Thus, the average value of transactions finalized in the first months of 2009 was €6.9 million, compared to some €39 mln in 2008, not including deals in excess of €500 mln.
“If two years ago a major transaction was worth over €500 million, a transaction this year, a transaction will be considered large if it exceeds €100 million,” said Ioana Filipescu, Managing Partner for Raiffeisen Investment. The largest transaction signed in the first five months of this year, EBRD-Renault Technology Romania, was of €44 mln.
“If last year we had a minimum seven offers for every relatively interesting asset put up for sale, now we have excellent assets and no offers,” said Doru Lionachescu, Principal Partner of Capital Partners, a consultancy company for financial brokerage.
Lionachescu added that, if in 2007 a company could have been sold for ten times the profit, today the maximum multiple is 2.5, as high prices registered in previous years were an anomaly which is now being corrected.
