ARTICLE
17 February 2026

M&A Full Year Review 2025

WF
William Fry

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William Fry is a leading corporate law firm in Ireland, with over 350 legal and tax professionals and more than 500 staff. The firm's client-focused service combines technical excellence with commercial awareness and a practical, constructive approach to business issues. The firm advices leading domestic and international corporations, financial institutions and government organisations. It regularly acts on complex, multi-jurisdictional transactions and commercial disputes.
Irish M&A continued to show resilience in 2025, despite a challenging global backdrop. Over the full year, Ireland saw 524 deals worth a combined €19.5bn...
Ireland Corporate/Commercial Law
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I. Overview

Ireland saw 524 deals worth a combined €19.5bn, representing a 3% year-on-year increase in volume.

Irish M&A continued to show resilience in 2025, despite a challenging global backdrop. Over the full year, Ireland saw 524 deals worth a combined €19.5bn, representing a 3% year-on-year increase in volume. However, there was a marked drop in deal value during the year with a 35% reduction in aggregate value. It is important to note that the year-on-year value comparison is skewed somewhat by the 2024 megadeal which saw Apollo Global Management take a 49% stake in Intel Corp's Fab 34 for €10.1bn. When viewed over a longer period total value and volume levels were higher than seven out of the last 10 years. 

The year got off to a particularly strong start with 153 deals worth €6.4bn in the first quarter – the second highest quarterly volume and fifth highest quarterly value figures in the past five years. In line with global activity, dealmaking fell in the second quarter following President Trump's "Liberation Day" announcement of US trade tariffs; global M&A activity dropped to its lowest level in two decades in April. Although the geopolitical environment remained difficult – from escalating US trade tensions to conflicts in Ukraine and the Middle East – inbound investment into Ireland continued to perform strongly.

Ireland's own economic performance remained positive, with the International Monetary Fund (IMF) forecasting GDP growth of 9.1% for 2025. International bidders led 15 of the 20 largest deals announced in 2025, with inbound M&A accounting for more than half of all deals by volume and more than two-thirds by value. As in previous years, most Irish M&A activity took place in the mid-market, where 90% of all deals were valued at between €5m and €250m. Large-cap deal activity remained noteworthy, with 12 deals worth €250m or more, including the year's largest deal, the French investment firm Ardian's €2.5bn purchase of Irish utility company Energia Group.

Private equity (PE) played a significant role, with PE deal volumes rising 9% year on year and sponsors involved in seven of the 20 largest Irish transactions.

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*As reported in the bidders press release.

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