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9 September, 2026
Beyond words goes here
The first half of 2026 marked a strong start to the year for Irish deal activity, with Irish M&A defying the global slowdown as deal volumes climbed 16% in H1.
Irish M&A volume hit 127 deals in Q2'26, up 20% year-on-year compared to 106 in Q2'25. Meanwhile, global deal volumes fell by about 5% over the same period.
Deal volume was also strong during H1’26 with 252 deals, up 16% on H1'25 (217). On the current run-rate, 2026 is on track to exceed 400 deals for the year. This, if achieved, will mark the fifth consecutive year of elevated activity versus pre-2020 levels.
Disclosed deal values were also up 273% year-on-year, sitting at €12.3bn in Q2'26 and €13.7bn for H1'26 (up 243%). However, only ~13-14% of deals disclose their value, so figures can often be skewed by a small number of large transactions.
There was a record 47 global mega-deals (+$10bn) in H1'26, up 62% year-on-year, but it created a "K-shaped" market where AI infrastructure/data centres investments and M&A are absorbing capital while other sectors are seeing more scrutiny.
Professional & Technical Services was the most active sector by deal volume for H1'26 as a whole. This marks the first time this has happened since we began tracking the Irish M&A market in 2006.
Industrial, Tech & Telecoms and Financial Services rounded out the most active sectors together with Professional & Technical, these four accounted for roughly half of total H1 volume.
Industrial was the largest sector by disclosed value (€8.1bn, driven by CRH/Arcosa) while Professional & Technical led on deal volume.
CRH's $8.5bn (€7.9bn) acquisition of US peer Arcosa, the largest transaction in CRH's history, expected to close in Q1 2027, is cementing its position as the leading North American infrastructure/aggregates player.
Salesforce's €3.1bn acquisition of Dublin-founded AI customer service platform Fin (formerly Intercom).
Thoma Bravo's €404m take-private of Limerick-headquartered, TSX-listed Kneat Solutions.
Grafton Group’s €165m acquisition of Mercaluz, its second Spanish acquisition inside 18 months.
The top three deals (above) alone represented ~83% of total disclosed H1 deal value.
In-market Irish deals remain the single largest category (88 of 252 in H1) with domestic consolidation a persistent theme.
UK acquirers of Irish companies jumped 41% quarter-on-quarter in Q2'26 (24 deals, up from 17 in Q1'26).
Domestic Private Equity (PE) acquisitions in the quarter included MML’s acquisition of Matrix Composite Materials and Cardinal Capital’s acquisition of Automatic Fire & Integrated Solutions, while International Private Equity acquirors of Irish companies included Goldenpeak’s acquisition of ORS from Irish Private Equity firm Erisbeg and Infracapital Partners’ acquisition of Farra Marine.
Davy expects H2'26 to remain robust with supportive financing markets, strong strategic and PE appetite, continued fragmented-sector consolidation. Financial Services, Professional & Technical and Business Services flagged as the sectors to watch. Although buyers remain disciplined and diligence processes have lengthened, current indicators point to deal volumes remaining in line with, or modestly ahead of, recent years.
Jonathan Simmons, Director, Davy Corporate Finance says: "Irish M&A activity has shown real resilience in the first half of 2026, with deal volumes up 16% year-on-year even as global dealmaking volumes softened slightly. What's particularly notable is the shift towards Professional & Technical Services as the most active sector by volume, which is the first time that's happened in the twenty years we've been tracking the market, reflecting the pace of consolidation within the sector. With supportive financing conditions and strong financial buyer (private equity, family office and other) appetite, we'd expect that momentum to continue into the second half of the year."
Warning: This communication has been prepared and issued by Davy on the basis of publicly 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.
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).
