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Large transactions remain the exception rather than the norm in Ireland, with M&A activity continuing to be dominated by the mid-market.
Last year saw 12 large-cap deals (those with valuations above €250m), though the value of a significant number of transactions went undisclosed. These larger deals were spread across a broad range of sectors.
At €2.5bn, Ardian's purchase of Energia Group was the largest transaction of the year. Energia supplies around 17% of Ireland's total electricity requirements, increasingly generated from renewable energy resources and other lowcarbon assets. The deal was widely seen as Ardian – which bought the company from US infrastructure investor I Squared Capital – working on the assumption that the big surge in artificial intelligence (AI) will drive up demand for power in Ireland. Already a leading European technology hub, Ireland saw power consumption by data centres, vital for AI, exceed domestic use in 2024 for the first time, with energy demands from technology businesses now expected to account for a third of total Irish demand within three years.
The second largest deal of the year was by Irish biopharma company Alkermes' purchase of pharmaceutical drug manufacturer Avadel, which is valued at up to €2.2bn. The deal was originally unveiled in October, only for a rival bidder, Denmark's Lundbeck, to emerge with a higher offer. Alkermes subsequently raised its bid to secure the acquisition, with the Irish company determined to access Avadel's main asset, Lumryz, a treatment for sleep disorders that fits with Alkermes' existing range of sleep-related products.
The third biggest deal came in the financial services sector, with Dubai Aerospace Enterprise agreeing to pay €1.9bn for Nordic Aviation Capital (DAE) in a deal that took the United Arab Emiratesbased business's fleet of aircraft to around 750. Ireland continues to be one of the world's leading centres for the aircraft leasing and financing industry and is likely to see further transactions in this space in the short and medium future.
Taken together, the year's largest transactions spanned several of the country's most active sectors — including Energy, Mining & Utilities (EMU), Pharmaceuticals, Medical & Biotech (PMB), and financial services — along with a continued focus on technology‑related activity — reflecting the broader composition of the Irish M&A market in 2025. Across the top 20 transactions, these sectors and the ongoing quest for technological innovation drove 16 of the largest deals of the year, highlighting their continuing influence on overall deal activity.
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