News von den Mitgliedern

Bucharest, 11 September 2026 – Wolf Theiss advised Symfonia sp. z o.o., a portfolio company of MidEuropa and Accel-KKR, on its most recent strategic transaction in Romania, namely the acquisition of Setrio Soft SRL, a Romanian company offering software solutions for healthcare and logistics professionals. The transaction closed on 31 August 2026.

Wolf Theiss advised Symfonia on all Romanian legal aspects of the transaction, including due diligence and the drafting and negotiation of the share purchase agreement and related transactional documentation.

The Wolf Theiss Corporate/M&A team was led by Partner Ileana Glodeanu and included Flavius Florea (Counsel, Data Protection, IP & TMT), Associates Vlad Catană, Delia Ardei-Dan, Ramona Mosora and Laurenţiu Bolborici (all Corporate/M&A), Senior Associate Ioana Iacob (Employment), Partner Anca Jurcovan and Senior Associate Maria Popescu (both Antitrust & FDI).

Symfonia is a leading provider of ERP, payroll and human capital management software solutions for business in Poland. Serving more than 50,000 customers, the company offers business-critical software solutions and is at the forefront of the transition to cloud and AI-powered solutions. Since the completion of the carve-out from global ERP software provider Sage in March 2021, Symfonia together with Accel-KKR and MidEuropa embarked on a journey to consolidate the fragmented enterprise software market in Central Europe.

Accel-KKR is a technology-focused investment firm with USD 19 billion in cumulative capital commitments. The firm invests in software and technology-enabled businesses, providing a broad range of capital solutions across buyouts, growth investments and credit strategies.

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.

The transaction represents a further step in Symfonia's expansion strategy in Romania and strengthens its presence in key vertical software markets.

"We are delighted to have completed yet another transaction in Romania and to continue our growth journey in a market that offers significant opportunities for innovation and digital transformation. Having trusted advisors who understand our business and transaction objectives is essential, and Wolf Theiss has once again proven to be an outstanding partner throughout this process." - Wioletta Kałoska, General Counsel, Symfonia.

"The acquisition of Setrio Soft represents another important milestone in Symfonia's growth journey in Romania. We continue to invest in high-quality software businesses that complement our portfolio and strengthen our ability to support customers with innovative, industry-focused solutions. Romania remains a strategic market for us, and we are excited to further expand our presence through such partnerships." – Bartlomiej W. Kulas, Head of M&A, Symfonia.

"We are pleased to have once again supported Symfonia on the completion of another strategic acquisition in Romania. This transaction further underscores the continued attractiveness and maturity of the Romanian technology sector, while also reflecting the growing sophistication of M&A structures deployed by strategic investors and private equity-backed groups across the region. We are proud to be at the forefront of these transformative transaction and to contribute to the development of one of the most dynamic technology markets in Central Europe." 
– Ileana Glodeanu, Partner, Wolf Theiss

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.

Global law firm Dentons has advised Kommunalkredit Austria AG on the €50,630,000 refinancing of the 60 MW Ruginoasa onshore wind farm, owned and operated by DRI, the EU renewables arm of DTEK, in Iași County, Romania.

The refinancing will help fund the project’s transition from construction-stage to operational-stage through an extended facility on improved economic terms, reflecting the strong risk profile of the operational asset, that has been generating electricity since December 2023.

The wind farm comprises ten Vestas wind turbines and is expected to generate renewable electricity for more than 30 years, contributing to Romania's energy transition and long-term energy security.
Acting as lender legal counsel, Dentons’ Banking and Finance team in Bucharest managed and coordinated all English and Romanian law aspects of the transaction from structuring to completion.

Bucharest-based Banking and Finance partner Simona Marin led the legal team, assisted by counsel Stefi Ionescu, associate Maria Brinza and paralegal Iulia Alexandrescu (all Banking and Finance), partner Claudiu Munteanu-Jipescu, counsel Angelica Pintilie and associates Alin Dimache and Carolina Mitea (all Energy), as well as partner Bogdan Papandopol, counsel Luiza Onofrei and associate Diana Anghel (all Real Estate). 

Simona Marin commented: “We are delighted to have supported Kommunalkredit on this important refinancing. The transaction reflects the growing maturity of Romania’s renewable energy market and the continued appetite of international lenders for high-quality operational assets. Ruginoasa is a significant wind project, and we are pleased to have contributed to securing its long-term financing alongside an excellent team of professionals.” 
 

Mega-dealmakers shrug off geopolitical shocks

·        Despite a bout of global shocks, dealmakers remain confident about Europe’s M&A prospects for the year ahead.

·        Deal volume in H1 2026 reached almost 9,500, down 5% from the same period in 2025.

·        Despite this dip in volume, aggregate deal value in H1 soared to EUR 723bn, a 54% year-on-year increase, reflecting a surge of megadeals.

·        In our survey of 250 Corporate and Private Equity dealmakers, almost two-thirds of respondents (64%) expect M&A levels in Europe to rise in the next 12 months – up from last year, when half forecast an increase.

·        Over a third of the respondents (35%) say inflationary and interest rate pressures will be the biggest obstacle to dealmaking in Europe in the coming year. Vendor/Acquirer valuations gaps (33%) and financing difficulties (27%) are also identified as persistent concerns.

·        On the buy-side, respondents identify digitalisation (33%) and turnaround opportunities (30%) as crucial drivers of M&A, while raising capital for expansion in faster growing areas (49%) and a pick-up in valuations (42%) are expected to be key motivators on the sell-side.

·        Most respondents (88%) have noticed a jump in M&A activity in Europe led by US bidders over the last 12 months, and 95% expect that interest to increase in the year to come.

·        Respondents expect the Benelux region (38%) and the UK & Ireland (also 38%) to see the highest M&A growth in the next 12 months. These are followed by Iberia (31%) and Italy (22%), comfortably ahead of France and Germany, reflecting broader economic confidence in Southern Europe.

·        Half of respondents believe that private equity will be the most available source of finance in the next 12 months, followed by cash reserves (42%) and bank lending (40%).

According to CMS’s 2027 European M&A Outlook, almost two-thirds of dealmakers expect the level of European M&A activity to increase over the next 12 months, in spite of geopolitical turmoil. The Outlook was published today in association with financial data firm Mergermarket.

Despite the outbreak of war in Iran and the attendant Hormuz crisis – precipitating higher energy prices and renewed inflation – M&A in Europe enjoyed a busy H1. Transaction volume was down just 5% compared to the same period in 2025, but the real story can be found at the top of the deal market – aggregate value climbed by a towering 54% year-on-year, reaching EUR 723bn. Evidently, megadeals were back in force.

Louise Wallace, Head of the CMS Corporate/M&A Group, said: “Optimism prevails amongst dealmakers, despite sometimes challenging and unpredictable circumstances. The reasons behind M&A, including digitalisation, raising capital to fund growth, making the most of distressed opportunities and the narrowing of valuation gaps between buyers and sellers are sparking enthusiasm – we hope potential brakes of elevated interest rates and challenging financing in some sectors do not dampen that optimism in 2027.”

CEE Overview

In H1 2026, CEE M&A deal value increased by 4% year-on-year to EUR 20.6bn, while deal volume reached 526, down 15% from the same period in 2025. While deal count has declined, the uptick in value signals continued appetite for meaningful transactions in the region.

Sentiment towards the region remains polarised. Among survey respondents, 6% place CEE first for the strongest anticipated M&A growth in Europe, while 10% rank it first for the lowest growth, reflecting the divided views. CEE is identified by 7% of respondents as the leading investment destination in the coming year.

Horea Popescu, CMS Managing Director for Central and Eastern Europe and Managing Partner CMS Romania, commented: “Central and Eastern Europe continues to demonstrate resilience. While deal volumes declined more than the European average, the increase in deal value shows investors remain committed to meaningful transactions in CEE. With 95% of survey respondents expecting greater US buyer interest in European assets, CEE stands to benefit as acquirers look beyond Western Europe for value.”

Rodica Manea, Corporate Partner at CMS Romania, stated: “Even amid geopolitical volatility and tighter financing conditions, Romania remains firmly on investors' radar. The Polpharma acquisition of Biofarm signals that international buyers see value in our market. Technology and energy are driving M&A expectations across Europe, and Romania is well positioned to capture its share.”

Digitalisation and rising valuations

According to respondents, digitalisation will be the principle buy-side driver of M&A in Europe over the next 12 months, with 33% citing this in their top two and 18% ranking this first, a result consistent with rising digital investment and artificial intelligence outlays. Turnaround opportunities come in second place overall (30%) while consolidation is third (27%).

In a reversal from our last study, when capital raising for expansion in faster growing areas was expected to be the least important sell-side M&A driver, this factor comes out as the most significant this year, cited by 49% of respondents overall.

Financing pains

Over half of respondents (58%) believe financing conditions in Europe will worsen over the next 12 months, reflecting interest rate pressures and tightening credit standards in the region. However, this figure does nevertheless represent a marked improvement from our previous survey, when more than three-quarters of dealmakers (78%) expected financing conditions to deteriorate.

Regarding key sources of capital, half of respondents believe private equity will be the most available financing source over the coming year, given the still-enormous stores of dry powder available to sponsors and the pressure on private equity firms to put that capital to work.

Southern pivot

Though respondents continue to highlight Benelux and the UK & Ireland as the two regions that will see the highest M&A growth over the next 12 months, Southern European markets have recently climbed into dealmakers’ estimations. Nearly a third (31%) of respondents rank Iberia in their top two for accelerating M&A, while 22% say the same of Italy, which last year ranked second bottom. With GDP growth rates in Southern Europe handily exceeding the euro area average, the region is affirming its reputation as a magnet for international M&A.

US influx

Reflecting rising appetite among US buyers for European assets – where targets generally carry less steep valuations than their equivalents in the US might – most respondents (88%) say they have seen more US buyers active in the region over the past 12 months. Respondents expect this cross-Atlantic trend to continue: 95% anticipate seeing more interest from US buyers in European assets over the coming year.

Outlook for 2027

Though megadeals took all the headlines in H1 2026, European M&A over the coming 12 months appears more likely to skew towards value investments. Buyers are on the lookout for turnaround opportunities and are emphasising creative solutions to close valuation gaps. Sellers, meanwhile, are focusing on core business resilience, including considering divestments of peripheral units and raising capital to reinvest in higher-growth segments.

