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ARTICLE · 05 DECEMBER 2025

Energy & Infrastructure M&A 2025 - Belgian Chapter

Loyens & Loeff
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In 2024 and the first half of 2025, Belgian M&A activity has shown gradual signs of recovery compared to 2023. While inflationary pressures and elevated interest rates in mid-2024 and early 2025...

BelgiumCorporate/Commercial Law
Thomas Lenné
Thomas Lenné
Mathias Hendrickx
Mathias Hendrickx
Valentijn De Boe
Valentijn De Boe
Bram Devlies
Bram Devlies

Law and Practice

1. Market Trends

1.1 Energy and Infrastructure M&A Market

In 2024 and the first half of 2025, Belgian M&A activity has shown gradual signs of recovery compared to 2023. While inflationary pressures and elevated interest rates in mid-2024 and early 2025, along with moderate economic growth, posed some challenges to investor sentiment, the overall market maintained a steady pace. Geopolitical developments – such as uncertainties around tariffs and ongoing wars in Gaza and between Russia and Ukraine – also influenced deal-making dynamics. Overall, Belgian M&A activity broadly mirrored international trends, reflecting both global headwinds and emerging opportunities.

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