Merger and acquisition (M&A) activity is often a good indicator of how well a given market performs or whether the economic environment within a country is ripe for investment. Based on empirical studies and theoretical evidence the present paper investigates the status of the M&A market in Romanian and several other EU countries from the perspective of the recent financial crisis. By investigating the structure of the M&A activity within the last two years compared with the last ten years, a clearer picture can be drawn regarding the impact of the crisis upon the M&A market in Romania.