Read the full CMS European M&A Outlook 2027 here: https://cms.law/en/int/publication/cms-european-m-a-outlook-2027

– ENDS –

Methodology

In Q2 2026, Mergermarket surveyed senior executives from 182 corporates and 68 private equity firms based in Europe, the USA and APAC about their expectations for the European M&A market in the year ahead. Among the 250 executives interviewed, 70% are headquartered in Europe, while the remaining 30% are split equally between the USA and APAC. 91% of all respondents have been involved in an M&A transaction in Europe over the past two years and 84% plan to undertake an M&A transaction in Europe in the coming year.

All responses are anonymous and results are presented in aggregate.

About 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 50 countries across the world, 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

About Mergermarket: Mergermarket blends market-leading human insights, advanced machine learning and 30+ years of Dealogic data to deliver the earliest possible signals of potential M&A opportunities, deals, threats and challenges.

For more information, visit mergermarket.com

 The Faculty of Law of the University of Bucharest, Universul Juridic Publishing House, together with the Romanian Journal of Private Law (RRDP), the Romanian Journal of Case Law (RRDJ), with the support of STOICA & ASOCIAȚII, are organising the “Valeriu Stoica” National Civil Law Conference on 24–25 September 2026. The event will take place at the Faculty of Law of the University of Bucharest, in the ‘Constantin Stoicescu’ lecture theatre, and will bring together renowned professors, researchers and legal practitioners.

The theme of this year’s edition – ‘The exercise of subjective civil rights and procedural rights. Abuse of rights in the Civil Code and the Code of Civil Procedure’ – offers an analysis of one of the areas in which the distinction between the legitimate exercise of a right and its abusive use raises particularly complex issues, in both substantive and procedural law.

Over the course of the two days, the guest speakers will address the fundamentals and limits of the exercise of subjective and procedural rights, the criteria for identifying abuse of rights, the sanctions it entails, as well as the solutions developed by legal doctrine and court practice.

On the first day of the conference, during the fourth panel, scheduled between 15:45 and 17:30, Professor Emeritus Valeriu Stoica, PhD (Founding Partner, STOICA & ASOCIAȚII) will deliver a presentation on the topic ‘The right to unilateral termination and the right to unilateral cancellation, from the perspective of abuse of rights in contractual matters’.

“Abuse of rights is one of those fundamental issues that compels us to revisit the relationship between the freedom of the holder of a right and the limits on its exercise. It is an issue that is both theoretical and deeply practical, present in both substantive law and civil procedure. The conference provides an opportunity for an in-depth analysis of these issues, through dialogue between legal doctrine and case law and through the contributions of leading academics, judges and practitioners. “The value of such an event lies precisely in the diversity of perspectives and in the opportunity to compare theoretical constructs with the practical problems that the application of the law raises on a daily basis,” said Professor Emeritus Valeriu Stoica, Founding Partner, STOICA & ASOCIAȚII.

Details regarding the programme, speakers and conference registration are available on the event page.

The CEE findings reveal several important trends:  

Please find both reports available for download at the links below. 

→ 7th Annual Horváth CxO Priorities Study – Romania Report 
→ 7th Annual Horváth CxO Priorities Study – CEE Report 
 

As the legislative process for transposing the EU Pay Transparency Directive into Romanian law advances, the time available for employers to prepare is gradually diminishing. For organisations that have not yet started assessing the impact of the new requirements, now is an important moment to begin the necessary preparations.

In recent months, an increasing number of organisations have begun reviewing their remuneration practices, job architecture and evaluation frameworks, pay gaps, and HR processes in light of the forthcoming requirements.

Based on projects carried out by the Forvis Mazars team, preparation involves more than simply updating policies or procedures. Organisations must be able to demonstrate that remuneration decisions are grounded in a consistent job architecture and job evaluation methodology, as well as in salary structures and remuneration criteria that are objective, transparent, gender-neutral and applied consistently across the organisation.

To help organisations better understand these changes, Forvis Mazars has prepared a practical summary comparing the key requirements of the EU Pay Transparency Directive with the provisions included in the draft legislation currently under discussion in Romania. The document presents the EU requirements alongside the Romanian legislative proposals, making it easier to identify the main obligations and assess their potential implications for employers.

Access the document here.

The new framework will significantly strengthen employees' rights to access information on remuneration and introduce a higher level of transparency regarding how pay is determined.

Another particularly important aspect is the evaluation and classification of jobs based on an objective methodology tailored to the organisation's specific characteristics and applied consistently across all positions.

The evaluation should take into account criteria such as skills, effort, responsibility and working conditions, supported by the information and responsibilities set out in job descriptions. This enables organisations to identify positions involving the same work or work of equal value and to demonstrate that any differences in remuneration are based on objective, gender-neutral and non-discriminatory criteria.

Although the legislation in Romania is still being finalised, the deadline established at EU level for transposing the Directive, 7 June 2026, has already passed. As a result, once the national legislation is adopted, a significant number of the new employee rights and employer obligations are expected to become applicable within a relatively short timeframe.

Organisations that have not yet begun preparing should therefore review their remuneration structures, job evaluation frameworks and relevant HR processes in advance, rather than waiting for the final version of the legislation. Early preparation can support not only compliance but also a stronger employer value proposition by increasing transparency and reinforcing perceptions of fairness.

At the same time, a lack of preparation may increase exposure to complaints and litigation related to pay discrimination, obligations to pay remuneration differences and compensation, as well as potential sanctions. Organisations that take proactive steps now will be better positioned to manage these risks and meet the new requirements effectively.

If you would like to learn more about the potential impact of the new requirements on your organisation, the Forvis Mazars team is available to assist you.

Bucharest, September 8, 2026 – Deloitte Romania is expanding its management team through the promotion of Andrei Evi, from the Financial Advisory practice, Elena Barbu, from Audit and Assurance, and Dan-Alexandru Marin, from the Cybersecurity team in the Consulting practice, to director positions, effective as of September 2026.

“Despite the challenging overall environment, we continue to report sustained growth across our firm this year, allowing us to deliver on the ongoing career advancement opportunities that underpin our business model. At Deloitte, we are privileged to rely on professionals who combine expertise with a collaborative mindset, a commitment to continuous development, and a strong focus on the success of their teams and of the clients they assist. Developing future leaders is a strategic priority for our organization, and recognizing outstanding contributions is a key part of how we support this journey. We are proud to have colleagues who help strengthen trusted relationships, contribute to business growth, and support the development of the local business community every day,” said Alexandru Reff, Country Managing Partner, Deloitte Romania and Moldova.

Andrei Evi, Financial Advisory Director, has more than 15 years of experience in banking and finance in Romania and Austria, complemented by a background in law. At Deloitte, he has led teams delivering risk and regulatory projects for financial institutions across Romania and Central and Eastern Europe and has contributed to projects carried out by four European supervisory authorities aimed at developing disclosure and reporting tools and guidelines. He has also been involved in European Bank for Reconstruction and Development (EBRD) programmes for partner banks in the Western Balkans and Moldova. In addition, he has helped develop new service offerings for banks, including the integration of climate and ESG-related risks into collateral valuation and management methodologies for financial institutions in Romania and across the region.

Elena Barbu, Audit and Assurance Director, joined Deloitte Romania in 2019 and has more than 12 years of experience in financial audit and assurance. She has led complex audit engagements for multinational and entrepreneurial companies operating in industries such as retail, consumer products, distribution, manufacturing, and healthcare, working with leading organizations in Romania. Her expertise includes audits performed under both Romanian Accounting Standards (RAS) and International Financial Reporting Standards (IFRS), advisory services on complex accounting matters, mergers and spin-offs, and financial statement preparation. Elena also plays an active role in developing the Audit and Assurance practice through team leadership and her involvement in recruiting and developing the next generation of professionals. She holds a Bachelor’s degree in Accounting and Management Information Systems from the Bucharest University of Economic Studies and is a member of ASPAAS, CAFR, and CECCAR.

Dan-Alexandru Marin, Cybersecurity Director in the Consulting practice, has nearly 20 years of experience in information technology and cybersecurity. Throughout his career, he has developed extensive expertise in areas such as penetration testing, red teaming, and offensive security, leading complex projects for organizations in financial services, healthcare, aviation, automotive, education, and the public sector. At Deloitte Romania, he has led and contributed to cybersecurity assessments for major institutions and organizations, including central banks, commercial banks, healthcare providers, and multinational companies. His experience includes TIBER-RO red-team engagements, web and mobile application security testing, network infrastructure assessments, and cloud security testing.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Expert: Dagmara Barwa, Deputy Customs Product Director, Rohlig SUUS Logistics

From 1 February 2027, EU member states will begin selling certificates under the carbon border adjustment mechanism, with purchases processed through a central platform integrated with the CBAM registry. A single application can cover between 1 and 99,999 certificates. Under the draft rules, once a purchase application has been submitted its content cannot be changed, and withdrawal will only be possible before payment is completed. Settlements will be processed in euro, and each certificate purchased will carry an administrative fee of EUR 0.05.

The certificate price itself is not negotiable – it is derived from the weighted average of EU ETS allowance auction prices. The European Commission set it at EUR 75.36 per tonne of CO₂ in the first quarter of 2026 and EUR 75.28 in the second. From 2027 onwards, publication will move from a quarterly to a weekly cycle, narrowing the gap between allowance quotations and the certificate purchase price.

The European Commission estimates that once the 50-tonne threshold is introduced, around 18,000 importers will remain within the mechanism's scope, down from the previous 200,000. Poland is overrepresented in this group: 3,256 domestic declarants were registered during the transitional period – the second-highest figure in the entire European Union. The Commission has concluded consultations on the draft regulation setting out the mechanics of certificate purchase and repurchase. The most important changes concern the centralization of transactions and the rules for settling surpluses.

Only one repurchase application per year

Importers will be able to submit one repurchase application per year. To use this option, the required number of certificates must first be surrendered by 30 September of the given year, and the application itself needs to be submitted by 31 October – failure to meet this deadline will result in the loss of the right to repurchase. The scope of repurchase is further limited: it covers only the number of certificates the declarant was required to acquire that year under the quarterly obligation. The authority reviews applications three times a year – 1 April, 1 July and 1 November – and has 42 days to do so.

