M&A activity in Ireland proved extremely resilient in 2024 – particularly in terms of value.

There were 499 reported deals over the course of the year, a 1% increase compared to 2023. These transactions were collectively worth €27.5bn, a 115% rise compared to the previous 12 months, although this figure has been inflated by a handful of unusually large deals.

Ireland’s M&A market performed robustly and in line with the global trend, despite a number of challenges which had the effect of extending deal timelines and impacting valuations for high-quality targets.

Geopolitical tensions continued to unnerve many dealmakers, with concern about the US’s relationship with China as well as the implications arising from the conflict in the Middle East despite the recent ceasefire agreement in Gaza. Economic uncertainties also weighed heavily, with the International Monetary Fund (IMF) describing global growth as “stable but underwhelming”, though falling inflation and interest rates in many markets are now giving rise to greater optimism.

Ireland itself also faced a degree of political uncertainty with a general election in November. However, the new government announced in January, which sees a coalition between Fianna Fáil, Fine Gael and some independents, will reassure dealmakers that Ireland continues to be a business-friendly environment.

Against this backdrop, dealmakers in Ireland, as elsewhere, continued to proceed with caution during 2024, though activity was broadly in line with long-term trends. As in previous years, for example, most Irish M&A activity took place in the mid-market.

However, 2024 saw a greater number of high value transactions. In particular, Apollo Global Management agreed a deal with Intel to take a 49% stake in its Ireland-based semiconductor firm Fab 34; a deal valued at €10.1bn.

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