Irish M&A market sees 35% decrease in value due to lack of megadeals

The Irish mergers and acquisitions landscape saw a significant decline in value in the previous year, despite a slight increase in the number of deals completed, as per the findings of the annual M&A Review by William Fry.

In 2025, a total of 524 M&A deals were closed, marking a 3% rise from the previous year. However, the total value of these deals dropped by 35% to €19.5 billion, a stark contrast from the previous year’s high-value transactions, such as the acquisition of a 49% stake in Intel’s Fab 34 facility by Apollo Global Management for €10.1 billion. The majority of deals in 2025 fell within the range of €5 million to €250 million, with around 90% of transactions falling in this category.

Foreign bidders played a significant role in the Irish M&A market, with 59% of deals involving overseas investors, primarily from the US and UK. Private equity also played a notable role, accounting for 19% of all M&A activities throughout the year. Despite the challenges posed by the global economic landscape, Andrew McIntyre, head of corporate and M&A at William Fry, highlighted the resilience of the Irish market and its attractiveness for M&A activities.

Looking forward, McIntyre expressed optimism about the M&A outlook for 2026, citing factors such as low-interest rates, strong economic growth, and the presence of robust sectors like Energy, Pharma & Biotech, and advanced technologies like AI. While global uncertainties and trade policies remain key concerns, Irish assets continue to garner interest from strategic and private equity investors. Should global volatility subside, there is potential for increased M&A activity in Ireland.

In terms of specific transactions in 2025, the review highlighted that there were 12 large-cap deals valued above €250 million, a decrease from the previous year. The top transaction of the year was Ardian’s €2.5 billion acquisition of Energia Group, a significant player in Ireland’s electricity sector. Other notable transactions included the acquisition of pharmaceutical company Avadel by Alkermes and the purchase of Nordic Aviation Capital by Dubai Aerospace Enterprise.

The Energy, mining & utilities sector emerged as the largest sector in terms of deal value, driven by transactions like the sale of the Greenlink Interconnector. The Pharma, medical & biotech sector also saw substantial activity, with the Avadel-Alkermes deal leading the way. Sustainability goals, including net zero carbon emissions, continued to shape M&A activity, with investments in renewable energy assets like wind and solar power gaining traction.

Overall, the Irish M&A landscape displayed resilience and potential for growth, despite global challenges and uncertainties. With a diverse range of sectors attracting interest and a strong foundation for dealmaking, Ireland remains an attractive destination for M&A activities in the coming years.