A certificate left unused on the account cannot be bought back from the importer by any other company. Certificates which are neither surrendered nor covered by repurchase are cancelled without compensation on 1 November. Therefore, excess purchases become an unrecoverable cost. This means that forecasts of import, goods volumes and embedded emissions will directly shape financial planning.

2027: two compliance tracks in parallel

From 2027, purchasing certificates will require importers to plan on an ongoing basis, rather than simply settling obligations once the reporting period ends. It will be the initial year in which the mechanism will follow two tracks at the same time. The first is the settlement of 2026 with declaration and surrender of certificates by 30 September 2027. The second is a new quarterly obligation: starting 31 March 2027, at the end of each quarter the authorised declarant's account is required to hold a number of certificates equivalent to at least 50 percent of the embedded emissions in goods imported since the beginning of the year. Companies should therefore be prepared to combine customs data, information obtained from suppliers, and import volume forecasts with the CBAM timetable.

Costs will rise, and the mechanism's scope will expand

Companies should plan beyond one year, as the financial burden will gradually increase. The mechanism is being phased out in parallel with free ETS allowances: in 2026, importers will pay for 2.5 percent of embedded emissions; in 2027 – 5 percent; in 2030 – 48.5 percent, reaching the full 100 percent by 2034. The markup on default values – applied when an importer has not received verified data from a supplier – is rising, as well, from 10 percent in 2026 to 20 percent in 2027 and, effective from 2028, to 30 percent for steel, aluminium, cement and hydrogen. The default values themselves are no longer fixed either: implementing regulation 2026/1740, published on 31 July 2026, corrects them retroactively from 1 January 2026, so companies which calculated emissions using previously downloaded tables are obliged to recalculate them.

At the same time, the mechanism's scope itself is expanding. The European Commission has proposed bringing 180 processed products with a high steel and aluminium content – i.a. metal structures, machinery and automotive components – under CBAM from 1 January 2028. The Council of the EU adopted a general approach on 12 June 2026 and supported the including of post-production scrap into the mechanism, while the European Parliament's Environment Committee came out in favour of extending it to more than 400 product codes. The final list is still under negotiation, which is why it is worth starting a review of tariff classification, origin and the supplier base now.

How to prepare for the new rules?

Despite the narrowing of the mechanism's scope, Poland remains one of the key markets where preparing for the new obligations will be particularly important. Companies should organise their customs data, information regarding the origin and weight of goods, as well as their embedded emissions data, and import forecasts.

At Rohlig SUUS Logistics, we support businesses at every stage of CBAM obligations compliance – from reporting and calculating emissions, through obtaining authorised declarant status and preparing annual declarations, to planning settlements and certificate purchases.

The draft regulation on the sale and repurchase of certificates has not yet been adopted, so its final wording may change. The sales start date – 1 February 2027 – follows from the regulations currently in force.

***

About Rohlig SUUS Logistics

Rohlig SUUS Logistics is the largest Polish logistics operator and one of the leading operators in Central and Eastern Europe and Central Asia. It specialises in the comprehensive management of logistics and global supply chains. The company carries out logistics processes using road, sea, air, rail and intermodal transport, and also offers contract logistics, customs services and project cargo. In addition, Rohlig SUUS Logistics offers supply chain design tailored to clients' specific needs as Supply Chain Solutions. In 2025, the company generated revenue of PLN 2.6 billion. It currently employs more than 2,600 people across more than 40 branches in 9 countries and manages more than 385,000 m² of warehouse space. It is one of the few Polish companies with decarbonisation targets approved by SBTi.

Media contact

●       Mateusz Poźniak, Spokesperson, Rohlig SUUS Logistics, mateusz.pozniak@suus.com, +48 690 444 486

●       Jakub Czubaszek, Clue PR, jakub.czubaszek@cluepr.pl, +48 665 633 606

The LIDC Congress 2026 will take place in Bucharest, Romania, between 15-18 October 2026, bringing together an outstanding line-up of internationally renowned speakers, including Richard Whish (Emeritus Professor, King's College London), Maria Jaspers (Director, DG Competition, European Commission), Josef Drexl (Professor, University of Munich and Director, Max Planck Institute), Eugene Regan (Judge, Court of Justice of the European Union), Ioannis Kokkoris (Professor, Queen Mary University), and Vivien Terrien (Vice-Chairman, French Competition Authority), alongside many distinguished judges, practitioners, academics and competition law experts from across Europe and beyond. The scientific program will address some of the most pressing issues in competition and intellectual property law, including merger control, foreign investment screening, new forms of implementing cartels, digital markets, defence rights in antitrust litigation, developments in copyright litigation, standard essential patents, and the evolving relationship between competition and IP law.  

Beyond the scientific discussions and networking, the Congress offers an exceptional social programme, including welcoming cocktail on Thursday evening, dinner at Cotroceni, Gala Dinner at UNDA (a spectacular restaurant by the lake) and cultural visit to Mogoșoaia Palace.

Registration for the LIDC Congress 2026 in Bucharest is now open at https://arcon.org.ro/en/lidc-registration/.

For more information, please find attached the full program and the event's magazine.  

 CMS has advised leading Norwegian renewable energy solutions provider Scatec ASA (Scatec) on the agreement to acquire the 77 MW Urleasca onshore wind project from OX2, a leading European renewable energy developer, marking its entry into the onshore wind market in Europe. This deal complements Scatec’s existing 190 MW Dobrun & Sadova solar portfolio in Romania. CMS also advised Scatec on the acquisition and project financing of the Dobrun & Sadova portfolio, which represented Scatec’s first transaction in the Romanian market. Scatec is a leading renewable energy solutions provider that develops, builds, owns, and operates renewable energy plants, with 6.4 GW generation and 2 GWh storage capacity in operation and under construction across five continents. 

CMS advised Scatec on all legal and tax aspects of this highly complex transaction, including the coordination of an integrated multi-stream due diligence process covering the full suite of project, construction and supply arrangements, including the Turbine Supply Agreement (TSA) and Balance of Plant (BoP) contracts. CMS also advised on the transaction structuring, drafting and negotiation of the transfer documentation and execution of the transaction, and will continue to assist Scatec with obtaining the necessary regulatory clearances and all closing-related matters.

Varinia Radu, Head of Energy and Climate Change at CMS Romania and Deputy Head of the CEE Energy, Projects and Construction (EPC) practice, comments: “Scatec’s expansion of its Romanian portfolio with its first wind asset marks a significant milestone. This deal further demonstrates the depth of investor interest in the Romanian renewable energy sector and CMS’s market-leading capability in structuring and executing such complex transactions. We are grateful for having the opportunity to work together with Scatec in another transaction in Romania and we look forward to strengthening our collaboration.”

Ramona Dulamea, Energy Senior Counsel of CMS Romania, comments: “We are pleased to have supported Scatec in further expanding its Romanian renewable energy portfolio through this transaction. Beyond its scale, the deal stands out for its dynamics in a revolving market and the level of complexity involved across the project, construction and transaction workstreams.”

The CMS team was led by Ramona Dulamea (Energy), Catalin Vasile (Corporate M&A) and Edwina Udrescu (EPC), under the coordination of Varinia Radu (Energy). The wider team included Andrei Tercu (Tax); Alexandru Trandafir (Real Estate); Mircea Moraru (Corporate M&A); and Claudia Nagy (Competition & FDI).

Unser Mitglied MENSAVE veranstaltet ein kostenloses Webinar zu den Grundlagen der Ersten Hilfe sowie zur Anwendung eines automatisierten externen Defibrillators (AED). Die Teilnehmenden erhalten praxisnahe Einblicke und wertvolle Empfehlungen für den professionellen Umgang mit Notfallsituationen im Arbeitsalltag. 

Über MENSAVE

MENSAVE ist ein rumänisches Unternehmen, das sich auf Erste-Hilfe-Schulungen spezialisiert hat und diese landesweit anbietet. Mit seinem Engagement für Notfallvorsorge und Gesundheitsbildung vermittelt MENSAVE essenzielle Kenntnisse und Fähigkeiten, die im Ernstfall Leben retten können.

✅ Kostenfreie Teilnahme für Mitglieder der AHK Rumänien
✅ Praxisnahe und direkt im Arbeitsalltag anwendbare Inhalte
✅ Begrenzte Teilnehmerzahl

📅 Montag, 28. September 2026
🕚 10:30 Uhr

🔗 Anmeldung und weitere Informationen: Webinar MENSAVE

 

•68% of companies expect artificial intelligence solutions to improve efficiency and shorten tax audits

•45% of participants believe AI-driven tax audit findings will be more difficult to understand and challenge

The complexity of tax regulations, particularly those related to transparency and reporting requirements, remains the most significant tax policy challenge facing multinational companies (65%) for the third consecutive year, while most organizations (84%) expect these obligations to become even more stringent over the next two to three years, according to the Deloitte 2026 Global Tax Policy Survey. Therefore, 40% of respondents identify increasing compliance requirements as the factor with the highest impact on business operations. At the same time, when evaluating investment decisions, tax stability and certainty are considered just as important as the overall level of taxation, with both factors cited by between 50% and 60% of participants.

The digitalization of tax is also a key concern for surveyed companies (56%), as it promises to enhance efficiency for both businesses and tax authorities, while also involving additional costs and implementation challenges.

Reactions to AI-based tax compliance software were predominantly positi8ve. The main anticipated benefits include improved accuracy of tax processes (29%), more time available for core operations (18%), improved compliance (15%), and other advantages. However, companies also recognize the additional costs and operational complexity associated with implementing AI-based tax solutions (15%).

In tax audits, AI-powered solutions are seen as an efficiency driver, leading to faster and more effective audits (68%) as well as more targeted inspections and, consequently, fewer information requests from tax authorities (59%). On the other hand, 45% of respondents expect AI-driven tax audit findings to be difficult to understand and challenge.

