Andrew McIntyre

The law firm today published its half-year M&A review for 2025, reviewing a total of 236 deals announced in the first half of the year.

While transaction volume was up four per cent in comparison to the first half of 2024, deal value declined by 51 per cent to €8.8 billion, largely due to a slowdown in large-cap and transformational transactions.

Nearly nine in 10 (88 per cent) of disclosed deal values ranged between €5 million and €250 million.

There were five so-called “transformational” deals of more than €500 million, matching the first half of 2024.

The number of Irish deals involving overseas bidders rose to 63 per cent, from 57 per cent in the previous year, with strong activity from the US, UK and Norway.

Private equity accounted for 24 per cent of Irish deals, with deal volume up 39 per cent year-on-year; however, aggregate value of those deals fell by 71 per cent.

The first quarter of 2025 was particularly strong, with 138 deals worth €6.3bn, representing 30 per cent growth in volume and 48 per cent in value compared to Q1 2024.

Andrew McIntyre, head of corporate/M&A at William Fry said: “Irish M&A activity remains resilient despite global challenges, with a modest increase in deal volume in H1 2025. 

“While deal values moderated due to fewer large transactions, the data highlights the strength of Irish assets. International interest is strong, and private equity is showing renewed momentum in the mid-market.

“Overall, these trends suggest Ireland is well-positioned for continued dealmaking in H2.”

He added: “Looking ahead, there’s cautious optimism for Irish M&A, supported by projected GDP growth, ECB rate cuts, and momentum in key sectors like renewables and digital transformation.

“Ireland’s new FDI screening regime has had minimal impact so far on inbound M&A.

“However, geopolitical risks — especially in the Middle East, Eastern Europe, and the US — remain elevated.”