Strong first and fourth quarters made for a robust overall performance in the M&A year 2024.
Deal highlights in 2024
The development of the M&A market in 2024 confirmed what 2023 suggested: the post-pandemic boost of 2021 and 2022 was only temporary. A closer look at deal rationale reveals certain priorities in the past year, including digitally transforming business models, supporting the energy transition and focusing on core activities.
Timo Knak
Partner, Head of Deal Advisory and Head of Mergers & Acquisitions, Sector Head Private Equity
KPMG Switzerland
Download the full study & access more data
Deal figures in 2024
Swiss M&A transactions (i.e. those involving at least one Swiss buyer, seller or target) fell to 464 in 2024 – a decrease of around 4% on the prior year. Total deal volume increased by 59% on the prior year to USD 115.1 billion in 2024.
This performance puts 2024 at around average in terms of results for the last ten years. The overall solid performance is attributable to a strong first and fourth quarter of the year, which accounted for 43% of the annual deal volume.
Western Europe once again dominated as the biggest investment partner for Switzerland in both outbound and inbound transactions. Of deals with a foreign acquirer of a Swiss target, 63% came from this region; for foreign targets acquired by Swiss players it was 65%. North America maintained its position in second place, accounting for 24% and 12% of deals into and out of Switzerland, respectively.
Industrial Markets, Technology, Media & Telecommunication, and Pharmaceuticals & Life Sciences retained their lead as the most active sectors for the third time in a row in 2024, accounting for 18%, 16% and 13% of deals, respectively. These three sectors also saw the highest levels of deal value with a combined volume of USD 91 billion.
Top 5 deals
> Click on the image to enlarge it
M&A outlook for 2025
The outlook for the next year is positive, with steady or growing M&A activity predicted across sectors – unless unexpected geopolitical or other events put a spanner in the works. M&A drivers in 2025 will include a renewed focus on core activities, investment in technological leadership and strategic portfolio optimization.
For the companies involved in M&A transactions in 2024, the year 2025 will be about ongoing integration within the new organization. In our experience, the most successful transactions are often the ones that recognize the crucial role of people in unlocking value and realizing deal objectives. Ultimately, it’s their expertise, engagement and willingness to adapt that enables the integration of cultures, operations and strategic goals.
Credentials
Zehnder Group
KPMG Deal Advisory
acted as sole M&A lead advisor and financial and tax due diligence provider to Zehnder Group on its acquisition of Spanish Siber Group
July 2024
NZZ
KPMG Deal Advisory
acted as sole M&A lead advisor and provided buy-side due diligence services to NZZ on the strategic acquisition of a 25% stake in APG|SGA
May 2024
Nestlé
KPMG Deal Advisory
acted as sole M&A lead advisor, provided financial, separation and tax services to Nestlé on the divestment of its Nordic Culinary business to Solina
April 2024
Helvetia Environnement
KPMG Deal Advisory
acted as M&A advisor and provided financial vendor assistance, tax, legal and pension services to Helvetia Environnement in the sale of a minority stake to Paprec Group
January 2024
Unlock maximum value with our comprehensive deal advisory & transaction services
The KPMG Deal Advisory teams support clients in all phases of M&A transactions or restructuring – from the development of a strategy to its successful implementation.
