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2 December, 2025
Beyond words goes here
Jonathan Simmons
Director
John Currie
Manager
The Irish M&A Market Review from Davy Corporate Finance reveals that there were 106 deals in Q3 2025 with a disclosed value of c.€4.3bn.
However, deal volume fell from Q3 2024 (121 deals) but matched Q2 2025 (106 deals). Total disclosed value was significantly lower than Q3 2024 (€6.9bn) yet notably higher than Q2 2025 (€3.3bn).
On a year-on-year quarterly basis, Irish deal volume declined from 121 to 106 deals (c.12.4%), with the Industrials, Business Services, Leisure & Travel and Healthcare sectors all experiencing reduced M&A activity compared to the same quarter last year. In contrast, global M&A deal volumes experienced an increase of c.23.7% in Q3’25 versus Q3’24 with disclosed deal values also up c.41.5%.
On a quarter-on-quarter basis, deal volume held steady at 106 deals. However, Buyout/PE activity saw a significant increase of approximately 116.7% compared to Q2’25. Multiple sectors including Business Services, Industrials, Healthcare, Professional & Technical, and Technology recorded several deals involving private equity participation.
The third quarter of 2025 saw a significant decrease in deal value despite several notable transactions, including CRH’s acquisition of EcoMaterials (c.€1.8bn) and Echelon’s acquisition of CPD4Green (c.€1.6bn). The decline was largely driven by the absence of the several deals worth over €2bn seen in the prior period, such as Flutter’s €2.3bn acquisition of Snaitech and EQT’s €2.0bn acquisition of AMCS, coupled with a lower percentage of deals with disclosed values (17.0% in Q3’25 vs. 18.2% in Q3’24).
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Tech & Telecoms and Professional & Technical were the most active sectors during Q3’25. A lower number of higher value deals disclosed led to a reduction in Median Deal Value (€37.0m) vs. Q3’24 (€55.2m).
Global M&A activity in Q3’25 recorded a c.41.5% increase in deal value, rising to approximately €483bn from €341bn in Q3’24. Deal volume also grew by c.23.7%, with 5,055 deals versus 4,088 in the same quarter last year. Compared to Q2’25, deal value was up c.15.1%, while deal volume declined by c.13.4%.
2025 is shaping up to be a good year for both Irish and global M&A, despite ongoing geopolitical uncertainty, rising recessionary concerns, and persistent inflation. Dealmakers are pressing ahead with transactions aimed at driving innovation and strategic realignment — supported by central bank rate cuts that have eased financing pressures. This momentum is expected to continue into Q4.
The largest transaction by deal value in Q3’25 was CRH’s acquisition of sustainable manufacturer EcoMaterials (c.€1.8bn). Other notable transactions included Echelon’s acquisition of CPD4Green data centres in Spain (c.€1.6bn) and US Private Equity firm, Towerbrook Capital’s investment in Irish engineering firm GMC Utilities (c.€140m).
The most active sectors by volume during Q3’25 were Tech & Telecoms and Professional & Technical with 26 and 18 transactions respectively followed by both the Financial Services and Industrial sectors, reporting 17 and 10 transactions during the quarter.
Tech & Telecoms notable deals included Echelon Data Centres’ c.€1.6bn acquisition of CPD4green (the Spanish Data Centre project) and the US social media management platform, Sprout Social’s acquisition of NewsWhip Media, an Irish AI media monitoring platform, for c.€56m.
Professional & Technical recorded two deals with disclosed values among 18 transactions, including five involving Accounting & Assurance firms. Consolidation continued across Legal and Accounting practices, with notable examples such as Xeinadin’s acquisition of FCC Audit Accountancy & Taxation Services (part of its €40m Irish investment plan) and Kroll’s acquisition of Kirby Healy Chartered Accountants.
Financial Services activity during the quarter was mainly driven by the continuing theme of insurance broking consolidation apparent over the past number of years, but also other capital light segments of the sector such as Wealth Management, Financial Advisory and Asset Servicing. In Insurance Broking, Cornmarket, Howden and PIB Group were all active in the quarter whilst in Financial Advisory, Fairstone continued on the acquisition trail, acquiring another independent financial advisor firm, Declan Maher Financial Services. Industrial was dominated by CRH (3 acquisitions), notably their c.€1.8bn acquisition of Eco Material Technologies Inc representing the largest deal by value disclosed for Q3’25.
Overall deal activity in 2025 has been robust and is on track to finish broadly in line with 2022’s record levels. Consolidation continues across capital-light Financial Services and Professional & Technical sectors. Private equity activity is expected to remain strong, supported by sponsors with recently raised funds focused on the Irish market as they move into deployment mode.
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).
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.
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