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Mergers and Acquisitions in Ireland in 2025

The Competition and Consumer Protection Commission (the CCPC) published the Mergers and Acquisitions Report 2024 in February 2025. In the Report details are provided of all mergers and acquisitions notified to and reviewed by the CCPC throughout 2024. The main findings are summarised as follows:

  • The CCPC received a total of 82 merger notifications under the Competition Act 2002 in 2024, reflecting a 21% increase on the number of mergers notified in 2023.
  • Professional Services (including legal, accountancy and consultancy) was the leading sector with 13 notifications. Healthcare and Energy and Utilities followed with 8 and 7 notifications, respectively.
  • 58 notifications were under the Simplified Merger Notification Procedure (SMNP), a 65.7% increase from 2023.
  • The CCPC made 77 determinations, which is a formal decision made by the CCPC after a review of a proposed merger or acquisition in 2024 including 7 which carried over from 2023, with a notable number of cases requiring extended investigations.
  • The average time for Phase 1 determinations was 16.3 working days, down from 18.7 in 2023. This decrease was largely driven by an increase in the proportion of mergers notified under the SMNP.
  • 8 Phase 2 investigations were conducted, with 3 cleared unconditionally and 1 prohibited. The prohibited merger related to the proposed sale of a car park near Dublin Airport to Dublin Airport Authority. The proposed sale was blocked due to concerns that the deal would result in higher prices and lower service qualify for consumers.

Irish Takeover Panel Report 2024

The Irish Takeover Panel regulates takeovers and other relevant transactions of Irish public limited companies whose shares are traded on a regulated stock exchange. The Panel published its report for the year ended 30 June 2024 and the main findings of the report are summarised below:

  • There has been an increase in mergers and acquisitions (“M&A”) activity in Ireland, reflecting a positive economic environment, which is anticipated to continue into 2025.
  • Two firm offers were announced in 2024, compared to one in the previous year.
  • The acquisition of Glantus Holdings PLC by Genesis Bidco Limited through a recommended cash offer by means of a scheme of arrangement was completed in October 2023. This was the only acquisition of a relevant company supervised by the Irish Takeover Panel which completed in year ended 30 June 2024.
  • The panel was also involved with a number of possible offers which never became public or completed and other activities by relevant companies when required under the Irish Takeover Rules, including certain capital raisings, strategic reviews, shareholder activism, changes to listing arrangements and delisting.

M&A General

M&A market activity in the first half of 2025 has been strong, the highlights of which are:

  • The first half of 2025 saw 236 deals worth €8.8 billion announced in Ireland – compared to 227 deals worth €18 billion during the same period in 2024.
  • The majority of Irish M&A took place in the mid-market, but there were several larger transactions, with 5 deals valued at €500 million or more. The largest deal which completed in May 2025 was the acquisition of Nordic Aviation Capital A/S by Investment Corp of Dubai (ICD), the United Arab Emirates-based sovereign wealth fund (SWF) worth €1.9 billion.
  • In the first half of 2025, M&A transaction volume increased by 4% compared to the first half of 2024.
  • Nearly two thirds (63%) of all Irish deals in the first half of 2025 involved international bidders, with a diverse range of overseas acquirers participating. Alongside traditional investment sources such as the US and the UK, Norwegian investors accounted for 2 of the top 20 deals recorded so far this year.
  • Pharmaceuticals, medical and biotech (PMB) accounted for 25% of Irish M&A by value during the first half of 2025. Ireland’s PMB sector continues to attract global attention.
  • Despite concerns in some areas of the market, the implementation in January of Ireland’s foreign direct investment (FDI) screening regime under the Screening of Third Country Transactions Act 2023 does not yet appear to have prompted significant regulatory interventions in inbound M&A activity. The legislation is still in its early days, but the focus on national security does not yet appear to have resulted in deals being blocked.

If your business is considering investing in Ireland Whitney Moore would be very happy to assist.

Authored by Brendan Ringrose, Corporate Partner (brendan.ringrose@whitneymoore.ie) and Erta Kalemi, Trainee Solicitor in Whitney Moore LLP.