The mergers and acquisitions market will be less dynamic this year, with the number of deals, as well as the value of assets, already falling, while last year proved the most dynamic from this point of view.
"We will probably see fewer deals, at least in the first half. Last year, the value of deals amounted to certain levels. The expectations of those that target such deals this year are the same, however, no buyer or investment fund is willing to pay multiples valid last year for a company," believes Marian Tescaru, managing partner of investment banking firm Altria Capital.
Last year, the cumulated value of deals brokered by Altria exceeded 100 million euros. Altria Capital advised IT firms Net Consulting and FIBa Software in the sale of 70% stakes in each firm to Polish group Asseco, with the investment firm also taking part in the sale of a stake in Medicredit Leasing to Banca Transilvania.
"Romania, which used to be a focal point on the investors' map, is not so hot any more. Not because it is not a good country for investments or because companies are unprofitable, but due to the worldwide declines in the price of assets, investors are identifying new opportunities. They are no longer looking exclusively at Romania and forgetting about places like Poland or the Czech Republic, where prices were very high. They have all dropped," says the representative of Altria Capital, which last year advised the shareholders of Centrul Medical Unirea (Unirea Medical Centre) in the sale of a minority stake to 3i.
Most businesspeople see the value of Romanian assets as following a downward trend, which has been voiced by Dinu Patriciu, who gives the example of refining companies, which have seen a 50-70% decline over the last eight months.
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