Tax Administration 3.0 agenda continues to gain momentum globally. Nearly two-thirds of participants (60%) report progress in implementation across the jurisdictions in which they operate, while 27% have observed significant developments. Expected benefits include reduced time and resources spent on tax compliance (26%), more collaborative relationship with tax authorities (23%), improved taxpayer services (17%), and fewer but more effective tax audits (14%). However, almost one in five participants (19%) believe that the digitalization of tax administration could result in additional costs and increased complexity.

Regarding electronic invoicing, confidence in its benefits has moderated compared to previous years, reflecting high implementation costs and increasingly complex technical requirements. While simplified tax compliance (36%) remains the primary perceived advantage, significant investment in systems and technology (37%), together with increased operational complexity (25%), continue to be areas of concern among taxpayers.

“The findings of this year’s survey send a very clear message: regulatory complexity remains the most pressing tax challenge for companies worldwide. The combination of reporting requirements, compliance burdens, and the additional costs associated with tax digitalization is exerting increasing pressure on businesses. At the same time, the benefits expected from simplification and modernization initiatives will take time to fully materialize. Romania reflects many of these global trends, as companies operating locally are subject to both international tax rules, such as the global minimum tax and sustainability-related requirements, and an increasingly complex domestic tax landscape. Over recent years, this complexity has been amplified by multiple digital reporting requirements, which have so far represented more of a financial and administrative burden than a benefit for taxpayers. A key challenge remains the tax administration’s ability to fully process and leverage the large volumes of data collected through these reporting systems to serve their intended purpose – to simplify procedures for compliant taxpayers and strengthen the early detection of tax evasion-, due to the lack of adequate IT infrastructure within the tax administration,” said Vlad Boeriu, Tax & Legal Partner-in-Charge, Deloitte Romania.

In these circumstances, the study’s participants believe that reducing complexity and disproportionate compliance burden should remain a central focus of global tax policy. One example is the introduction of simplification mechanism related to the implementation of the global minimum tax (Pillar Two of the OECD tax reform), intended to ease compliance obligations for both businesses and tax administrations. About 80% of participants expect their organizations to benefit from this mechanism, suggesting that the new framework will have broad applicability.

However, the appetite for even further simplification in this area remains strong – 41% of companies believe simplification efforts should continue, while 58% expect certain areas of tax compliance to become even more complex in the coming years.

From a financial perspective, 88% of participants anticipate higher tax liabilities as a consequence of Pillar Two implementation.

Deloitte 2026 Global Tax Policy Survey, now at its 13th edition, was conducted among tax managers and CFO’s, in order to analyse the impact of new international tax regulations on companies worldwide. This year’s survey involved more than 1,000 tax leaders in 28 countries.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

The STOICA & ASOCIAȚII team, comprising the lawyers Dragoș Bogdan (Managing Partner), Mihai Stănescu (Managing Associate) and Ingrid-Amelia Apetrei (Managing Associate), has secured, at first instance, for its client Terapia S.A., the market leader in this sector in Romania, the right to continue marketing food supplements containing the substance ‘methylene blue’. The Cluj Court of Appeal ordered the suspension of the administrative acts issued by the National Institute of Public Health (INSP), which had annulled the notification certificates – that is, the documents on the basis of which these products may be legally marketed in Romania. The court’s decision halts, at least temporarily, the measure that would have blocked the sale of stock worth over 60 million lei, in a market estimated to be worth over 200 million lei.

The INSP based its decision on an alert issued in 2025, more than a year before the certificates were revoked, via the European RASFF (Rapid Alert System for Food and Feed). This alert, stating that methylene blue was not authorised as a food ingredient in the EU, had been issued by Belgium, without any reference to Terapia S.A.’s products, and was the only one of its kind in the more than 20 years that the RASFF system has been in operation. The INSP based its intervention on Law No. 56/2021, a piece of legislation which, however, expressly excludes herbal food supplements from its scope – that is, precisely the type of product targeted by the cancellation measure.

Dragoș Bogdan: “The absurdity of the cancellation measure – taken more than a year after the alert was issued – stems from a combination of factors which, I hope, merely indicate an excessively bureaucratic approach, rather than a deliberate intervention by the authority to distort the market. On the one hand, according to the relevant European regulations, only substances that were not consumed to any significant extent by the EU population prior to 15 May 1997 are subject to authorisation. However, methylene blue has been documented as being used for medical and therapeutic purposes and as a supplement since the 19th century. I remember my mother forcing me to swallow methylene blue when I was little... 

On the other hand – and this strikes me as utterly outrageous – although the INSP has revoked the certificates for the market-leading products, I can now buy methylene blue from a chemist’s without a prescription, over the counter, in a wide variety of forms (including as the pure substance). Furthermore, another 40 supplements containing methylene blue, produced by other companies, are doing just fine; they are not affected in any way by any measure imposed by any authority.”

With a history spanning over 30 years in the business law market, STOICA & ASOCIAȚII has gained national and international recognition in the legal and business worlds through its comprehensive legal assistance and representation of a vast portfolio of clients. Since its establishment in 1995 to the present day, the lawyers at STOICA & ASOCIAȚII have demonstrated that they are a strong team, founded on adherence to its principles: Fidelitas, Integritas, Fortitudo. STOICA & ASOCIAȚII has earned an excellent national and international reputation. Its professional achievements are recognised in the leading legal directories: Chambers Europe, Legal 500, WTR 1000 and IAM Patent 1000.

Bucharest's office market continues to strengthen its fundamentals, supported by a recovery in occupier demand driven by new lease transactions and expansions, against a backdrop of limited new supply. Net take-up accounted for 73% of the total leasing activity in H1 2026, up from 53% during the same period of 2025, highlighting a shift in corporate strategies as companies resume growth and expansion plans.

At the same time, the citywide vacancy rate continued its downward trend to 11.6%, the lowest level since Q3 2020. This trend was primarily supported by stronger demand from companies operating in the IT&C sector.

According to the Cushman & Wakefield Echinox Marketbeat Office Q2 2026 report, the total office take-up in Bucharest reached 109,500 sq. m during the first six months of the year, of which 60,400 sq. m were leased in the second quarter alone. Although the overall leasing activity remained approximately 10% below the level recorded in H1 2025, the structure of demand points to a rebound in transactions with a positive net impact on office occupancy levels.

The IT&C sector regained its position as the largest occupier segment in the capital city, leasing more than 30,500 sq. m in H1 2026, nearly double the volume registered during the same period last year. By contrast, the financial sector, which led leasing activity in 2025, recorded a significant decline in transaction volumes.

Among the most notable office transactions completed during the second quarter were Rohde & Schwarz Topex's 9,600 sq. m renewal and expansion in IRIDE Business Park 19 (Dimitrie Pompeiu), Veolia’s pre-lease of 6,000 sq. m in Green Court D (Floreasca-Barbu Vacarescu), Strabag's pre-lease of 4,600 sq. m in Queens District (Floreasca-Barbu Vacarescu), as well as Evoke’s renewal of 2,400 sq. m in Bucharest Business Garden (Center-West).

On the supply side, the market continues to be defined by a lack of new deliveries. No office projects were completed during the first half of the year, keeping Bucharest's modern office stock stable at approximately 3.43 million sq. m.

Looking ahead, market prospects remain encouraging, with approximately 216,000 sq. m currently under construction and scheduled for delivery in phases through early 2028. Given this development timeline, the shortage of high-quality office spaces is expected to persist on short and medium terms, maintaining upward pressure on prime rents across the city.

The five largest office projects currently under construction are the second phase of Timpuri Noi Square (Center, 60,000 sq. m, developed by Vastint), ARC Project (Center-West, 30,000 sq. m, developed by PPF Real Estate), AFI Central Tower (Center, 28,000 sq. m, AFI Europe), Queens District (Floreasca-Barbu Vacarescu, 23,000 sqm, Speedwell) and One Technology District (Dimitrie Pompeiu, 20,600 sq. m, One United Properties).

The growing imbalance between rising demand and restricted supply continues to reinforce market fundamentals and support rental growth, particularly in best-in-class buildings. The prime headline rents remained stable in Q2, with levels between € 21.00 - 22.00/ sq. m/ month being the norm in non-boutique projects in CBD (a series of high-profile buildings have asking rents of up to € 25.00 - 26.00).

From a regional perspective, Bucharest remains one of the most competitive office markets in Central and Eastern Europe. Its rental benchmarks are broadly comparable to those in Bratislava and remain below levels recorded in Warsaw and Prague. Across the CEE region, prime office rents increased by approximately 5% year-on-year, outperforming the European average of 4.5%.

Mădălina Cojocaru, Partner Office Agency, Cushman & Wakefield Echinox: "One of the most relevant signals in today's market is the increasing share of new lease transactions and expansions, which reflects growing confidence among occupiers in their business development prospects. At the same time, the office is once again becoming a key tool for employee retention and collaboration, prompting companies to seek higher-quality, more efficient and better-designed workplaces that support evolving work models. This demand, however, is meeting an increasingly constrained supply environment. New project deliveries remain limited, vacancy continues to decline, and occupancy levels in some of Bucharest's most sought-after CBD areas, including Piata Victoriei, Dorobanti and Buzesti, have already exceeded 95%. In this context, early real estate planning becomes essential. Companies considering relocation or expansion should start the process well in advance to secure access to high-quality, well-located office spaces in a market where the best opportunities are becoming increasingly scarce."

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 60 countries and across more than 350 offices. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital Markets, Valuation and others. For additional information, visit www.cushmanwakefield.com. 

Deloitte Romania is pleased to invite you to the 4th edition of the CE Financial Crime Symposium, taking place on September 10, 2026, at Radisson Blu Hotel Bucharest, situated in 63-81Calea Victoriei, Bucharest, Romania, between 09:00 and 15:00.

The symposium will bring together Deloitte’ specialists and representatives of financial institutions, non-financial businesses, corporations, regulatory authorities and law enforcement agencies to exchange perspectives on the rapidly evolving financial crime landscape.

The discussions will explore current European and Romanian developments in anti-money laundering, fraud prevention and anticorruption, focusing on emerging risks, regulatory expectations and practical measures that organizations can implement to strengthen their compliance and investigation frameworks.

