Skip to main content
Capital Markets

Q1 2025 | Mergers and Acquisitions Review

30 April, 2025

Beyond words goes here

Portrait of Jonathan Simmons, smiling

Jonathan Simmons

Director

Portrait of John Currie, smiling

John Currie

Manager

In the first quarter of 2025, the Irish M&A market saw a total of 111 transactions, with disclosed deal values amounting to approximately €700 million. This represents a significant increase in deal volume compared to Q1 2024, which had 89 deals, and Q4 2024, which had 106 deals. However, the disclosed deal value saw a notable decrease compared to Q1 2024, primarily due to a low level of deals with disclosed transaction values (only 8%).

Key takeaways

  • Deal Volume vs. Q1 2024: There was a 25% increase in deal volume, driven by activity in the Tech & Telecoms, Professional & Technical, and Financial Services sectors.
  • Deal Volume vs. Q4 2024: On a quarter-on-quarter basis, deal volume increased slightly from 106 deals to 111 deals, with significant contributions from foreign acquirors of Irish companies (+26%) and Private Equity led deals (+44%). 
  • Deal Value vs. Q1 2024: Despite the increase in deal volume, there was a significant reduction in deal value due to the low level of disclosed transaction values (8% vs. 19% in Q1 2024).

Sector activity

The most active sectors by volume during Q1 2025 were:

  • Tech & Telecoms: 20 transactions, including US private equity firm TA Associates’ €415 million acquisition of Clanwilliam, and UK company EXA Networks’ €52 million acquisition of Irish subsea cable company Aqua Comms.
  • Financial Services: 17 transactions, continuing the theme of insurance broking consolidation apparent in past quarters, Howden Group (4 deals) and Arachas (2 deals) were all active in the quarter and in another segment of the capital light financial services sector,  Fairstone acquired two independent financial advisor firms.
  • Professional & Technical: 17 transactions, continuing the trend of consolidation within legal and accountancy practices. Examples include Xeinadin’s acquisition of Warren & Partners and Azets acquisition of Cooney Carey. Both Xeinadin and Azets are backed by overseas private equity investors Exponent and PAI respectively. Consolidation within the Professional Services sector  is a theme internationally and has been  very evident in Ireland over the past year with several more deals expected to transact in the Irish market during the remaining quarters of 2025. 

Notable transactions

  • TA Associates’ acquisition of Clanwilliam: The largest transaction by deal value in Q1 2025, valued at approximately €415 million.
  • S2G Ventures and consortium’s acquisition of Xocean Ltd: An undisclosed stake valued at approximately €115 million.
  • FBD Hotels & Resorts acquisition of the Grand Hotel, Malahide: Valued at approximately €55 million.

Global transaction activity

Global M&A activity in Q1 2025 reported a 27.4% increase in deal value to approximately €446 billion compared to €350 billion in Q1 2024. However, deal volume saw a 24.7% reduction, with 4,176 deals in Q1 2025 compared to 5,545 in Q1 2024. The overarching theme of volatility, marked by US trade policy decisions and ongoing conflicts in Ukraine and the Middle East, led many corporates and private equity firms to reassess their M&A plans.

The “Trump Bump” which was expected to drive deal activity has not materialised, although some mega-deals took place, such as Alphabet’s $32 billion acquisition of cybersecurity firm Wiz and a consortium led by BlackRock acquiring several global port operations from Hong Kong-based CK Hutchison for $19.2 billion. 

Q1 M&A Review 2025

Download report

European perspective

The European M&A landscape appears enticing to overseas buyers due to falling interest rates, attractive valuations compared to US peers, and a large backlog of historical deals. The largest deal reported in Europe was the Austria based integrated energy company OMV AG’s acquisition of a 64% stake in UAE based provider of polyolefin solutions Borouge plc from the Abu Dhabi National Oil Company for €15.8 billion.

Outlook

The first quarter of 2025 has seen an uptick in deal volumes across Ireland but a significant reduction in disclosed deal values. It’s too early to say if this is part of wider trend caused by global uncertainty, but this will be clearer after Q2. Although deal activity will be influenced by global geopolitical tensions in 2025, it’s clear that Irish companies, particularly in the tech & telecoms, financial services and professional services sectors will continue to be attractive to international buyers and private equity.

Warning: This communication has been prepared and issued by Davy on the basis ofpublicly available information, internally developed data and other sources believed to be reliable. While all reasonable care has been taken in the preparation of this communication, we do not guarantee the accuracy or completeness of the information contained herein. Any opinion expressed may be subject to change without notice.

Warning: This communication is a marketing communication prepared by a member of Davy Corporate Finance and is not investment research. This communication is not an offer to engage in transactions in specific financial instruments: does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regards to the individual financial circumstances, needs or objectives of individual investors. This communication is provided for the sole benefit of clients of Davy Group and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of Davy Group. Any unauthorised use is strictly prohibited. This communication is directed to clients and prospective clients that are categorised as eligible counterparties or professional clients within the meaning of Directive 2014/65/EU on markets in financial instruments (MiFID II).