated from by agreement of the parties, provided that applicable mandatory provisions, such as those set forth in consumer protection legislation, are observed.

Thus, Decision No. 28/2026 has the following consequences:

(i)                      As a general rule, the creditor will not be able to claim the capitalization of penalty interest. The parties are, however, permitted to derogate from this rule through a penalty clause.

(ii)                    In both loan agreements and other contracts involving civil fruits, the creditor may request the capitalization of interest under the law, effective from the due date. At the same time, the parties may exclude this consequence through a limitation of liability clause.

An article by Mara Colțan - mcoltan@stoica-asociatii.ro – and Iulian Chetreanu, Junior Lawyers - STOICA & ASOCIAȚII.

Wolf Theiss’ multi-jurisdictional team advised U-Power Group, a leading European player in the safety footwear and workwear market, on its acquisition of 100% of the share capital of CERVA Group, one of the major European providers of personal protective equipment (PPE).

Working alongside Italian law firm Legance, the Wolf Theiss team provided fully integrated, cross‑border legal support, coordinating all aspects of the transaction – including corporate, financing and competition – across six jurisdictions: Austria, Czech Republic, Hungary, Poland, Romania and Slovakia.

The transaction marks a strategic milestone for both companies, establishing a pan‑European powerhouse operating in more than 60 markets. Following this acquisition, the combined group achieves annual revenues approaching EUR 500 million, positioning it among the most influential players in the European PPE and workwear industry.

U-Power Group is a recognised as a European leader in the manufacturing of safety footwear and workwear, known for technologically advanced and design‑driven work shoes engineered for professional use, operating in more than 50 countries, with a strong presence in Central, Eastern and Northern Europe.

CERVA Group is a leading European supplier of personal protective equipment (PPE), founded in 1991 in the Czech Republic. The company has grown from a small local business into a pan‑European PPE provider with operations in more than 14 countries today.

The multi-jurisdictional Wolf Theiss team advising U-Power on this transaction was coordinated by the Wolf Theiss office in the Czech Republic.

In Romania the team consisted of Cornelia Postelnicu (Counsel), Marius Moldoveanu (Associate, both Corporate/M&A), Smaranda Văcaru (Senior Associate, Banking & Finance), Andreea Zvâc (Partner, Dispute Resolution), Roxana Roman (Partner, Real Estate), Ioana Iacob (Senior Associate, Employment) and Anca Jurcovan (Partner, Competition & Antitrust).

Selling a business is a defining moment for any owner. Before entering discussions with potential buyers, it’s critical to understand how prepared your business really is and where focused preparation could protect or enhance value.

This short assessment helps you benchmark your company’s sell-side readiness and identify strengths and gaps across the areas buyers examine first.

Start the assessment.

M&A activity across Central & Eastern Europe has demonstrated resilience in 2025 despite ongoing geopolitical and macroeconomic headwinds. Total deal value in the region reached €42.5bn, representing a 36% increase compared to 2024. Romania ranked third by deal volume, with 154 announced transactions, reflecting sustained strategic interest, and seventh by deal value, with approximately €2.3bn in completed deals. In this context, buyers remain increasingly selective, and a company’s level of preparedness plays a critical role in determining transaction speed, certainty, and overall value.

The assessment focuses on the five core fundamentals that buyers and investors typically examine at the very beginning of a sale process: financial health, profitability & growth, operational independence, customer & revenue stability, and legal & compliance readiness.

Your responses provide an early indication of how your business may be perceived by buyers at the outset of a transaction process.

Based on your answers, your readiness may fall into one of three categories:

·        Early-stage readiness - foundational work may be required before approaching buyers.

·        Developing readiness - several strengths are in place, with targeted improvements recommended.

·        Strong readiness - the business appears well-positioned for a potential sale process.

This assessment is a starting point, not a substitute for detailed sell-side preparation or vendor due diligence.

More details here.

Bucharest, April 3, 2026 – Reff & Associates | Deloitte Legal has been recognized as a top tier law firm by the 2026 Legal 500 independent international ranking. The firm is recommended by the prestigious international ranking in various categories for ten practice areas, namely real estate and construction, banking and finance, commercial, corporate and mergers and acquisitions (M&A), dispute resolution, employment, EU and competition, tax litigation, public-private partnership (PPP) and procurement, restructuring and insolvency, technology, media and telecommunications (TMT).

