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ARTICLE · 25 FEBRUARY 2026

Private Equity: M&A Review 2025

William Fry LLP
William Fry LLP
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William Fry LLP

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H1 was the busiest period for Irish PE investment since the pandemic, underscoring continued investor appetite despite increasingly challenging global conditions. Activity moderated in H2, as geoeconomic uncertainty...

IrelandCorporate/Commercial Law
Ivor Banim
Ivor Banim
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PE remained a significant driver of Irish M&A activity in 2025.

H1 was the busiest period for Irish PE investment since the pandemic, underscoring continued investor appetite despite increasingly challenging global conditions. Activity moderated in H2, as geoeconomic uncertainty and political developments slowed the initiation of deal processes.

Overall, Irish PE deal volumes still increased by 9%, rising from 92 transactions in 2024 to 100 in 2025. Aggregate deal value fell by 62%. This largely reflects the absence of a 2024‑style megadeal – such as Apollo Global Management's €10.1bn investment in Intel's Fab 34 – rather than a broader market decline.

PE activity remained notable throughout the year, with PE firms involved in seven of the 20 largest Irish transactions. This included the largest deal of 2025, Ardian's €2.5bn acquisition of the Energia Group, which saw PE participation on both the buy-side and sell-side. Transactions of this scale highlight

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