Fewer megadeals in first half – William Fry
Law firm William Fry says that merger-and-acquisition (M&A) activity in Ireland remained “resilient” in the first half of this year, despite global uncertainty.
Its half-year review shows that mid-sized deals – worth between €5 million and €250 million – dominated, accounting for almost 90% of the value of all deals.
Overall, the 236 deals completed in the six-month period represented a 4% increase compared with the same period last year.
The total value of the deals, however, more than halved to €8.8 billion, largely due to a slowdown in transactions involving larger companies.
‘Strong international interest’
“While deal values moderated due to fewer large transactions, the data highlights the strength of Irish assets,” said Andrew McIntyre (head of corporate and M&A at William Fry).
“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 H2,” he added.
The report shows that there were five ‘transformational’ deals, worth €500 million or more, in the first half of 2025 – equal to the number logged in H1 of 2024.
The largest deal this year was the €1.9 billion acquisition of Nordic Aviation Capital by Dubai Aerospace Enterprise (DAE), a subsidiary of the Investment Corporation of Dubai (ICD).
Financial services tops value list
By sector, financial services accounted for 37% of the value of all deals.
As well as the DAE bid for Nordic Aviation Capital, this sector also included AIB’s share repurchase of €1.2 billion from the Government.
By volume, business services led the market, with 23% of all deals, followed by TMT (technology, media, and communications) at 22%.
Inbound M&A continued to dominate, accounting for 63% of all Irish deals – up from 57% in the same period last year.
Overseas bidders led 15 of the top 20 deals, with strong participation from the traditional jurisdictions of US and Britain, as well as Norway, which was involved in two of the largest transactions.
Britain remained the most active acquirer with 58 deals, followed by the US with 41 – up from 24 a year earlier.
William Fry says that Ireland remains an attractive entry point to the EU for global buyers, with transactions from Japan, Canada, China, and India recorded during the period.
More private-equity deals
Private-equity firms announced 57 deals during the first half of 2025 – a 39% increase – though overall deal value fell from €14.6 billion a year earlier to €4.2 billion. The 2024 figure had been boosted by megadeals such as Apollo’s investment in Intel’s Fab 34.
Ten of the top 20 deals this year involved private-equity firms, with Investindustrial’s €1.2 billion acquisition of DCC Healthcare the largest.
McIntyre said that there was “cautious optimism” for Irish M&A, supported by projected economic 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,” he added.