The agenda will cover the following topics:

• Financial crime landscape in 2026: the convergence of money laundering, fraud, corruption, cybercrime and sanctions evasion;
• Preparing for the new EU AML framework: AMLA’s role and emerging requirements concerning customer due diligence, beneficial ownership, risk assessment and transaction monitoring;
• The new face of fraud: artificial intelligence, deepfakes, social engineering, impersonation, payment fraud and mule-account networks;
• Anticorruption compliance in a changing regulatory environment, including public procurement, EU funds, conflicts of interest, third-party risks and whistleblowing;
• Follow the money: internal investigations, corporate intelligence, crypto-assets, complex corporate structures and cross-border financial flows; AI & technology.

These topics are relevant across a wide range of industries, with particular significance for Financial Services, Real Estate, Professional Services, Gambling, Retail and Consumer Businesses, Manufacturing, Import and Export, Oil & Gas, Pharmaceuticals, Automotive, Technology, and Power & Utilities.

The discussions will be conducted in both English and Romanian and simultaneous translation will be provided

More details about the agenda and speakers will follow soon.

Participation to the event is free of charge. The physical attendance is limited to 2 participants per company. Please note that seating is limited, and allocation will be conducted on a first-come, first-served basis. Due to the restricted number of seats available, early registration is encouraged to secure your place.

Please confirm your attendance by August 31, 2026, by registering via the link below.

Bucharest, 6 August 2026 – Wolf Theiss advised the shareholders of three companies active in the electrical power industry (i) Electroechipament Industrial S.R.L., (ii) Electroechipament S.R.L. and (iii) General Equipment Automation S.R.L., on the sale of their shares to Adrem Group, one of the largest contractors and service providers in the electrical power industry. The transaction was signed on 29 July 2026 and remains subject to the necessary approvals from the relevant authorities.

Electroechipament Industrial Group (EEI Group) is a Romanian entrepreneurial business with more than 30 years of experience in developing energy infrastructure. It specialises in the design, construction and commissioning of electrical substations and power networks, industrial automation systems and electrical installations.

Wolf Theiss acted as legal advisor to the shareholders of the three companies throughout all stages of the transaction, including assistance during the due diligence process as well as the drafting and negotiation of the transaction documents. The transaction involved the simultaneous sale of three complementary businesses operating across the engineering, automation and distribution sectors within a single transaction framework.

The Wolf Theiss team was led by Partner Ileana Glodeanu and Counsel Luciana Tache and further included Senior Associate Delia Dumitrescu, Associates Vlad Catană, Marius Moldoveanu and Laurenţiu Bolborici (all Corporate/M&A), Partner Anca Jurcovan, Senior Associate Maria Popescu (both Competition & Antitrust) and Partner Adelina Iftime-Blăgean (Employment).

“We greatly valued the exceptional expertise and dedication of the Wolf Theiss team which played a key role in achieving the successful signing of the transaction. Ileana and her team guided us through the process with professionalism and responsiveness, and their strategic insights were highly appreciated." – Iancu Suteanu, CEO & Co-Founder Electroechipament Industrial Group

“We were pleased to advise the shareholders of Electroechipament on this transaction. We would like to thank the Electroechipament Industrial Group shareholders for their trust, the Adrem team and all advisors involved for the constructive collaboration throughout the process.” – Ileana Glodeanu, Partner

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.

Bucharest, August 3, 2026 – A multidisciplinary team of 33 specialists from Deloitte Romania, with expertise in audit, financial advisory, tax, valuation, risk and regulation, together with lawyers specialized in financial-banking law, state aid and public procurement, corporate law and personal data protection from Reff & Asociații | Deloitte Legal assisted Investment and Development Bank (IDB) in the pillar assessment carried out by the European Commission (EC).  This type of assessment is one of the most complex institutional evaluation processes applied to organizations that can manage financial instruments financed from the European Union budget, and its completion marks the fulfillment of a milestone assumed by Romania as part of the National Recovery and Resilience Plan (PNRR).

"The pillar assessment is a process that thoroughly tests the way a financial institution is built and operates. Conducting such an assessment requires both technical expertise and an ongoing dialogue between the auditor and the organization. We appreciate the professionalism and independence of the Deloitte Romania team, which carried out this mission with rigor and objectivity, in accordance with the European Commission’s standards", said Raluca Nicolescu, General Manager, Investment and Development Bank.

The multidisciplinary team Deloitte Romania and Reff & Asociații, which assisted IDB throughout the entire evaluation process, brought together legal, regulatory, financial, tax, governance, risk management, cybersecurity and digital operational resilience expertise, to meet the complex needs of the project. Deloitte Romania's advisory team  consisted of Claudiu Ghiurluc, Andrada Tănase, Alexandra Smedoiu and Alin Chitu, Partners, Laura Lică-Banu and Andrei Stan, Directors, Andreea Micu, Cristina Rusu, Cristina Viisoreanu, Cristina Cojocaru, Angela Borza and Silvia Mata, Senior Managers, Lavinia Munteanu, Miruna Ciopeală and Paul Evi, Managers, Victoria Tocan, Florin Iordănescu, Gheorghe Borta, Ioana Popa, Marinela Tanase and Ioana Popa, Senior Consultants, Luca Birtalan, Cătălin Simache, Consultants. The financial-banking, corporate, public procurement, personal data protection teams of Reff & Associates included Andrei Burz-Pînzaru and Georgiana Singurel, Partners, Silvia Axinescu, Counsel, Adrian Coman and Roxana Bratosin, Senior Managers, Bogdan Vlad, Corina Damaschin and Florin Grumeza, Senior Associates, Sebastian Maxiniuc and Tudor Munteanu-Jipescu, Associates.

"This mission confirmed our multidisciplinary team’s ability to meet exceptionally rigorous requirements, at the intersection of audit, financial, legal and regulatory expertise. The successful completion of the pillar assessment for IDB is a result with a direct impact on the way in which Romania will be able to access European Union funds, and Deloitte's contribution to this approach reflects our commitment to projects of strategic importance for the national economy", said Andrada Tanase, Partner, Advisory, Deloitte Romania. 

"More than 4,000 hours invested by a team of 33 Deloitte professionals with skills and knowledge covering both the specific requirements of the nine pillars defined by the European Commission, as well as a good part of the IDB's operational, governance, risk management and financial processes, all summarized in a 400-page report (including appendices) that met the requirements of the European Commission. I feel privileged to have been part of such a team that successfully delivered a project of special importance for both IDB and Romania", said Claudiu Ghiurluc, Partner, Audit and Assurance, Deloitte Romania.

The EC assessment confirms the strengthening of the bank's capacity to implement financial instruments supported by European Union funds and comprised nine pillars: the internal control system, the accounting system, independent external audit, providing financing from EU funds through grants, procurement, financial instruments, exclusion from access to finance, publication of information on recipients and protection of personal data.

Investment and Development Bank is the only development bank 100% owned by the Romanian state, through the Ministry of Finance. IDB contributes to Romania's economic and social development by facilitating access to finance, mobilizing investments, and implementing financial instruments that support the economy's competitiveness, innovation, and the transition to sustainable development.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

The next phase of the AI Act begins on 2 August 2026, when its transparency obligations become directly applicable across the EU. Discover the new requirements for businesses developing or using AI systems, the distinction between providers and deployers, the rules on AI-generated content, and the compliance measures companies should implement before enforcement begins.

Main points of interest we cover in the article:

■ Who is affected by the AI Act's transparency obligations from 2 August 2026.
■ The different obligations applicable to AI providers and deployers.
■ When users must be informed that they are interacting with an AI system.
■ The rules for labelling AI-generated content, including deepfakes and synthetic public-interest content.
■ When a deployer may become a provider, and the resulting compliance implications.
■ A practical compliance checklist to help organisations prepare for the new requirements and mitigate regulatory risks.

Read more ≫

Bucharest, July 2026: The first half of 2026 recorded a total investment activity of €211.1 million, marking a 46% decrease compared to the same period last year. However, following the completion of AFI Europe’s acquisition of a portfolio of six retail parks from MAS Real Estate and several smaller transactions, during the first seven months of the year, the total investment volume has already exceeded the level recorded throughout the whole of 2025, according to the Marketbeat Investment H1 2026 report published by Cushman & Wakefield Echinox.

During the first six months of the year, the office sector accounted for the largest share of investment activity, attracting €138 million, or approximately 65% of the total transaction volume. Following the completion of the €282 million AFI Europe-MAS Real Estate transaction in early July, the retail sector regained its position as the most transacted asset class, with a volume exceeding €350 million.

Other notable transactions completed in the first half of the year included the @EXPO office complex in northern Bucharest, the NEST retail parks in Miercurea Ciuc and Moinești, the Record Park office scheme in Cluj-Napoca and the Equilibrium 2 office building in Bucharest’s Floreasca–Barbu Văcărescu submarket.

In terms of capital origin, investors from Central and Eastern Europe, including Romanian investors, were the most active, accounting for €144 million (68% of the total volume), followed by Turkish investors, with €52 million (25% of the total).

Cristi Moga, Head of Capital Markets Cushman & Wakefield Echinox: “Romania’s real estate investment market remained active despite a broader environment marked by economic and political uncertainties, successfully attracting two new investors - Turkey’s Mondo Development, which acquired the @EXPO office complex, and Czech-based Star Capital Finance, the new owner of the NEST retail parks in Miercurea Ciuc and Moinești. At the same time, AFI Europe’s €282 million acquisition of the Value Centres portfolio from MAS Real Estate, the second-largest transaction ever completed in Romania’s real estate market, demonstrates that investors with a strong understanding of local market fundamentals remain confident in the sector’s long-term performance and are willing to execute large-ticket transactions.”

The macroeconomic environment remains challenging, with Romania’s economy contracting by 0.3% in the second quarter, while inflation hovered around 10% during the first half of the year. Nevertheless, the report highlights that an economic recovery and a more stable political environment could support a stronger pace of investment activity in the second half of the year, with several medium- and large-sized transactions currently in advanced stages of execution.

The prime yields remained stable for all segments in H1, being quoted at 7.00% for high street units on Calea Victoriei, 7.25% for office & shopping center units and 7.50% for industrial spaces. These levels remain 100-200 basis points above those recorded in most Central and Eastern European markets, further strengthening Romania’s appeal to investors seeking a balanced risk-return profile.

