Irish M&A activity up 4% in first half of 2025 despite global challenges
It marks a 4% rise in transaction volume compared to the same period in 2024, while total deal value fell to €8.8bn, which reflected a more than 50% decline year-on-year. The law firm said this was underpinned by a slowdown in large-cap and transformational transactions.
However, the volume growth signals continued appetite for strategic acquisitions and investments in the Irish market, William Fry said.
Mid-market size deals continue to dominate, with 88% of disclosed deal values ranging between €5m and €250m, the report found.
Meanwhile, transformational deals, which are deals valued at more than €500m, matched figures from the first half of 2024.
The largest deal of the 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).
Some 63% of Irish deals involved overseas bidders, up from 57% in the first half of 2024, with strong activity from the US, UK and Norway.
Meanwhile, private equity accounted for 24% of Irish deals, with deal volume up 39% year-on-year. However, the aggregate value of those deals fell by 71%.
The first quarter of 2025 showed to be particularly strong, with 138 deals worth €6.3bn. This represented a 30% growth in volume and 48% in value compared to the first three months of 2024.
Inbound M&A activity continues to dominate, accounting for 63% of all Irish deals in the first half of 2025, up from 57% in the same period last year.
A total of 148 inward investment transactions were announced, including 83 in the first quarter 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 report said.
Private equity firms announced 57 deals in the first half of 2025, a 39% year-on-year increase in volume, though overall deal value fell to €4.2bn, down from €14.6bn in the same period in 2024, which was bolstered by megadeals such as Apollo's investment in Intel's Fab 34.
'Irish M&A activity remains resilient despite global challenges, with a modest increase in deal volume in the first half of 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. Overall, these trends suggest Ireland is well-positioned for continued deal making in the second half.'
Looking ahead, Mr McIntyre said there was a "cautious optimism" for continued M&A activity, 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," he added.
"However, geopolitical risks - especially in the Middle East, Eastern Europe, and the US -remain elevated.'
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