Record high volume of Irish M&A deals reached in 2024

The year 2024 witnessed a 3% increase in the value of mergers and acquisitions (M&A) in Ireland, totaling €57 billion, as reported by law firm Philip Lee. This growth was reflected in the 834 M&A transactions that occurred, marking a 6% annual uptick and setting a new record for deal activity.

Notably, private equity played a significant role in transaction volumes, showcasing a remarkable 103% increase in institutional buyouts and secondary buyouts combined. The culmination of these transactions saw the total value of private equity deals surpassing €20 billion for the first time, driven in part by Apollo Global Management’s acquisition of a 49% stake in Intel’s Fab34 chip manufacturing facility in Leixlip for €10 billion.

While there was a slight dip in strategic corporate dealmaking, the buyout volume surged by 87% and venture capital transactions saw a 6% increase year-on-year, echoing trends observed in the UK and globally.

Technology emerged as the leading sector in Irish M&A activity, accounting for a quarter of all deals, with UK-based companies emerging as the top bidders for Irish assets. Eoghan Doyle, partner and head of corporate and M&A at Philip Lee, emphasized the robust start to 2025 in terms of deal activity, despite macroeconomic and geopolitical uncertainties.

Doyle pointed out that the impact of changing economic landscapes, particularly in the era of “Trump economics,” poses challenges to Irish businesses striving for global competitiveness. However, he expressed cautious optimism, citing the resilience of Irish businesses and positive growth outlooks predicted for 2025.

The technology, media, and telecommunications sector spearheaded the surge in deal volume in Ireland, with 211 transactions in 2024. Overseas investment saw 190 inward deals closing, attributing to a 176% increase in the value of inward transactions, boosted by significant acquisitions like EQT’s purchase of Keyword Studios and Rio Tinto’s offer for Arcadium Lithium.

While outbound transactions in 2024 decreased by 18% from the previous year, totaling €6.1 billion, the UK remained a primary target for Irish firms, followed by the US, Germany, Australia, and Spain. Significant deals included Flutter Entertainment’s acquisition of Snaitech for €2.3 billion, marking the largest outbound transaction of the year.

Looking ahead, Doyle predicts that the impact of current uncertainties may manifest in 2026 and beyond, yet he remains optimistic about another robust year for M&A in Ireland, backed by the country’s stable political and economic framework and the influx of capital from private equity funds.