Deals Digest: steady volumes, cautious confidence
2026 outlook
- Deal activity will remain strong, with scope for higher deal values if financing conditions continue to improve.
- Financial services, healthcare, renewable energy and technology are likely to remain the most active sectors.
- Private equity activity is expected to increase, especially in the mid-market and through buy-and-build strategies.
- Budget 2026 incentives, including CGT relief and R&D tax credits, are expected to support M&A.
- Geopolitical risks remain, but Ireland’s stable economy and investor-friendly environment should provide resilience.
- Heightened competition among lenders is improving terms for borrowers.
- Debt-funded, non-dilutive shareholder equity release structures are expected to remain a feature of the market.
Overall sentiment remains cautiously optimistic, with strong fundamentals and strategic consolidation driving deal flow.
2025 market trends
Mergers and acquisitions
The mid-market was the bedrock of Irish M&A in 2025, amid ongoing consolidation and investment in small and mid-sized companies.
While the number of transactions increased, overall deal value was down on 2024. However, Grant Thornton was a notable outlier in this trend: our deal value rose by 85% year‑on‑year, reflecting a number of significant big‑ticket transactions that substantially lifted overall performance. Inbound investment remained strong, led by UK and US acquirers.
- Sector consolidation: financial services and business services continued to see significant consolidation.
- Private equity activity remained resilient, although underwriting became more cautious amid lower valuations and reduced foreign PE participation.
Notable deals
Sector activity was concentrated in technology and software, healthcare, business and professional services, and financial services. Notable deals included:
- AIB’s €1.2 billion share buyback from the State
- Wolters Kluwer’s acquisition of Shine Analytics (Brightflag), an AI-driven legal tech firm in Dublin for €425 million
- TA Associates’ acquisition of Clanwilliam Group for c. €44 million
- PE Fund Investindustrial’s acquisition of DCC plc’s healthcare division for €1.2 billion
- Merek’s purchase of biotech manufacturing facilities in Ireland from WuXi
- Biologics for an undisclosed amount
- CRH’s acquisition of EcoMaterials for €1.8 billion
- EQT AB’s acquisition of Keywords Studios for €2.5 billion
Financing
Deal financing activity in 2025 focused on four areas: growth capital, acquisition funding, equity releases and repricing to obtain better terms given excess capital in the market.
- Real estate activity is still weighted towards residential and industrial. The office market continues its bifurcation with strong demand for newly constructed centrally located assets, and weaker demand for assets in lower quality locations, although alternative lenders offered broader options on the latter.
- Lenders also showed strong demand for well-structured cash flow lending opportunities, with the main Irish banks continuing to participate in leveraged buyouts despite the growth in private capital.
- Increased competition among funders contributed to a loosening of debt structures across both commercial real estate and cash flow lending.
2025 highlights
In 2025, Grant Thornton advised on transactions across a broad range of sectors, structures and geographies.
Global platform
Grant Thornton Advisors expanded across more than 20 countries and territories in three regions.
The addition of Stax, which provides commercial due diligence and value creation, strengthens our offering particularly for larger corporate and private equity transactions.
A multinational, multidisciplinary platform offers clients seamless and enhanced cross-border services.
Market recognition
Experian
Ranked #1 or #2 in the Experian M&A Advisor quarterly league tables.
Pitchbook
Ranked in the top two of the Pitchbook M&A Advisor quarterly league tables in UK & Ireland.
Dealmaker Awards
Dealmaker of the Year and Corporate Advisory Finance Advisory Team of the Year at the NI Dealmaker Awards 2025.
Mergermarket
Shortlisted for Mergermarket’s European M&A Awards for 2025 for Ireland Financial Advisor of the Year.
Results from our Private Equity Outlook Survey will be published shortly, offering further insight into investment priorities and market sentiment for 2026.
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