When it comes to M&A activity, a number of clear, established trends have emerged in recent years and 2025 continued with those themes. Some big deals across different sectors kept the market buoyant, with the scale of some deals taking even seasoned observers by surprise.
“Ireland’s M&A market proved resilient in 2025, despite a challenging global backdrop,” says Carol Eager, partner in William Fry’s corporate/M&A department. “Over the full year, Ireland saw 524 deals totalling €19.5 billion, a 3 per cent rise in volume but value retrenchment saw a reduction in aggregate value.”
The real story, Eager says, was the breadth of activity and the deep bench of international bidders: inbound transactions accounted for 59 per cent of volume and 72 per cent of aggregate value, and 15 of the top 20 transactions were cross-border.
“As with previous years, the midmarket did the heavy lifting, with 90 per cent of disclosed deals valued at €5 million-€250 million, while last year also saw 12 large-cap deals, those with valuations above €250 million,” she says.
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According to Paddy Quinlan, corporate M&A partner at Taylor Wessing, financial and professional services deals were very prominent in 2025, both in Ireland and internationally. Technology – including AI in particular – and software remained active, while energy and infrastructure were also noteworthy sectors. The areas of data infrastructure and payments business also saw heavy investment, he adds.
“Although there has been activity in these areas historically, AI and cybersecurity, energy transition and media consolidation, driven by streaming economics, saw particularly increased activity in 2025,” Quinlan says.
A notable Irish-based deal last year was Dubai Aerospace Enterprise’s €1.9 billion acquisition of Nordic Aviation Capital, one of the largest Irish-connected transactions in 2025. Quinlan says this served to further underline Ireland’s position as a global hub for aircraft leasing. Investindustrial’s £1,050 million purchase of DCC Healthcare was another big Irish deal, while other significant transactions included Wolters Kluwer’s €425 million acquisition of Brightflag, and TA Associates’ $450 million takeover of Clanwilliam Group.
Globally, some huge deals are being wrapped up. “Google’s $32 billion proposed all-cash acquisition of cloud security start-up Wiz has received US government antitrust clearance and is expected to close this year,” Quinlan says. “Netflix also agreed an $83 billion takeover of Warner Bros Discovery, transforming Netflix into a dominant player in Hollywood and adding coveted content including Game of Thrones and Harry Potter; DC Comics’ array of superheroes, including Batman and Superman; and HBO’s premium programming,” he adds, noting this transaction is subject to antitrust approval. Other big deals included Global Payments’ acquisition of Worldpay for over $22 billion, a consortium acquisition of Electronic Arts for $55 billion and Constellation’s $16.4 billion purchase of Calpine. “The scale of certain deals exceeded expectations, particularly given geopolitical and macroeconomic uncertainty,” Quinlan says.
Jonathan Ennis, corporate partner with Eversheds Sutherland, agrees that 2025 delivered a “resurgence in megadeals”, particularly in the US. He cites the acquisition of Norfolk Southern by Union Pacific as one of the most surprising.
“In spite of all of the focus on technology and AI, the highest value deal of 2025 was a railway deal via the acquisition of Norfolk Southern by Union Pacific for a reported $85 billion,” he says. “If all regulatory approvals are obtained, the merged entity will be the largest North American rail operator by market cap and will result in the first coast-to-coast freight rail operator.” The complex transaction is not expected to complete until 2027.
Ennis says 2025 was another strong year for the Irish M&A market, with key sectors being pharmaceuticals, aviation and technology. “Notable deals in Ireland in 2025 include the proposed sale of Knight Frank Ireland to Sherry FitzGerald, which was announced in October 2025 and was subject to customary closing conditions. Once completed, the deal will represent a major development in the Irish property market.”
But unsurprisingly, the technology, media and telecommunications, and IT sectors once again dominated M&A activity in 2025, with advancements in AI and cybersecurity continuing to result in strong valuations, which Ennis says “ignited acquirer appetite”.
Financial services was a key driver of M&A in Ireland in 2025, with deals rising from 70 in 2024 to 79 in 2025. “This consolidation in insurance, wealth management and other financial services is expected to continue into 2026 due to the high levels of inbound interest and the number of ‘aggregators’ in that space,” he notes. M&A in energy and renewables continued to be a significant contributor to Irish M&A, with the sale of Pinergy to Sojitz being one of the standout transactions.
“This broadly mirrored recent previous years, but it is noteworthy that although private equity remained highly active and a major force in Irish M&A, there was a 26 per cent decline in private equity levels year on year,” Ennis adds. “The most notable trend in 2025 was the very sharp rise in inbound transactions, with an increase of 43 per cent in inbound trade acquisitions compared to 2024. This demonstrated continued international confidence in Irish businesses in 2025, which offset the decline in private equity levels.”
Most commentators expect a strong Irish M&A market in 2026, Quinlan says, with technology anticipated to be the most active sector.
“January 2026 was off to a busy start for M&A in Ireland, including the sale of Vivasure Medical to Haemonetics Corporation, which is sure to be one of the most significant medtech M&A transactions in Ireland in 2026, and demonstrates that Ireland remains at the cutting edge of innovation in medtech and continues to be a significant player in that space,” Ennis adds.
Globally, continued heavy investment in AI, cloud infrastructure and cybersecurity is anticipated, alongside ongoing consolidation in renewables and energy infrastructure. “With interest rates holding at an acceptable level, financing for transactions is expected to be available,” Quinlan says. “Potential easing of antitrust scrutiny, particularly in the US, may unlock transformational deals internationally. Geopolitical uncertainties and macroeconomic volatility remain a concern but, as the world gets used to tariffs and other obstacles to trade, we regard the outlook as promising.”
Ennis agrees. “The strong rebound for M&A in 2025 has created a solid pipeline for 2026.”
