Dublin, Ireland: 21 July 2025 – William Fry LLP ("William Fry") today published its Half-Year M&A Review 2025, revealing that Ireland's mergers and acquisitions (M&A) market has remained durable despite global challenges. Now in its 14th year, the report continues to provide key insights into Ireland's M&A landscape.
A total of 236 deals were announced in H1 2025, a 4% increase in transaction volume compared to the same period in 2024. Deal value totalled €8.8bn, a 51% year-on-year decline, largely due to a slowdown in large-cap and transformational transactions. However, the volume growth signals continued appetite for strategic acquisitions and investments in the Irish market.
Key findings:
- Mid-market size deals continue to dominate, with 88% of disclosed deal values ranging between €5m and €250m
- Five 'transformational' deals (€500m+) were recorded, matching H1 2024 figures
- 63% of Irish deals involved overseas bidders, up from 57% in H1 2024, with strong activity from the US, UK and Norway
- Private equity accounted for 24% of Irish deals, with deal volume up 39% year-on-year; however, aggregate value of those deals fell 71%
- Q1 2025 was particularly strong, with 138 deals worth €6.3bn, representing 30% growth in volume and 48% in value compared to Q1 2024
Andrew McIntyre, Head of Corporate/M&A at William Fry said: "Irish M&A activity remains resilient despite global challenges, with a modest increase in deal volume in H1 2025. 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. Overall, these trends suggest Ireland is well-positioned for continued dealmaking in H2."
Megadeals:
While the mid-market segment remains the bedrock of Irish M&A, there were five transformational deals worth €500m or more were recorded in the first half of 2025, equal to the number logged in H1 of 2024. The largest deal of the H1 2025 period was the €1.9bn acquisition of Nordic Aviation Capital A/S by Dubai Aerospace Enterprise Ltd, a subsidiary of the Investment Corporation of Dubai (ICD). The transaction highlights Ireland's ongoing strategic importance in the global aviation leasing sector.
The other significant large-cap deals spanned the financial services, pharmaceuticals, energy, and TMT sectors.
Sector Watch:
M&A activity in H1 2025 was spread across seven key sectors, reflecting a shift toward more strategic, targeted acquisitions rather than broader sector-led trends.
Financial services led by deal value, accounting for 37%. Large deals included the DAE bid for Nordic Aviation Capital in the aviation finance sub-sector and as well as AIB's share repurchase of €1.2bn from the Irish government. By volume, business services led the market with 23% of all H1 deals, followed by TMT at 22%. Notable TMT transactions included Wolters Kluwer's €425m acquisition of Shine Analytics, TA Associates' €414m purchase of Clanwilliam Group, and a €121m funding round for Tines Security, now Ireland's latest unicorn.
The pharmaceuticals, medical and biotech sector represented 25% of total deal value, with key deals from both strategics and sponsors. Highlights included Investindustrial's €1.2bn acquisition of DCC Healthcare, Advent International's €153m investment in Felix Pharmaceuticals, and Merck's acquisition of Irish manufacturing facilities from WuXi Biologics.
Inbound Activity:
Inbound M&A continues to dominate, accounting for 63% of all Irish deals in H1 2025 – up from 57% in the same period last year. A total of 148 inward investment transactions were announced, including 83 in Q1 alone – the highest quarterly total in five years. Overseas bidders led 15 of the top 20 deals, with strong participation from the traditional jurisdictions of US and UK as well as Norway, which was involved in two of the largest transactions.
The UK remained the most active acquirer with 58 deals, followed by the US with 41 – up from 24 a year earlier. Ireland continues to serve as an attractive entry point to the EU 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.
Private Equity:
Private equity firms announced 57 deals in H1 2025 — a 39% year-on-year increase in volume — though overall deal value fell to €4.2bn, down from €14.6bn in H1 2024, which had been bolstered by megadeals such as Apollo's investment in Intel's Fab 34.
Ten of the top 20 deals in H1 involved private equity firms, comprising seven buyouts and three exits. Investindustrial's €1.2bn acquisition of DCC Healthcare was the largest PE deal of the period. Although delayed exits and valuation gaps pose challenges, strong capital reserves continue to support future deal activity.
Outlook:
Commenting on the future prospects for M&A in Ireland, Andrew McIntyre said: "Looking ahead, 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. 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."
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