Reff & Associates | Deloitte Legal’s Real estate and construction practice has been reconfirmed as Tier 1 for the ninth consecutive year. The team stands out “for its approach that incorporates an exceptional combination of expertise, responsiveness, and strategic vision”. The practice head is Irina Dimitriu, Partner, recognised once again as a leading partner, for her expertise in advising international clients on large-scale development and investment projects. Simona Iacob, Counsel, is recommended as leading associate and key lawyer, while Larisa Popoviciu, Counsel, is mentioned as key lawyer.

The firm’s Banking and finance practice is recognized “not only for its legal expertise but also for their strategic thinking, multidisciplinary collaboration, and client-centric approach” in banking and financial regulatory issues, especially EU banking and financial regulation, and is considered „one of the strongest lawyer teams both in terms of knowledge and expertise”. Andrei Burz-Pînzaru, Partner and practice head, is well versed in providing advice to banks, non-banking financial institutions, payment institutions and publicly traded companies. Patricia Enache, Counsel, and Dănuț Arion, Managing Associate, are recommended as key lawyers.

The transactional services provided by the Commercial, corporate and M&A practice complement the firm’s comprehensive legal offering and “makes it a strong choice for companies seeking holistic assistance with M&A as well as restructuring matters”. In recent years, the team has placed particular emphasis on joint venture structuring and implementation. Georgiana Singurel, Partner and practice head, and Diana Fejer, Partner, coordinate the team in complex M&A projects, group reorganisations, and joint ventures between both public and private partners. Ștefan Cărămidă, Managing Associate, is recommended as leading associate and key lawyer, while Fraga Varadi and Andreea Zaharia, Senior Managing Associates, Ioana Popescu and Elena Costescu, Senior Associates, are recognized as key lawyers.

The firm’s Commercial and administrative dispute resolution practice obtained an improved ranking this year due to its multidisciplinary approach based on a broad team which excels in real estate and construction cases, regulatory disputes, banking sector matters, and energy-related lawsuits. “Post-M&A is also a strength and an example of the litigators’ integration into the firm’s wider services”. Practice head, Mihnea Galgoţiu-Săraru, who received for the fourth consecutive year the Next Generation Partner recognition, oversees the practice, drawing on diverse experience in multi-jurisdictional business law cases, and local bet-the-company matters. Ana Galgoţiu-Săraru, Counsel, Alina Stan, Senior Managing Associate, and Laura Șendroiu, Managing Associate, are recommended as key lawyers.

The Employment law team covers the full range of matters across labour and employment law but is “particularly well regarded for its assistance with post-M&A matters, including transfer of employees and TUPE transactions, HR due diligence in the context of M&A deals, and restructuring processes”. It is also engaged in labour law litigations initiated by major domestic and international companies. Florentina Munteanu, Partner, leads the practice and is well versed in transaction structuring, dismissals, and mutual agreement separations. Gabriela Ilie, Counsel, is recommended as leading associate and key lawyer, and Ana-Maria Vlăsceanu, Managing Associate, is recognized as key lawyer.

The firm’s EU and competition practice is appreciated for its success in advising foreign companies on their activities in the Romanian market, with a focus on FDI, merger clearance, Romanian Competition Council investigations, and state aid. Florentina Munteanu, Partner, heads this practice too and is recognized as leading partner, praised for her “pragmatic, hands-on approach” and attention to business needs. Other standout members of the team are Andrea Grigoraș, Senior Managing Associate, recommended as leading associate and key lawyer, and Mihnea Radu, Managing Associate, singled out as key lawyer.

Reff & Associates | Deloitte Legal’s Tax litigation practice “has an established reputation in the Romanian legal market, frequently assisting multinational companies with various tax aspects: VAT, excise duties, corporate income tax, personal income tax, environmental tax, and double taxation”. The team can support clients before various authorities – including Romanian tax authorities, the European Union Court of Justice, the European Court of Human Rights, and the European Commission – providing comprehensive services, from audits to infringement proceedings. Bogdan Mărculeț, Counsel, is recognised as leading associate and key lawyer, and Emanuel Bondalici, Senior Managing Associate, is mentioned as key lawyer, while Mihnea Galgoțiu-Săraru is also ranked as Next Generation Partner and key lawyer.

