High-value deals push surge in Irish M&A activity in 2024 

The report showed that there were 17 deals that were valued at €250m or more with the €10.1bn deal between private equity company Apollo and Intel hitting the top for highest value transaction of the year.

The deal sees Apollo taking a 49% stake in a joint venture related to the technology giant’s manufacturing facility in Leixlip, Co. Kildare.

The next largest deal of the year saw aircraft leasing firm Avolon Holdings acquire Castlelake Aviation for €4.1bn. 

Mid-market deals, valued at between €5m and €250m, accounted for 89% of all transactions. Among these deals were the acquisition of Tipperary Co-operative Creamery Ltd by Arrabawn Co-operative Society Limited for €50m as well as the acquisition of Blackpool Shopping Centre for close to €50m.

Head of M&A at William Fry Andrew McIntyre said the market “performed strongly” during 2024 with “a notable increase in high-value transactions, which is a welcome development”.

“Looking ahead, this continued strength in the M&A sector positions Ireland well for future growth and opportunity,” he added.

The technology, media, and telecoms sector accounted for 22% of all deals in 2024 and 53% of the total value. This sector included the Intel-Apollo deal.

Financial services finished last year in second place accounting for 21% of the total market. This includes two large transactions at AIB where the Government continues to sell down the stake in the bank. In February, the Government sold €500m of AIB shares and in June it sold close to €1bn.

Private equity investors continue to be a major presence in the Irish M&A market accounting for 84 transactions last year. In value terms however private equity investment in Irish companies soared 523% to €16.4bn.

Of the 20 largest deals in Ireland last year, 70% involved an international acquirer, including buyers from the UK, US, China, Sweden, Turkey, Switzerland and Qatar. Overall US and UK buyers were the most active acquirers in Ireland recording 101 and 64 transactions respectively.

There were 275 inbound transactions worth a total of €23.6bn during 2024 — a 2% increase in volume year-on-year, but value is up 111%.

Mr McIntyre said the firm is “cautiously optimistic” about the outlook for the M&A market this year. “The global economic picture is clearer, and political uncertainties have started to ease after the year of elections… Still we should remain cautious, with a geopolitical environment fraught with risk," he said.

"Closer to home we await with interest the extent to which Ireland's new foreign direct investment rules will impact inbound M&A deals,” he said.