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Irish businesses continue to attract strong international interest.
There were 309 inbound deals for Irish companies last year, worth a combined €14bn – that was up 9% by number of transactions on the prior year, but down 47% in total value, as international investors seemed to focus on mid-market opportunities rather than large, transformational acquisitions. Inbound transactions accounted for 59% of total deal volume and 72% of aggregate value in the market in 2025. Of the 20 largest deals announced, 15 involved an international acquirer; that included seven of the top 10 transactions.
As with previous years, UK and US based bidders were the most active international investors in Irish companies last year, accounting for more than two-thirds of inbound transactions by volume. In value terms, however, France was the most important player; French acquirers carried out 13 deals in Ireland last year including the largest transaction of all, Ardian's deal for Energia Group. Foreign companies based in the EU are very active participants in sale processes, with Middle Eastern and Asian investors also taking a keen interest, particularly in the largest transactions. The Dubai Aerospace deal for Nordic Aviation Capital is just one notable example.
As with most if not all European jurisdictions, an additional consideration for foreign bidders is whether they will be impacted by Ireland's foreign direct investment (FDI) regulation, which came into effect at the beginning of 2025 and applies to transactions involving non-EU investors and acquirers. So far, there is little evidence of the rules deterring overseas investment and in practice the regime introduces an additional layer of review for transactions in sectors such as critical infrastructure, technology and healthcare.
In time, this may influence the process for certain inbound deals – not only from bidders in regions such as the Middle East and Asia, but also those in the UK and the US, which are also covered by the new regime. EU-based acquirers, by contrast, will retain an advantage.
It is also worth highlighting that the dominance of inbound activity does not mean Ireland's domestic market is lacking. Several large domestic transactions came to market, including Alkermes' purchase of Avadel, which carries a valuation of up to €2.2bn. The next largest domestic deal was the directed buyback of AIB shares from the Irish Department of Finance raising gross proceeds of €1.2bn for the State. This was one of a series of complex, high value transactions over the last few years that have resulted in AIB's return to full private ownership, delivering significant value for Irish taxpayers.
Irish companies continue to see growth through M&A, whether domestically in Ireland or abroad, as a viable option with an improving funding climate in 2026 hopefully assisting this mindset.
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