The PPP and procurement practice, newly ranked this year, is very well known for advising public-sector clients, including EU, national and local authorities, state-owned companies, and private parties, on all legal aspects of public procurement, concessions and public-private contracts. Georgiana Singurel, Partner, leads the team, drawing on her experience in that field. Adrian Coman and Fraga Varadi, Senior Managing Associates, and Alexandru Tinică, Senior Associate, are recognised as key lawyers.

The firm’s Restructuring and insolvency team, also newly ranked this year, advises creditors, debtors, and commercial partners on debt recovery, distressed acquisitions, and preventive agreements. The team combines diverse specialisms for a holistic service offering. Florentina Munteanu, Partner, leads this practice too, leveraging competition and employment law expertise, while Mihnea Galgoţiu-Săraru, Partner and key lawyer, leverages his extensive litigation experience. Gabriela Ilie, Counsel, and Miruna Stanciu, Managing Associate, are also recommended as key lawyers.

The TMT team stands out for its “notable experience in digital services, namely data protection, e-commerce, and digitalisation, with remarkable skill in regulatory compliance”. The team is led by Georgiana Singurel, Partner, who also coordinates the corporate and M&A and the PPP and procurement practices, focusing on regulatory compliance, technology, IP & digital law. At the same time, Silvia Axinescu, Counsel, Andreea Zaharia, Senior Managing Associate, and Corina Damaschin, Senior Associate, are recognised as key lawyers.

The ranking is conducted every year by the international publication Legal 500 and assesses law firms’ capabilities in over 150 jurisdictions based on feedback from 300,000 in-house lawyers, on information submitted by law firms and on interviews with leading lawyers.

Reff & Associates | Deloitte Legal, with a team of 86 lawyers specialized in the main areas of practices of business law, is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents in Romania Deloitte Legal, a global network with more than 3,100 lawyers in 75+ countries.

For more information about Reff & Associates, please visit www.reff-associates.ro. For more information about the global Deloitte Legal network, please visit its dedicated web section.

On 27th of March 2026, the Government Emergency Ordinance No. 18/2026 entered into force, introducing significant changes to the consumer protection legislation.

The main changes, effective as of 27 September 2026, concern:
▸Combating “greenwashing” practices: new definitions are introduced regarding environmental claims, sustainability labels, and certification systems; the scope of misleading actions and omissions is expanded; and new prohibited commercial practices are added;
▸Introducing expanded pre-contractual information requirements not only for distance contracts and off-premises contracts, but also for other types of contracts concluded with consumers, such as (where applicable) those concerning the legal guarantee of conformity, commercial guarantee of durability, after-sales services, commercial warranties, software updates, repairability score and availability of spare parts;
▸The obligation to use a harmonized notice and a harmonized label regarding the legal guarantee of conformity and the commercial guarantee of durability, respectively.

The main changes, effective as of 19 June 2026, refere to:
▸The introduction of an obligation to implement a technical mechanism for exercising the right of withdrawal from distance contracts concluded online, by incorporating a dedicated function into the online interface;
▸The establishment of a new legal framework for distance contracts regarding financial services, including pre-contractual information requirements, conditions for exercising the right of withdrawal, the obligation to provide adequate explanations (including the option to contact a natural person), and a ban on manipulative online interfaces;
▸Prohibiting the charging of fees that exceed the actual cost incurred by the trader for the use of a specific means of payment.

For a comprehensive analysis of these new regulatory requirements and how they affect your operations, please visit our website to read the complete article. »

• Michael Röck übernimmt die Leitung der Pkw- und Motorraddivision der MHS Holding AG
• Elmar Geisler wird die Aktivitäten in Rumänien und Deutschland steuern

Ab dem 1. April 2026 übernimmt Michael Röck die Position des CEOs der Pkw- und Motorraddivision der MHS Holding AG und wird die strategische Weiterentwicklung des Konzerns verantworten.

Mit umfangreicher internationaler Erfahrung in der Automobilindustrie wird Röck den Fokus auf die Weiterentwicklung und den Ausbau des Markenportfolios sowie auf die Erschließung neuer Wachstumsmöglichkeiten legen. Michael Röck bekleidete Führungspositionen bei Toyota und Lexus Österreich, General Motors sowie bei McLaren in Europa und im Nahen Osten.