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

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 53,000 employees in nearly 60 countries and across more than 350 offices. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital Markets, Valuation and others. For additional information, visit www.cushmanwakefield.com. 

The new set of measures on semiconductors, AI and cloud infrastructure aims to strengthen the EU’s position as an “AI continent”, while strategies on open-source and energy sustainability support implementation

Authors: Flavius Florea (Counsel), Cătălin Velişcu (Associate) – Wolf Theiss

On 3 June 2026, the European Commission published a set of measures designed to reinforce the EU’s digital autonomy in key fields of technological development. Referred to as the “European technological sovereignty package” (“ETSP”), the policy update forms part of the EU’s broader efforts to increase digital autonomy and reduce reliance on suppliers outside of the Single Market. At the same time, the proposals aim to strengthen the EU’s position as an AI continent and continue the trend towards simplifying administrative burdens and corporate compliance requirements, particularly for small and medium-sized enterprises.

In this context, the ETSP introduces the following measures, all aimed at enhancing digital autonomy:

·        A proposal for the Chips Act 2.0 (“CA2”), addressing the growing reliance on semiconductors for data centres, cloud services and AI development.

·        A proposal for a Cloud and AI Development Act (“CADA”) aimed at supporting technological development while reducing dependence on providers outside the EU.

·        A strategy on open-source software and a roadmap for the integration of digital infrastructure within the energy sector.

Following the Commission’s AI continent action plan, the ETSP aims to accelerate progress towards a more sovereign technological infrastructure for core EU services.

While the legislative proposals remain subject to negotiation and adoption by the European Parliament and the Council, the Commission’s current plans would have a direct impact on the private sector, with certain provisions tailored for small and medium-sized enterprises (“SMEs”). These initiatives complement recent EU efforts, such as the digital omnibus, which focus on reducing administrative burdens where possible.

1        A sovereign basis for digital infrastructure – Chips Act 2.0

Given that the global economy is heavily dependent on semiconductor technology, the EU aims to reduce its dependence on suppliers from third countries. CA2 builds on its predecessor^[1] and seeks to address structural vulnerabilities in the EU’s position in this market, particularly during crisis scenarios. From a general perspective, CA2 is intended to improve conditions for investments and strengthen the EU’s role in the semiconductor value chain, reducing exposure to market disruptions. This includes support for production within the EU through the introduction of the Chips for Europe Initiative 2.0. Broadly, the Initiative aims to strengthen procurement procedures for semiconductors manufactured in the EU, expand testing and experimentation facilities, support the development of quantum chips and photonic technologies and facilitate access to finance through clear guidance particularly for start-ups, scale-ups, small mid-caps and SMEs.

In practical terms, the measures include support for research, development and innovation, faster permitting through time-limited procedures for manufacturers and the creation of a business-to-business platform to enhance transparency and resilience within the market. In addition, CA2 would introduce a “semiconductor regions of excellence” label to increase the attractiveness of investment in selected areas. Certain information-sharing obligations are foreseen for the private sector, although SMEs are excluded. This reflects a coordinated legislative approach aimed at reducing compliance burdens and supporting business growth.

Increased cooperation and innovation under the framework may also stimulate demand, benefitting smaller businesses.

The expansion of manufacturing capacity is accompanied by simplification measures targeting administrative processes. From a public sector perspective, the EU also seeks to strengthen its position in supply chains, particularly in sectors identified as high risk by the Commission. CA2 further establishes mechanisms for monitoring and crisis response, including measures to prevent or mitigate semiconductor shortages.

Undertakings operating within the semiconductors value chain and active within the European market may therefore be subject to specific regulatory obligations. For example, the Commission may request information to assess risks of supply chain disruption. During crisis situations, such requests may extend to production capabilities, capacities and existing disruptions. Where requests for information originate from third-country authorities, undertakings must notify the Commission without delay. During a crisis stage, the Commission may also issue priority-rated orders of crisis-relevant products. If similar requests are made by third countries, the Commission must again be informed promptly.

The Commission would also be empowered to impose penalties for non-compliance, including:

·        A maximum of EUR 300,000 for supplying incorrect, incomplete or misleading information in response to a request in the context of a semiconductor shortage.

·        A maximum of EUR 150,000 (or EUR 50,000 for SMEs) for failing to inform the Commission of enquiries from third countries regarding semiconductor activities.

·        Periodic penalties of up to 1,5% (or 0,5% for SMEs) of the current daily turnover for each working-day of non-compliance with obligations to prioritise production of crisis-relevant products.

2        An AI continent grounded in the cloud – Cloud and AI Development Act

The deployment of AI relies on data centres and processing capacity supported by robust cloud infrastructure. The EU currently remains dependent on non-EU operators in this market, similar to the semiconductor sector. CADA seeks to address this dependence by establishing definitions of EU cloud and AI sovereignty and by pursuing three main objectives:

·        Supporting innovation through increased funding and prioritising open-source solutions for cloud and AI infrastructure.

·        Accelerating the deployment of data centres through administrative simplification, the designation of data centre acceleration zones and strategic projects and enhanced cooperation between Member States.

·        Establishing an EU framework for cloud and AI sovereignty, including the federation of public sector resources and regulatory measures targeting private actors in the essential sectors listed in Annex I of the NIS 2 Directive.

Although increased digital activity may lead to higher resource consumption, the Commission considers that CADA could contribute to reducing the EU’s carbon footprint in the data centre sector through improved efficiency and sustainability measures.

Similar to CA2, CADA also aims to strengthen business capabilities by simplifying processes and lowering barriers to market entry. In particular, it is expected to create opportunities for EU-based providers by reducing reliance on non-EU operators.

3         An integrated approach through non-binding measures – open-source strategy and energy sector roadmap

Complimenting CADA and CA2, the open-source strategy is intended to support the sustainability of open-source technologies across their lifecycle. For the private sector, an improved environment for open-source developments may reduce entry barriers and promote innovation. The strategy targets the open-source ecosystem through several measures:

·        Promoting open-source solutions in EU policymaking.

·        Strengthening cooperation with Member States through the adoption of open-source solutions in public services.

·        Providing guidance on public procurement for open-source investments.

·        Supporting the development of open-source technologies in critical sectors.

·        Ensuring long-term maintenance and the development of relevant skills needed for open-source technologies.

Regarding the strategic roadmap for digitalisation and AI in the energy sector, the Commission sets out plans to significantly expand data centre capacity within the EU over the coming years. At the same time, it recognises that data centres currently account for approximately 2.5% of the EU’s electricity consumption The roadmap therefore focuses on the sustainable integration of data centres and AI into the energy system, including measures such as: establishing minimum energy performance standards, improving grid planning through enhanced information exchange, enabling flexible connection agreements, using AI for smart grid optimisation, developing EU-wide key performance indicators and enhancing interoperability.

The ETSP represents a step towards strengthening the EU’s technological autonomy in key sectors. From a practical perspective, it will be interesting to see how the provisions of CA2 and CADA are applied in practice, assuming that they pass through negotiations successfully and the extent to which digital sovereignty becomes a reality for the EU. Nonetheless, their legislative development should be closely monitored in order to align early with compliance obligations and coordinate with other requirements within the EU’s technological framework.

A multidisciplinary team of lawyers specialized in banking and finance law from Reff & Associated | Deloite Legal and advisors from Deloitte Romania assisted NETOPIA Payments, one of the pioneers and leading players in the local digital payment market, in the process of obtaining the payment institution license from the National Bank of Romania. The company thus marks a significant milestone in its evolution and opens a new chapter in the development of financial services.

The authorization process involved aligning the company’s operating model, governance framework and internal control systems with the regulatory standards applicable to licensed financial institutions, reflecting both the complexity of the regulatory requirements and the maturity of the company’s payments infrastructure.

Reff & Associates | Deloitte Legal and Deloitte Romania multidisciplinary team, which assisted NETOPIA throughout the authorization process, combined expertise in legal and regulatory matters, financial services regulations, corporate governance, risk management, anti-money laundering and counter-terrorism financing, cybersecurity, and digital operational resilience expertise, reflecting Deloitte's multidisciplinary approach to complex transformation and authorization projects in the financial sector. The banking and finance team of Reff & Associates | Deloitte Legal included Andrei Burz-Pinzaru, Partner, Danut Arion, Managing Associate, Andrei Banescu and Bogdan Vlad, Senior Associates. Deloitte Romania's advisory team consisted of Andrada Tanase, Partner, Laura Lica-Banu, Director, Silvia Mata, Assistant Director, Raluca Anton and Cristina Viisoreanu, Senior Managers, Oana Ceban, Lavinia Munteanu and Octavian Popa, Managers, and Victoria Tocan, Senior Consultant.

"Transitioning from a fintech company to a regulated payment institution is a highly rigorous process that tests the limits of any organization’s ability to adapt and its governance structure. For NETOPIA, the support provided by the joint team of Deloitte and Reff & Associates was essential in achieving this important milestone. The integrated approach – combining legal rigour, risk management, technology, and cybersecurity expertise – enabled us to align our payments infrastructure to the highest industry standards. Together we have demonstrated that fintech innovation can successfully coexist with a robust compliance framework, creating the foundation for future growth opportunities in the local market. We are grateful for this successful partnership," said Delia Paceagiu, COO, NETOPIA Payments.

"The financial services industry is undergoing a profound transformation in which innovation and growth must be supported by strong governance, effective control, and operational resilience mechanisms. NETOPIA’s authorization as a payment institution, an achievement we are proud to have supported, demonstrates that Romania’s fintech ecosystem has reached the maturity required to build financial institutions operating to European regulatory standards. The project also confirms the value of Deloitte's multidisciplinary model, in which legal, regulatory, risk, and technology expertise work together to respond to challenges that can no longer be addressed through a single practice area, and the new role of the lawyer involves understanding and integrating complex requirements related to regulation, governance, operational resilience, cybersecurity and risk management," said Andrei Burz-Pinzaru, Partner, Reff & Associates | Deloitte Legal.

"NETOPIA’s authorization as a payment institution confirms that organizations that invest early in compliance, risk management, and security are best positioned to capitalize on the development opportunities created by the digital transformation of the financial sector. Transforming a technology company into a regulated financial institution is a complex process, which significantly goes beyond the legal dimension of an authorization and involves adapting the operating model, internal control framework and governance mechanisms to the standards applicable to financial institutions," said Andrada Tanase, Partner, Deloitte Romania. 

