Irish M&A market shows resilience with 4% volume growth despite 51% value decline.
Ireland’s mergers and acquisitions market demonstrated continued durability in the first half of 2025, with transaction volume rising 4% to 236 deals despite a 51% decline in total deal value to €8.8 billion, according to William Fry LLP’s Half-Year M&A Review 2025.
The decline in deal value was primarily attributed to a slowdown in large-cap and transformational transactions, though the volume growth signals sustained appetite for strategic acquisitions in the Irish market.
“There’s cautious optimism for Irish M&A, supported by projected GDP growth, ECB rate cuts, and momentum in key sectors like renewables and digital transformation”
“Irish M&A activity remains resilient despite global challenges, with a modest increase in deal volume in H1 2025,” said Andrew McIntyre, Head of Corporate/M&A at William Fry. “While deal values moderated due to fewer large transactions, the data highlights the strength of Irish assets. International interest is strong, and private equity is showing renewed momentum in the mid-market.”
Mid-market dominance and international interest
Mid-market transactions continued to dominate the landscape, with 88% of disclosed deal values falling between €5 million and €250 million. International buyers remained highly active, accounting for 63% of Irish deals, up from 57% in the first half of 2024. Strong activity came particularly from the United States, United Kingdom, and Norway.
The period recorded five transformational deals worth €500 million or more, matching the same period in 2024. The largest transaction was Dubai Aerospace Enterprise Ltd’s €1.9 billion acquisition of Nordic Aviation Capital A/S, highlighting Ireland’s strategic importance in global aviation leasing.
Private equity activity surges
Private equity firms announced 57 deals in the first half of 2025, representing a 39% year-on-year increase in volume. However, the aggregate value of these deals fell 71% compared to the previous year.
Ten of the top 20 deals involved private equity firms, with Investindustrial’s €1.2 billion acquisition of DCC Healthcare marking the largest private equity transaction of the period.
Sector performance
Financial services led by deal value, accounting for 37% of total transaction value. Major deals included the DAE bid for Nordic Aviation Capital and AIB’s €1.2 billion share repurchase from the Irish government.
By volume, business services led the market with 23% of all first-half deals, followed by technology, media, and telecommunications at 22%. Notable TMT transactions included Wolters Kluwer’s €425 million acquisition of Shine Analytics, TA Associates’ €414 million purchase of Clanwilliam Group, and a €121 million funding round for Tines Security.
The pharmaceuticals, medical, and biotech sector represented 25% of total deal value, with highlights including Investindustrial’s €1.2 billion acquisition of DCC Healthcare and Advent International’s €153 million investment in Felix Pharmaceuticals.
Market outlook
The first quarter of 2025 proved particularly robust, with 138 deals worth €6.3 billion, representing 30% growth in volume and 48% growth in value compared to the first quarter of 2024. This period included 83 inward investment transactions, the highest quarterly total in five years.
Looking ahead, McIntyre expressed cautious optimism for the Irish M&A market. “There’s cautious optimism for Irish M&A, supported by projected GDP growth, ECB rate cuts, and momentum in key sectors like renewables and digital transformation,” he said.
“Ireland’s new FDI screening regime has had minimal impact so far on inbound M&A. However, geopolitical risks – especially in the Middle East, Eastern Europe, and the US – remain elevated.”
The UK remained the most active acquirer with 58 deals, while US activity increased significantly to 41 deals, up from 24 in the previous year. Ireland continues to serve as an attractive entry point to the European Union for global buyers, with transactions from Japan, Canada, China, and India, while France, Sweden, the Netherlands, and Germany were among the most active EU-based bidders.
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