By year-end, announced deal volumes were broadly in line with recent years, with average quarterly activity staying elevated at around 1,040 announced deals per quarter. Aggregate deal values trended higher year on year – with an average quarterly announced deal value rising slightly to EUR45.4bn in 2025, compared to EUR43.9bn in 2024 – helped by a rise in mid-to-large cap transactions, take privates in selected niches, and continued capital rotation into assets exhibiting durable cash flows and clear operational improvement levers. We note that financing conditions improved progressively through 2025, enabling buyers to underwrite with greater certainty and sellers to re enter processes with more realistic valuation expectations.
Sector distribution remained consistent quarter-over-quarter. Technology, media & telecommunications continued to lead – comprising roughly a quarter of announced deals – driven by cloud modernization, cybersecurity, data infrastructure and the commercialization of AI-enabled software and services. Services, real estate, manufacturing & industrials and consumer segments each accounted for meaningful shares of total activity, collectively these five largest segments totalled close to 80% of the announced deals in the final quarter of the year. Energy & natural resources saw sustained momentum as decarbonization, electrification, and grid investment themes advanced, while healthcare and life sciences remained active – particularly across biopharma platforms, specialized services, and enabling technologies – underscoring the Nordics’ innovation advantage and attractiveness to both strategic and financial acquirers.
Intra Nordic deal flows continued to account for a significant share of transactions, reflecting deep regional integration and a common appetite for scale, capability build outs, and cross border market access. Inbound interest from Europe, the Americas, and selected Asia Pacific investors seems to be supported by improved macro clarity, stable institutions and the region’s track record in sustainable, technology-led growth. Outbound activity from Nordic corporates and sponsors remained active as a pursuit of global expansion and platform consolidation.
Looking ahead to 2026, leading indicators point to a constructive dealmaking environment. Easing rates and more predictable inflation should continue to support valuation alignment and financing availability. Corporate portfolio reviews, carve outs, and separations are expected to remain prominent, while PE exits – via trade sales, sponsor to sponsor transactions could gain traction.
As we close 2025 and turn to the opportunities of 2026, the Nordic M&A market again demonstrates both resilience and relevance on the global stage. With strong fundamentals, disciplined execution, and an expanding pipeline, we expect momentum to carry forward into the new year.
