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ARTICLE · 08 OCTOBER 2025

Private Equity 2025 - Switzerland

Bär & Karrer Ltd.
Bär & Karrer Ltd.
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Bär & Karrer Ltd.

Bär & Karrer Ltd.

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After a sharp downturn in 2023, both by deal count and by deal value, the Swiss M&A market showed signs of resilience and recovery in 2024...

SwitzerlandCorporate/Commercial Law
Christoph Neeracher
Christoph Neeracher
Philippe Seiler
Philippe Seiler
Lukas Bründler
Lukas Bründler
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1. Transaction Activity

1.1 Private Equity Transactions and M&A Deals in General

After a sharp downturn in 2023, both by deal count and by deal value, the Swiss M&A market showed signs of resilience and recovery in 2024, with total deal value increasing to USD115.1 billion (464 deals) from USD72.2 billion (484 deals) in the previous year. Compared to deal activity and volume over the past ten years, 2024 was an average year overall, with both deal count and deal value revolving closely around the respective ten-year average numbers. Top deals included the IPOs by Galderma and Sunrise and the USD8.6 billion acquisition of Vodafone Italia by Swisscom.

Global M&A activity in the first half of 2025 remained fairly robust, despite falling short of the strong rebound that many had anticipated. Lingering market volatility and uncertainty, caused among other things by geopolitical conflicts and the aggressive trade strategy and erratic approach to tariffs by

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