The global mergers and acquisitions (M&A) market remained resilient in 2024 despite economic uncertainty, geopolitical challenges, and fluctuating interest rates. While deal volumes did not fully return to pre-pandemic levels, there was notable activity in technology, healthcare, financial services, and renewables.
In Ireland, M&A remained strong, driven by private equity investments, strategic acquisitions, and cross-border transactions. Many Irish companies attracted international buyers, while others used M&A to expand.
Anya Cummins, head of strategy, risk and transactions advisory with Deloitte Ireland, notes that the Irish market remained surprisingly resilient despite global uncertainty. She highlights big private equity transactions, including Exponent Private Equity’s investment in Chanelle Pharma, EQT’s acquisition of AMCS, Five Arrows’ investment in Schivo Medical, and Blackstone’s investment in Winthrop Technologies.
“We continue to see private equity-backed strategic buyers deploying capital through their portfolio companies, often looking to Ireland for technology capability, geographic expansion, or access to customers and talent,” she says.
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Stephen Quinlivan, corporate partner at A&L Goodbody, sees the acquisition of Grant Thornton Ireland by Grant Thornton USA, backed by New Mountain Capital, as transformative for professional services in Ireland.
“This deal opens liquidity and exit options for partners in Irish professional services firms, something previously not considered possible,” he says.
Ronan Murray, corporate finance partner at EY Ireland, describes the €500 million acquisition of Kerry Group plc’s dairy division by Kerry Co-op as the largest Irish in-market deal of the year.
“This transaction enhances Kerry Co-op’s position in the dairy industry while allowing Kerry Group to focus on its core operations,” Murray says.
Mark Talbot, partner at William Fry and Head of Equity Capital Markets, points to Apollo Global Management’s €10.1 billion investment in Intel Corp’s Irish semiconductor plant, Fab 34, as Ireland’s largest transaction of the year.
“The facility is at the forefront of Intel’s latest manufacturing processes, and this investment signals strong confidence in Ireland’s semiconductor industry,” he says.
The technology, media, and telecommunications (TMT) sector led global mergers and acquisitions. Talbot highlights artificial intelligence as a big driver, saying: “The rapid expansion of AI across industries such as healthcare, logistics, and finance has made this sector highly attractive. Companies are investing heavily in AI to stay competitive and drive innovation.”
Murray notes that life sciences M&A was another significant trend, with increased deal volume compared to 2023. He highlights Irish life sciences companies such as Nuritas, SynOx Therapeutics, Mainstay Medical, and Fire1 raising significant growth capital.
“This investment will allow these innovative companies to continue scaling,” he says.
Financial services also saw strong consolidation, particularly in insurance brokerage. Quinlivan notes that private equity-backed consolidation platforms are driving M&A in this space, citing the $13.45 billion acquisition of Assured Partners by Arthur J Gallagher as a prime example.
The renewable energy sector remained highly active, driven by Ireland’s commitment to meeting its 2030 energy targets. Quinlivan sees increasing investment in Irish renewables from sovereign wealth and infrastructure funds. Talbot adds that global firms are acquiring clean energy assets to enhance sustainability portfolios and meet regulatory requirements.
Private equity firms played a pivotal role in Irish M&A. Fergal McAleavey, corporate finance partner at EY Ireland, reports that private equity deal value in Ireland surged to €12 billion, up from €9.9 billion in 2023.
McAleavey highlights big deals such as Blackstone’s acquisition of Winthrop Technologies, EQT’s investment in AMCS, and 3i Group’s €145 million investment in WaterWipes.
“Private equity investment has funded the growth of mature Irish companies, while venture capital investment remains strong in healthcare and fintech,” he says.
Quinlivan agrees: “Private equity is becoming more prevalent in Ireland, with European and US funds showing strong interest across various sectors.”
Talbot notes that firms like Apollo, Blackstone, and Starwood Capital were among the most active players in the Irish market.
Interest rate fluctuations played a key role in shaping M&A activity. Murray notes that while the European Central Bank and the US Federal Reserve cut rates, they “did not go as far as expected, which dampened some deal-making confidence”.
Political uncertainty was another factor. Talbot observes that geopolitical tensions, particularly US-China relations and Middle Eastern conflicts, created hesitation among deal makers, though Ireland remained largely unaffected.
“The predictability of Ireland’s political landscape provides a conducive environment for long-term investment,” he says.
Murray highlights the impact of the US presidential election on M&A, stating, “Markets responded well initially, but the long-term effect on global deal-making remains to be seen. Companies, investors, and governments will closely monitor the evolving geopolitical landscape.”
One defining characteristic of M&A activity in 2024 was increased deal complexity and heightened due diligence requirements. “Operations, IT, and ESG due diligence are becoming more prominent, leading to longer deal timelines and more comprehensive risk assessments,” says Quinlivan.
Murray notes a growing trend of private equity firms using earn-out mechanisms and requiring sellers to roll over a portion of their shareholding. “While this ensures alignment of interests, it also requires careful structuring,” he says.
Talbot emphasises the rising importance of artificial intelligence in M&A, noting that companies across industries are acquiring AI-driven businesses to future-proof their operations.
Looking ahead, experts expect continued strength in technology, healthcare, financial services, and energy transactions in 2025. Talbot anticipates that TMT will remain a dominant sector, with a particular focus on AI-driven acquisitions. Quinlivan predicts continued financial services consolidation, while McAleavey sees renewables and infrastructure driving deal activity over the next 12 to 18 months.
Despite economic uncertainties, Ireland remains an attractive destination for international investors. With stabilising market conditions and high levels of dry powder among private equity firms, 2025 is poised to be another strong year for M&A.