Elmar Geisler übernimmt die Leitung der operativen Aktivitäten der Automobile Bavaria Group in Rumänien sowie der MHS Gruppe in Deutschland (einschließlich Autohaus Michael Schmidt GmbH) und ist verantwortlich für die Steuerung der Geschäftsaktivitäten sowie die Umsetzung der strategischen Ausrichtung auf lokaler Ebene.

Elmar Geisler verfügt über mehr als zwei Jahrzehnte Erfahrung in der Automobilbranche und kann auf eine erfolgreiche Karriere innerhalb der Porsche Holding Organisation zurückblicken, in der er verschiedene Führungspositionen auf regionaler Ebene innehatte. 
In seiner vorherigen Funktion als Managing Director war er für die Organisationen in Rumänien, Ungarn, Serbien und der Slowakei verantwortlich und leitete Transformations-, Expansions- und Konsolidierungsprozesse.

In seiner neuen Rolle verfolgt Elmar Geisler das Ziel, die Transformation von Automobile Bavaria Unternehmens zu einem modernen Mobilitätspartner zu beschleunigen, mit besonderem Fokus auf Digitalisierung, personalisierte Dienstleistungen und Premium-Kundenerlebnisse.

 

„Ich bin fest davon überzeugt, dass Erfolg auf Leidenschaft, Professionalität und der Fähigkeit zur kontinuierlichen Anpassung basiert. Rumänien ist ein Markt mit hohem Potenzial, und Automobile Bavaria verfügt über ein starkes Team sowie über mehr als 30 Jahre Erfahrung – ein klarer Wettbewerbsvorteil. In meiner neuen Rolle ist es mein Ziel, gemeinsam mit diesem Team die Weiterentwicklung des Unternehmens zu beschleunigen, unsere Position im Premium-Mobilitätssegment zu stärken und langfristige Beziehungen zu unseren Kunden und Partnern weiterzubauen, die auf Vertrauen, Leistung und Exzellenz basieren“, unterstrich Elmar Geisler, CEO Automobile Bavaria.

Michael Schmidt, Gründer und Präsident der MHS Holding und Automobile Bavaria, erklärte:

„Automobile Bavaria ist ein Maßstab in der Premium-Automobilbranche der Region, aufgebaut auf einem soliden Fundament und einem außergewöhnlichen Team. Wir sind überzeugt, dass das Unternehmen unter der Führung von Elmar Geisler seine Entwicklung fortsetzen und seine führende Position weiter stärken wird, indem es neue Chancen nutzt und flexibel auf die Anforderungen des Marktes in den kommenden Jahren reagiert.“

Über Automobile Bavaria Group

Die 1994 gegründete Automobile Bavaria Group ist das größte BMW- und MINI-Händlernetzwerk in Rumänien. Die Gruppe ist in den wichtigsten Städten des Landes präsent und betreibt landesweit 18 Standorte. In Bukarest wird in diesem Jahr der einzige Rolls-Royce Showroom der Region eröffnet.

Über ihre verbundenen Unternehmen vertreibt Automobile Bavaria eine breite Palette an Fahrzeugen, darunter die Marken Corvette, INEOS Grenadier, Toyota und Volkswagen Nutzfahrzeuge. Die Motorradsparte, Automobile Bavaria Moto Center, erweitert das Portfolio der Gruppe um die Marken BMW Motorrad, Kawasaki und Yamaha.

Neben den Kernaktivitäten bietet die Automobile Bavaria Group ihren Partnern und Kunden ein breites Spektrum integrierter Dienstleistungen:

·       Autovermietungsservices über Bavaria Mobility

·       Versicherungsdienstleistungen über Bavaria Broker;

·       neue und gebrauchte Fahrzeuge sowie Motorräder (Bavaria Used);

·       ein spezialisiertes Servicenetz auf nationaler Ebene.

Über MHS Holding

MHS Holding ist eine internationale Automobilhandelsgruppe mit Aktivitäten in Rumänien, Deutschland, Österreich und Spanien. Das Unternehmen erzielt einen Jahresumsatz von rund 700 Millionen Euro, beschäftigt etwa 1.500 Mitarbeiter und liefert jährlich über 10.000 neue und gebrauchte Fahrzeuge aus. Aufgrund des Umfangs seiner Aktivitäten zählt die Gruppe zu den bedeutendsten Akteuren im Automobilhandel in Mittel- und Osteuropa.