NETOPIA Payments is one of the leading digital payment solutions providers in Romania, offering a broad range of payment acceptance services and serving an extensive portfolio of business operating across the digital economy.

Reff & Associates | Deloitte Legal is celebrating 20 years of activity in the Romanian market, during which it has steadily grown and consolidated its position in the business law, and its activity has expanded to 14 practice areas. With a team of 85 lawyers specialized in the main areas of practices of business law, the firm 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.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

AI is rapidly becoming a strategic enabler across the industrials sector – transforming operations, supply chains, asset management, and decision-making.

But our latest industrials sector deep dive, from The AI Year, reveals a clear shift: the challenge is no longer whether to adopt AI, but how to implement it effectively, responsibly, and at scale.

Drawing on insights from global industrials sector leaders, this deep dive report:

• Explores the current state of AI adoption across the industrials sector.
• Examines three key pressure points organisations face when embedding AI at scale.
• Sets out practical actions industrial sector leaders can take to strengthen the resilience and long-term value of their AI ecosystem.
• Discover how leading industrials businesses are moving beyond experimentation to unlock sustainable value from AI.

Read the industrials deep dive report

What this means
The agenda for industrials sector leaders is shifting quickly, from innovation to execution, control, and resilience. Organisations that move now to strengthen governance, data strategy, and liability frameworks will be better positioned to deliver value from AI - and manage the risks that come with it.

Make AI clarity, your competitive advantage.

DLA Piper supports industrials sector businesses across the AI lifecycle, helping you design it, power it, fund it, govern it, and put it to work, with confidence.
 

CMS advised Poland's Zakłady Farmaceutyczne Polpharma S.A. (Polpharma), the largest Polish pharmaceutical manufacturer, on its acquisition of BIOFARM S.A., one of Romania's longest-established pharmaceutical companies and a listed issuer on the Bucharest Stock Exchange.

The acquisition was implemented through a voluntary takeover bid at a price of RON 1.3790 per share. Approved by the Romanian Financial Supervisory Authority, the transaction had a total value of approximately RON 1.36bn (EUR 270m).

The takeover stemmed from an implementation agreement signed on 6 May 2026 between Polpharma, Longshield Investment Group and Lion Capital. Under the agreement, Longshield Investment Group and Lion Capital, together holding approximately 88.4% of Biofarm's share capital, committed to tender their shares into the offer.

At approximately EUR 270m, the acquisition represents one of the most significant public M&A transactions on the Romanian capital markets in recent years and one of the largest in Romania's pharmaceutical sector.

Agnieszka Deeg-Tyburska, Member of the Management Board of Polpharma, said: “This transaction was an important strategic priority for the Polpharma Group and a significant step in expanding our footprint in the region. CMS combined deep local expertise with seamless cross-border coordination, helping us navigate a complex and highly regulated process successfully. We greatly appreciated their support throughout the project.”

The transaction was delivered by a highly integrated, cross-disciplinary CMS team, whose close cross-office and cross-practice collaboration was instrumental to its success. CMS advised Polpharma throughout all stages of the deal, including the implementation agreement, regulatory approvals, W&I insurance and the voluntary takeover bid process.

Helen Rodwell, Partner and Head of the Corporate and M&A practice at CMS Prague, commented: “We are delighted to have supported Polpharma on this landmark transaction. The acquisition of Biofarm represents a significant strategic investment in the Romanian pharmaceutical market and highlights the continued attractiveness of the CEE region. The matter required seamless coordination across multiple jurisdictions and practice areas, and we are grateful to Polpharma for the trust they placed in the CMS team throughout the process.”

Rodica Manea, CMS Bucharest Corporate Partner, comments: “We would like to congratulate Polpharma and Biofarm on this transaction, which represents a strategic milestone for both companies. We are confident that Polpharma's investment will further strengthen Biofarm's position as a leading pharmaceutical company in the region. The transaction's successful completion reflects the strength of our cross-practice, cross-border collaboration and our ability to deliver on complex, multi-jurisdictional transactions.”   

Cristina Reichmann, Partner and Head of Capital Markets, FIS, and Structured Finance at CMS Bucharest, comments: “We are delighted to have supported Polpharma on its successful voluntary takeover bid for Biofarm. This deal underscores the growing attractiveness of the Romanian market to international investors, and we are proud to have supported Polpharma's strategic expansion in the region.”

Overall project coordination was led by Helen Rodwell (Corporate/M&A), with Frances Gerrard (Corporate/M&A) playing a key role in leading the transaction workstreams.

CMS advice on the Romanian aspects of the transaction was led by Rodica Manea (Corporate/M&A), with Rares Crismaru (Corporate) playing an instrumental role throughout the project. Capital markets assistance was led by Cristina Reichmann (Capital Markets) and supported by Mircea Ciuta (Banking & Finance), while regulatory approvals were handled by Claudia Nagy (Corporate), and real estate aspects of the transaction were led by Aura Georgiana Marina (Real Estate), under the supervision of Roxana Frățilă (Real Estate).

Notes to editors:

About CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With over 90 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 & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law 

About Polpharma Group

The Polpharma Group is a leading regional manufacturer of pharmaceuticals. It is active in the markets of Central and Eastern Europe, the Caucasus, and Central Asia. For over 90 years, it has enjoyed the trust of patients, healthcare professionals, and business partners, offering modern medicines, active substances, and innovative solutions to patients and business partners around the world.

Every year, Polpharma Group factories produce 400 million packages of medicines, which are sold directly or through a network of partners in over 40 countries around the world. The Polpharma Group comprises: Zakłady Farmaceutyczne Polpharma S.A. in Poland, Zakłady Farmaceutyczne Santo in Kazakhstan, and companies Farmaprojects in Spain, 089Farm in Germany, and Swiss Pharma International in Switzerland. The Group employs 5,600 people.

DHL Express Romania today announced the launch of Balkan Express, a new dedicated road service for shipments to and from Bulgaria, available through DHL Economy Select. Designed to enhance DHL Express's road network, the new solution addresses the growing demand from Romanian businesses for faster, more reliable, secure, and cost-effective transport services to and from neighboring countries.

The launch of Balkan Express comes at a time when international trade continues to demonstrate remarkable resilience. According to the DHL Global Connectedness Report 2026, global connectedness has reached a new all-time high, while Europe remains the world's most connected region in terms of trade and economic flows. In this environment, strong regional logistics connections play a vital role in supporting cross-border commerce and enhancing business competitiveness.

Balkan Express offers door-to-door delivery backed by the reliability of the DHL Express network, with transit times of 1–2 business days for most destinations in Bulgaria and 2–3 business days for remote areas. Shipments benefit from end-to-end tracking through DHL Economy Select, while customers can quickly create and manage shipments using MyDHL+, ensuring full shipment visibility and a seamless digital experience.

"With the launch of Balkan Express, we continue to expand our DHL Economy Select portfolio by providing logistics solutions tailored to the evolving needs of regional trade. This new connection between Romania and Bulgaria enables businesses to achieve the right balance of competitive transit times, reliability, and cost efficiency, all supported by DHL's operational excellence and extensive logistics network," said Bogdan Enache, Managing Director, DHL Express Romania.

Through this enhanced operational setup, Balkan Express establishes a dedicated road connection between Romania and Bulgaria, improving delivery predictability and increasing the efficiency of regional supply chains. The service offers a competitive alternative for regional road freight, combining the speed of an optimized cross-border connection with the reliability of the DHL network and an attractive cost structure for customers.

DHL Express Romania continues to strengthen its service portfolio by investing in logistics solutions that facilitate cross-border trade and support the evolving needs of businesses operating in an increasingly interconnected regional and global marketplace.

Bucharest, July 8, 2026 – The circular economy is increasingly emerging as a solution for cost reduction and the use of renewable energy is the main direction for approximately eight out of ten companies in Romania (77%) that invest in the transition to this economic model, according to the Deloitte "Circular economy. Perception and stage of implementation in Romania 2025-2026" study. Other key priorities include investments in employee training and retooling (62%), as well as optimizing resource use, selecting raw materials (54%) and projects related to research, development and innovation (54%).

Interest in implementing circularity measures remains high, driven by the pressure generated by the introduction of new European regulations, such as those governing cross-border waste shipments, stricter requirements to reduce the amount of packaging and increase its reuse and recyclability, as well as rules for designing products in line with environmental requirements, together with the need to reduce operational costs. As a result, an increasing number of organizations in Romania associate the circular economy not only with compliance, but also with greater resource efficiency, stronger resilience and enhanced long-term competitiveness, the study shows.

Financing circular economy projects remains a significant challenge for companies active in our country, which rely mainly on their own sources (84%) and bank loans, while access to European funds and public programs is still limited. This trend reflects the difficulties encountered in the use of external sources of funding, determined by the complexity of administrative procedures, the high level of bureaucracy, a lack of predictability in support mechanisms and a shortage of expertise required for the development and implementation of eligible projects.

"The circular economy is being gradually integrated into business decisions as a response to pressures related to costs, resources and regulations. Companies focus primarily on measures that have a direct and rapid impact, but in order to fully realize the potential of this model they need to accelerate initiatives with structural impact, such as ecodesign or business model transformation," said Adrian Teampău, Director, Environmental Tax and Circular Economy, Deloitte Romania.

The Romanian companies participating in the study consider that the highest costs are associated with retooling and equipment modernization (58%), implementation of renewable energy solutions (40%), as well as research, development and innovation activities (38%). At the same time, they face significant pressures related to return on investment, cost recovery, maintaining competitiveness and volatility in energy and resource prices.

Interest among Romanian consumers in sustainable products and services is increasing, as greater attention is being paid to environmental impact, reuse and recycling. Companies are seeing this trend through a growing interest in sustainable products, reusability and repairability, reducing environmental impact, as well as recyclable packaging and responsible consumption practices.

However, price remains the main criterion in the purchase decision, indicating that the local market is still highly cost-sensitive and the benefits of the circular economy are not yet fully assumed and integrated into consumer behavior, the study shows.

