CEE M&A Monitor
Construction · railway infrastructure Romania · Austria Acquisition — completed 1 Oct 2026

Strabag completes acquisition of Romanian railway construction specialist BAWI Construction

STRABAG SE announced on 1 October 2026 that it has completed the acquisition of 100% of the shares in BAWI Construction SRL, a Bucharest-based railway infrastructure specialist, after receiving all required regulatory approvals. The transaction had been announced earlier in 2026. BAWI employs around 240 people and generated an output volume of approximately €60 million in 2025. Its services span the railway value chain, from construction and modernisation to specialised works and its own component production. Strabag says the deal strengthens its railway construction business in Romania and its position in the South-East European railway infrastructure market. The price and the sellers were not disclosed.

Our take A large contractor buying a niche one is usually buying capability rather than volume: a specialist team, track record and in-house component production that take years to build. In specialist contracting, references and qualifications in a regulated niche are the asset a strategic buyer pays for.
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