Some 106 mergers and acquisitions were completed in the Irish market in the second quarter of this year, with a combined deal value at €3.3 billion, according to data from stockbroker Davy.
This level of activity was broadly in line with the same quarter of 2024 (108 deals) and the first three months of this year (111 deals). In terms of value, the figure was almost double the €1.7 billion spent on deals in Q2 2025.
Figures from Davy highlighted 217 deals (up 10 per cent year on year) in the first six months of this year. Although the second quarter traditionally outstrips the first three months, the 2025 statistics show it was marginally lower.
This was likely due to headwinds around “trade tariff policy uncertainty and its impact on the overall macro picture, impact on certain sectors and in investment decisions, including M&A”, the Davy report said.
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“This type of uncertainty tends at a minimum to delay M&A transactions and put them on hold and in some cases, results in deals failing to transact.”
The value of deals disclosed during the second quarter was €3.3 billion, a significant increase on the €1.7 billion recorded a year earlier.
The most activity was seen in tech and telecoms, financial services and the professional and technical sectors, accounting for more than 100 transactions. The largest deal values were Greencore’s €1.4 billion acquisition of Bakkavor in the UK and DCC’s disposal of DCC Healthcare for €1.2 billion.
Other notable transactions included the largest artificial intelligence deal with the sale of Brightflag for around €425 million to Wolter Kluwer and the €415 million Clanwilliam Group sale to TA Associate.
There were multiple private company acquisitions, including those by private equity or financial investor-owned companies such as AMCS and Beauparc, along with entrepreneur and family-owned private companies such Zeus, Primeline and Musgrave.
Looking ahead, Davy said the overall deal activity for the year should be in line with recent years at a minimum, with the uncertainty generated by the tariff policy not too pronounced. However, recent weeks have seen more clarity on tariffs.
“There will be further consolidation across capital light financial services, professional and technical and in logistics within business services,” Davy said.
“Private equity activity in [the second half of 2025] will be helped by those sponsors with recently raised funds focused on the Irish market as they move into capital deployment mode.”