"The transition to a business model that integrates sustainability principles is driven by a combination of economic, regulatory and market factors and companies must find the balance between short-term efficiency and strategic investments. Access to financing and the development of internal skills will be key to accelerating this transition, and organizations that proactively address these challenges will have a significant competitive advantage in an increasingly volatile environment," said Anca Andrei-Cimbru, Manager, Environmental Tax and Circular Economy, Deloitte Romania.

Although the level of familiarity with the principles of the circular economy is high among the local companies participating in the study, the implementation remains uneven across industries and types of organizations, with a higher degree of maturity among large companies and those directly exposed to international standards. Overall, the circular economy is strengthening its role as a key element of the business strategy, but the pace of adoption will depend on companies’ ability to overcome existing barriers and support transformation in the medium and long term, the study indicates.

The Deloitte study "Circular economy. Perception and stage of implementation in Romania" analyzes how the concept of circular economy is understood at local level and assesses the progress made in adopting this development model. The latest edition of the study was conducted based on data collected between September 2025 and April 2026, among 55 companies on the local market, entrepreneurial businesses or subsidiaries of multinational corporations, from economic sectors such as manufacturing, FMCG, construction, services, etc., with representatives of sustainability departments and top management as respondents.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. The firm’s professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 180-plus year history, Deloitte spans more than 150 countries and territories. Its objective is to make an impact that matters through its over 470,000 people worldwide.

Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates | Deloitte Legal, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes as well as technology services and other related services, through 3,300 professionals.

Please see Deloitte.ro to learn more about the global network of member firms.

Bucharest, July 2026: Romania’s logistics and industrial market remains one of the most competitive in Europe in terms of occupancy costs. With an average prime industrial rent of €4.8/ sq. m/ month, Bucharest ranks as the fourth most affordable market among the European locations analyzed, at a time when companies worldwide are restructuring their supply chains in response to geopolitical uncertainty and rising operating costs.

These findings are highlighted in “Waypoint: Global Industrial Dynamics 2026”, a global report by Cushman & Wakefield that examines trends across 135 industrial and logistics markets worldwide.

According to the report, while industrial rental growth has moderated across many mature markets, demand remains resilient globally, driven primarily by the e-commerce, retail distribution and manufacturing sectors. In Europe, the CEE markets, including Bucharest, continue to attract companies seeking to optimize costs and strengthen their regional operations.

By the end of 2025, Romania recorded annual industrial rental growth of approximately 2%, broadly in line with the global average of 2.2%, underscoring the stability of the local market in a period when many locations have entered a normalization phase following the rapid rental increases seen in recent years.

Rental levels in Bucharest remain significantly lower than those in major Western European logistics hubs such as London, Amsterdam or Frankfurt, while also remaining below key regional competitors such as Warsaw and Prague.

This cost advantage, combined with access to major European trade corridors, continues to place Bucharest on the shortlist of companies optimizing their regional logistics networks.

The local market’s competitiveness is also supported by labour costs. According to the report, Bucharest ranks in the lower tier of European locations in terms of wage costs within the logistics and manufacturing sectors, providing an important competitive advantage in attracting such investments. At the same time, wages in these sectors have recorded one of the strongest growth rates in CEE, increasing by 7% - 12% over the past 12 months, according to data from the Economic Research Institute cited in the report.

The report also highlights that energy costs are becoming an increasingly important factor in location decisions for industrial and logistics operations. Romania is among the European markets with relatively high electricity costs for industrial users and recorded one of the most significant annual increases in electricity tariffs in 2025. Nevertheless, energy still accounts for a considerably smaller share in total occupancy costs compared with rental and labour expenses, allowing Romania to maintain its overall competitive advantage.

As a result, companies are placing greater emphasis on building energy efficiency, access to renewable sources and the ability of logistics facilities to integrate automation solutions and technologies that reduce long-term operating costs. These include green building certifications, on-site photovoltaic systems and energy storage solutions.

Across Europe, the logistics market currently remains favourable to occupiers. However, Cushman & Wakefield expects space availability to gradually decline in the coming years as vacancy rates stabilize or decrease and the pace of new developments moderates.

In this environment, cities such as Bucharest are well positioned to benefit from corporate diversification and regionalization strategies, offering an attractive balance between occupancy costs, labour availability and access to key European markets.

Ștefan Surcel, Head of Industrial Agency, Cushman & Wakefield Echinox: “The Waypoint report confirms that Romania continues to strengthen its position as one of the most competitive logistics markets in Central and Eastern Europe. Bucharest offers a compelling combination of occupancy costs, workforce availability and access to major European trade corridors, factors that are becoming increasingly important for companies optimizing their supply chains. Moreover, we are noticing occupier decisions shaped not only by rental levels but also by factors such as energy efficiency, building sustainability, access to energy and the ability of logistics facilities to integrate automation technologies. These trends are creating significant opportunities for the further development of Romania’s industrial and logistics market in the coming years.”

Globally, e-commerce remains the primary demand driver for industrial and logistics spaces, followed by retail distribution and general manufacturing. In addition, sectors such as energy, advanced technology and industrial production are generating new sources of demand, supporting the positive outlook for logistics markets across Europe and the broader CEE region.

“Waypoint: Global Industrial Dynamics 2026” analyzes developments across 135 logistics and industrial markets throughout North and South America, Europe, the Middle East, Africa and Asia-Pacific. The report assesses operating costs, rental levels, labour costs, energy prices and medium-term demand prospects.

Cushman & Wakefield Echinox, the exclusive affiliate of Cushman & Wakefield in Romania, independently owned and operated, has a team of more than 80 professionals providing a full range of real estate advisory services to investors, developers, owners and occupiers. For more information, visit www.cwechinox.com.

Cushman & Wakefield (NYSE: CWK) is a global leader in commercial real estate services, with approximately 53,000 employees across more than 350 offices in over 60 countries. With revenues of $10.3 billion, the company delivers services including asset and investment management, capital markets, leasing, property management, occupier representation, project management and valuation. For more information, visit www.cushmanwakefield.com.

CMS has advised Frasers Group on the acquisition of Hervis’ sports retail operations in Romania and Hungary, marking a significant step in the Frasers Group’s ongoing expansion across Central and Eastern Europe (CEE). The transaction includes 78 retail locations with 49 stores across Romania and 29 stores across Hungary. The deal closed in June 2026, following customary regulatory approvals and other conditions precedent.

This strategic acquisition strengthens Frasers Group’s regional sports retail footprint and complements its existing portfolio, including the Sports Direct brand, which has been expanding rapidly in Romania through institutional leases in major retail destinations.

CMS advised Frasers Group on all Romanian and Hungarian legal aspects of the transaction, including extensive cross-border due diligence covering the 78 retail locations, structuring, negotiation and signing of the transaction documents, as well as regulatory and competition aspects.

Roxana Frătilă, Partner and Head of Real Estate & Construction at CMS Romania, comments: “We are pleased to have supported Frasers Group on a pivotal step in its regional growth. This transaction is a strong vote of confidence in the Romanian and wider CEE retail markets. It showcases how strategic real estate, leasing, and operational considerations can be aligned to deliver scale quickly across multiple jurisdictions. We are grateful to Frasers Group for their ongoing trust and collaboration and many thanks to the CMS team for the hard work and dedication.”

Mircea Moraru, Senior Counsel in the Corporate/M&A team at CMS Romania, adds: “We worked hand-in-hand with the client to navigate a multi-country, multi-asset transaction with many moving parts. The result reflects disciplined execution, seamless coordination across practices and jurisdictions, and the client’s clear strategic vision.”

The CMS team was led by Roxana Frățilă (Real Estate) and Mircea Moraru (Corporate/M&A). The extended team included Alexandru Dumitrescu, Alexandru Trandafir, Aura Marina, Bianca Bănățeanu (Real Estate); Elena Andrei, Oana Mina, Octavian Teletin, Rareș Crîșmaru, (Corporate/M&A); Claudia Nagy (Competition/FDI); and Carmen Turcu (IP& Commercial). CMS colleagues in Budapest advised on Hungarian law aspects.

- End -

Notes to editors:

CMS

Founded in 1999, CMS is an international organisation of independent law firms that offers full-service legal and tax advice. With more than 90 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.

bpv GRIGORESCU ȘTEFĂNICĂ marks twenty years in the legal market this month. The milestone arrives alongside a new web presence and a brand refresh, not as the headline, but as the visible expression of how the firm has worked since 2006 and intends to keep working: built for change, grounded in experience.

A full-service practice and a name in technology

Founded in 2006, the firm took a decision early to build genuine depth across the full spectrum of business law rather than retreat into a single niche. That breadth was tested by events few firms could have planned for: the financial crisis, a pandemic, a war on Romania’s border, and now the arrival of artificial intelligence in legal practice. Through each, the firm’s reputation was built the slow way on repeat mandates, long client relationships, and results rather than positioning.

Breadth never meant dilution. Of the many areas the firm built, one came to define its reputation more than any other: technology. The roots were practical, not prophetic. From its earliest years the firm acted for industrial and digital technology companies, and built deliberately on that base as the sector moved from one client group among many into the defining force in business. The recognition followed as since 2016, Legal 500 has ranked bpv GRIGORESCU ȘTEFĂNICĂ in its top tier for technology, media and telecoms, witnessing a decade of standing that now runs across the firm’s corporate, tax and disputes work, where clients with technology needs are no longer a single vertical but a constant.

 

“We did not set out to change the world. We set out to take the pretension out of law and that turned out to be the bigger ambition,” said Cătălin Grigorescu, Managing Partner. “Whatever comes next, the answer is the same one it has always been: people who trust each other, and lawyers who do the work without the theatrics.”

Clearer about how it works

The clarified positioning puts a long-standing way of working into plainer terms: deep sector knowledge applied to the commercial reality of business in a new age, technology used to sharpen judgment rather than replace it, and advice that filters complexity instead of adding to it. It is an approach the firm has already begun to back with action, among the first independent Romanian firms to put artificial intelligence to work inside its own practice rather than treat it as a talking point.

Developed with Colorblind Studio, the new website and refreshed brand assets give that account a sharper, more deliberate form; built to show clients how the firm thinks and works, not merely that it exists.

The new website is live at www.bpv-grigorescu.com