In Deutschland wird MHS Holding durch Autohaus Michael Schmidt GmbH, einen BMW- und MINI-Händler mit sieben Standorten in der Region München, sowie durch Schmidt Premium Cars, den einzigen Rolls-Royce Händler in Süddeutschland, vertreten. Das Unternehmen stärkt seine Position durch einen Multi-Brand-Ansatz mit Marken wie INEOS Grenadier, Genesis und XPENG und trägt aktiv zur Erweiterung und Diversifizierung des Premium-Mobilitätsangebots auf dem deutschen Markt bei.
 

Bucharest, April 1, 2026 – Romania is the most dynamic mergers and acquisitions (M&A) market in Central and Eastern Europe, with a 9% growth rate in the number of transactions in 2025, more than double the region's 4%, according to Mergermarket data analyzed by Deloitte Romania. Second and third place are occupied by Hungary and the Czech Republic (8% each), while the market in the largest country in the region, Poland, stagnated.

In terms of share in the total number of transactions in the region, the local M&A market is the only one that has grown steadily over the past five years, from 13% in 2021 to 18% of total volume in 2025. Romania thus consolidates its second place in the top of the most active markets in Central and Eastern Europe and, in addition, reduces the gap compared to the market leader, Poland, whose share decreased to 39% in 2025 (from 41% in 2024).

In terms of the geographical areas from which investors who were active in Central and Eastern Europe in 2025 come, Romania is part of the regional trend, with a market dominated by local investors, but their share (44%) is the lowest in the region (Hungary - 66%, Czech Republic - 53%, Poland - 52%), according to the analysis carried out by Deloitte Romania based on Mergermarket data.

As for transactions in Romania with an estimated or communicated value of over 5 million euros, Deloitte Romania's analysis shows that they amounted to 130 in 2025, and the total market value was 5.5-5.9 billion euros. Excluding mega-transactions (over 500 million euros), the average value of a transaction was 37 million euros in 2025, compared to 34 million euros in the previous year.

"The constant increase of Romania's share in the region's M&A market confirms the attractiveness of our country for both strategic investors and investment funds. We see an increasingly competitive market, where investors find solid projects and sectors with impressive growth and yields. We expect Romania to consolidate its dynamic and attractive market position, and local investors to remain an important pillar of the market in 2026 as well. It is also worth noting that local private equity and venture capital funds, which raised record funds of more than 250 million euros in 2024, have continued to mature in 2025 and are expected to become increasingly strong and attractive partners for companies that want to move to the next level of development and efficiency", said Radu Dumitrescu, Advisory Partner-in-Charge, Deloitte Romania.

Strategic investors dominated the market in 2025 as well, with their share increasing to 92% of the total number of transactions, from 89% in the previous year, according to Deloitte's analysis on transactions worth more than 5 million euros. As for the country of origin, Romania has the highest share both in terms of number of transactions (31%) and value (21%).

The sector in which the most transactions were recorded in 2025 in Romania remains real estate and construction (19%), followed by industrial products and services (17%), energy (14%), consumer products (10%) and technology (8%). In terms of value, the medical sector leads, with 22% of the total market. The energy sector recorded a decrease in the share of value (to 19%, from 34% in 2024), followed by industrial products and services (15%), tourism and hospitality (11%) and consumer products (8%).

Regarding foreign strategic investors, Deloitte's analysis shows that those from Finland invested the largest amounts (18% of the local market value in 2025), followed by those from Luxembourg (11%), the United Arab Emirates (6%) and the USA (5%). Depending on the number of transactions in which they have been involved, strategic investors in the US remain in second place, with a share of 7% of the number of transactions, those in the UK, Poland and Austria having equal shares of 5%.

The share of transactions of more than 5 million euros with undisclosed value increased in 2025 to 73% (from 64% in 2024), the highest in the last five years. In terms of segmentation by value ranges, the local market remains dominated by transactions with a value between 5 and 20 million euros (76 out of the 130 transactions analysed).

Deloitte Romania coordinates a multidisciplinary M&A practice, with a holistic approach, which includes business lines such as Corporate Finance, Due Diligence, Post-Merger Integration, Tax Advisory and Legal Advisory. Thus, Deloitte's teams of professionals can cover all relevant aspects of a transaction.

Note: The analysis is based on information collected from public sources and updated with transaction values resulting from the most recent information available.

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