Irish M&A Deal Values Surge As Major Transactions Drive Strong First Half

Transaction values exceed €33.2bn in H1 2026 despite lower deal volumes, as large-scale deals and international investment underpin market resilience.

Download our full report here.

Irish M&A transaction values reached €33.2bn in the first half of 2026, driven by a number of large-scale transactions and continued international investor interest, according to William Fry LLP’s M&A Review H1 2026.

While the total deal volume reduced amid continued geopolitical and economic uncertainty, 237 M&A transactions were announced during the six months to 30 June, a 17% decline on H1 2025. The strength of deal values highlights the continued attractiveness of Irish businesses to strategic and financial investors despite a challenging global backdrop.

Key findings in the report:

• Total deal value rose to €33.2bn, almost tripling from €11.4bn in the same period in 2025.
• Deal volume declined by 17%, with 237 transactions announced compared with 287 in H1 2025.
• Mid-market activity remained the foundation of Irish M&A, with 82% of announced deals valued between €5m and €250m.
• Seven transactions exceeding €1bn were announced during the first half of the year, led by Intel’s €12.3bn acquisition of full ownership of Fab 34 from Apollo Global Management.
• Inbound investment remained a defining feature of the Irish market, accounting for around 61% of deals by volume and €31.6bn in transaction value.

Andrew McIntyre, Head of Corporate / M&A at William Fry, said: “The first half of 2026 has reinforced Ireland’s position as one of Europe’s most attractive M&A markets. While geopolitical tensions and macroeconomic uncertainty have prompted greater caution globally, Ireland has continued to attract significant strategic investment, with major international transactions driving deal values to almost three times last year’s level.”

“What is particularly encouraging is that this performance has not been driven solely by a handful of large transactions. Mid-market activity remains the cornerstone of the Irish market, while international investors continue to see long-term value across sectors including technology, financial services, energy and infrastructure. That breadth of activity reflects the underlying strength of the Irish economy and the quality of businesses operating here.”

“Looking ahead, the external environment remains difficult to predict, however, Ireland continues to offer investors stability, a supportive policy environment and internationally competitive businesses. If confidence improves globally, those fundamentals leave the Irish M&A market well placed to sustain strong levels of activity through the remainder of the year.”

Deal Focus

Large-scale transactions were a major feature of Irish M&A activity in H1 2026. While 82% of transactions fell within the €5m to €250m range, seven deals valued at more than €1bn were announced during the first half of the year, driving the increase in aggregate transaction value.

The largest transaction by value was Intel’s €12.3bn agreement to regain full ownership of its Fab 34 semiconductor facility in Leixlip, County Kildare, from Apollo Global Management. The transaction reflects the strategic importance of advanced semiconductor manufacturing and Ireland’s role in supporting global technology supply chains.

The second-largest transaction was Dubai Aerospace Enterprise’s €5.9bn acquisition of Macquarie AirFinance, continuing consolidation within Ireland’s globally significant aircraft leasing sector. The deal reflects the continued importance of Ireland as a global hub for aircraft leasing and aviation finance.

The third-largest transaction took place in the technology, media and telecommunications (TMT) sector, with Swedish industrial technology company Hexagon completing the spin-off of its Irish-headquartered software businesses into a new entity, Octave, valued at €3.9bn.

Sector Watch

TMT was the largest sector by value in H1 2026, accounting for 60% of total Irish M&A value. Activity was driven by a small number of transformational transactions, including Intel’s €12.3bn acquisition of full ownership of Fab 34, Hexagon’s €3.9bn Octave transaction and Salesforce’s acquisition of Fin (formerly Intercom).

While larger technology transactions drove sector value, deal activity remained broad-based, with continued interest in AI-enabled businesses, cybersecurity companies and software platforms supporting industrial applications.

Business services was the most active sector by deal volume, with 50 transactions announced, representing 21% of all Irish M&A activity in H1.

Energy, Mining & Utilities (EMU) also remained a contributor, accounting for 11% of deal value, supported by continued investment in energy transition and infrastructure assets. Key transactions included Copenhagen Infrastructure Partners’ agreement to acquire Ørsted’s European onshore renewables business.

Financial services was the second-largest sector by value, supported by BAWAG’s acquisition of Permanent TSB and Permira’s €1.4bn minority stake in Carne Global Financial Services.

Construction activity increased strongly during the period, reflecting demand linked to housing supply, infrastructure investment and data centre development.

Pharma, Medical & Biotech (PMB), traditionally a key driver of Irish M&A, was comparatively subdued in H1 2026, accounting for 8% of deal volume and 2% of total deal value. However, global sector trends and strong fundamentals could support a recovery in activity in the second half of the year.

Inbound Activity

International investors continued to demonstrate strong appetite for Irish businesses.

There were 145 Irish companies or assets that attracted overseas bidders during H1 2026, accounting for €31.6bn in deal value. Around 61% of all Irish M&A transactions involved overseas bidders, while all but one of the 20 largest transactions announced during the period were inbound cross-border deals.

UK-based acquirers remained the most active by volume, announcing 48 deals, followed closely by US buyers with 40 transactions.

Cross-border investment remained geographically diverse, with buyers from Europe, North America, Asia and the Middle East active across the Irish market. Among the largest inbound transactions were Intel’s acquisition of Fab 34, Dubai Aerospace Enterprise’s acquisition of Macquarie AirFinance, Salesforce’s acquisition of Fin and BAWAG’s acquisition of Permanent TSB.

Private Equity

Private equity remained an important contributor to Irish M&A activity in H1 2026, although investment volumes moderated compared with the previous year.

PE investors announced 41 transactions involving Irish companies during the first half of the year, compared with 64 deals in H1 2025. The slowdown reflects broader caution across global M&A markets, together with continued challenges around exits and fundraising.

Despite this, private equity remained highly influential in larger transactions. PE investors were involved in seven of the 20 largest deals announced during the period, including two of the four largest transactions by value. Apollo Global Management’s exit from Fab 34 and Index Ventures’ exit from Fin together represent more than €15bn in transaction value if completed.

Continuation vehicles, secondary transactions and a gradual improvement in exit activity are providing renewed opportunities for investors, with both domestic and international private equity firms expected to remain active participants in the Irish market.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.