Irish M&A deal values surge as major transactions drive strong first half

Andrew McIntyre

While the total deal volume reduced amid continued geopolitical and economic uncertainty, 237 M&A transactions were announced during the six months to 30 June, a 17 per cent decline on H1 2025. The strength of deal values highlights the continued attractiveness of Irish businesses to strategic and financial investors despite a challenging global backdrop.

Key findings in the report:

• Total deal value rose to €33.2bn, almost tripling from €11.4bn in the same period in 2025.
• Deal volume declined by 17 per cent, with 237 transactions announced compared with 287 in H1 2025.
• Mid-market activity remained the foundation of Irish M&A, with 82 per cent of announced deals valued between €5m and €250m.
• Seven transactions exceeding €1bn were announced during the first half of the year, led by Intel’s €12.3bn acquisition of full ownership of Fab 34 from Apollo Global Management.
• Inbound investment remained a defining feature of the Irish market, accounting for around 61 per cent of deals by volume and €31.6bn in transaction value.

Andrew McIntyre, head of corporate/M&A at William Fry, said: “The first half of 2026 has reinforced Ireland’s position as one of Europe’s most attractive M&A markets. While geopolitical tensions and macroeconomic uncertainty have prompted greater caution globally, Ireland has continued to attract significant strategic investment, with major international transactions driving deal values to almost three times last year’s level.

“What is particularly encouraging is that this performance has not been driven solely by a handful of large transactions. Mid-market activity remains the cornerstone of the Irish market, while international investors continue to see long-term value across sectors including technology, financial services, energy and infrastructure. That breadth of activity reflects the underlying strength of the Irish economy and the quality of businesses operating here.

“Looking ahead, the external environment remains difficult to predict, however, Ireland continues to offer investors stability, a supportive policy environment and internationally competitive businesses. If confidence improves globally, those fundamentals leave the Irish M&A market well placed to sustain strong levels of activity through the remainder of the year.”

Large-scale transactions were a major feature of Irish M&A activity in H1 2026. While 82 per cent of transactions fell within the €5m to €250m range, seven deals valued at more than €1bn were announced during the first half of the year, driving the increase in aggregate transaction value.

The largest transaction by value was Intel’s €12.3bn agreement to regain full ownership of its Fab 34 semiconductor facility in Leixlip, County Kildare, from Apollo Global Management. The transaction reflects the strategic importance of advanced semiconductor manufacturing and Ireland’s role in supporting global technology supply chains.

The second-largest transaction was Dubai Aerospace Enterprise’s €5.9bn acquisition of Macquarie AirFinance, continuing consolidation within Ireland’s globally significant aircraft leasing sector.

The third-largest transaction took place in the technology, media and telecommunications (TMT) sector, with Swedish industrial technology company Hexagon completing the spin-off of its Irish-headquartered software businesses into a new entity, Octave, valued at €3.9bn.

TMT was the largest sector by value in H1 2026, accounting for 60 per cent of total Irish M&A value. Activity was driven by a small number of transformational transactions, including Intel’s €12.3bn acquisition of full ownership of Fab 34, Hexagon’s €3.9bn Octave transaction and Salesforce’s acquisition of Fin (formerly Intercom).

While larger technology transactions drove sector value, deal activity remained broad-based, with continued interest in AI-enabled businesses, cybersecurity companies and software platforms supporting industrial applications.

Business services was the most active sector by deal volume, with 50 transactions announced, representing 21 per cent of all Irish M&A activity in H1.