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As we progress through 2025, the momentum behind the global mergers and acquisitions (M&A) market is positive.
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Encouragingly, this renewed confidence is being mirrored in Northern Ireland, which has emerged as a standout performer in terms of deal activity, value, and strategic investment.
After a turbulent period globally, 2024 marked a turning point, with momentum building within the deals market across the UK, EMEA and globally.
Datasite’s Deal Drivers report noted that EMEA M&A market value rose by 10% from 2023, indicating a healthy return of confidence.
Northern Ireland recorded a notable performance in 2024. According to Experian’s Mergers and Acquisitions Review, the year was the region’s busiest-ever for M&A by volume, with 346 recorded transactions – a 44% increase on 2023. The total deal value reached an impressive £1.7 billion, nearly double the figure recorded a decade ago. This uptick was not just driven by quantity, as we saw a marked resurgence in higher-value transactions that complemented Northern Ireland’s traditionally robust lower mid-market activity.
M&A continues to be a crucial strategic element in helping companies drive growth, shape their future, and transform their business models.
Grant Thornton remains at the forefront of M&A activity in Northern Ireland. Our team completed the highest number of successful M&A deals in the region (Experian) and across the UK and Ireland (Pitchbook). We were honoured to be named Corporate Finance Advisory Team of the Year and to receive Dealmaker of the Year at the 2025 Insider Dealmaker Awards – accolades that recognise the strength, agility, and dedication of our people.
We expect there is more to come in terms of dealmaking activity, with acquisitions focused on succession plans, revenue and margin growth, accessing new markets, enhancing product and service offerings and realising operational efficiencies.
Dealmaking needs the right environment to prosper, and it is clear there are a number of current factors supporting activity:
Lower interest rates and easier access to finance
Central banks have lowered interest rates and eased monetary policy, creating a more supportive lending environment. Banks are keen to lend, and while interest rates are not expected to fall much further, the stability they provide is giving dealmakers greater clarity on valuations.
Demand for innovation and AI
The urgent need for digital transformation, combined with the rise of AI technologies, continues to drive strategic acquisitions. Businesses are looking to M&A not just for growth, but as a tool to transform operating models and secure future competitiveness.
Political and fiscal stability
Following several key elections in 2024, the prospect of more predictable governance and a stable political environment helped to instil confidence. Albeit, with President Trump, this stability may be less certain than in the past. Meanwhile, a relatively weak pound continues to attract interest from European and US investors who see real value in Northern Irish businesses.
Private equity and bank pressure to deploy capital
Private equity funds are under pressure to invest their sizeable funds. Capital is more accessible, and there’s a growing pool of it waiting to be deployed. Similarly, strong corporate balance sheets and bank deposit levels mean additional capital is available - it's a matter of finding the right opportunities.
These factors combined created a sense of buoyancy in the market through 2024, particularly in the last quarter of the year. Strategic corporate acquisitions picked up pace, bolstered by overseas buyers and a reinvigorated private equity presence.
While the outlook is positive, the M&A market is never static. Business owners must prepare for the changing tax environment, particularly the forthcoming reforms to Business Property Relief (BPR) set to take effect from April 2026.
For decades, BPR has enabled qualifying business assets to pass to beneficiaries free of inheritance tax (IHT). From 2026, this relief will be cut from 100% to 50%, potentially resulting in significant tax liabilities for family-run enterprises.
This change could mean millions of pounds in IHT charges for high-value businesses – forcing unplanned sales or liquidity events and reducing the amount that can be passed on to the next generation.
As a result, succession planning is firmly back on the boardroom agenda.
Business owners contemplating a sale should be aware of the broad range of options available, including:
Trade sale – often attractive to strategic buyers looking to enter or consolidate markets.
Private equity investment or sale – offering capital and strategic input while often retaining a level of owner involvement.
Management buyout (MBO) – allowing a trusted team to take the reins with external backing.
Employee Ownership Trusts (EOTs) – increasingly compelling, especially in sectors where external sales may be more difficult.
Public listing – although less common, this remains a viable route for some high-growth businesses.
EOTs present an interesting opportunity. Not only do they afford a zero rate of Capital Gains Tax on sale proceeds, but they also enhance employee engagement and provide continuity for the business.
Despite these benefits, EOTs remain underutilised in Northern Ireland. As the tax landscape evolves, this model is likely to gain traction.
The message for business owners is clear, the deal environment is strong, however the window of opportunity may not stay open indefinitely. Geopolitical risks remain a significant factor – from the ongoing conflict in Ukraine, to rising instability in the Middle East, and increasingly protectionist trade policies in the US.
The uncertainty surrounding the potential for new or expanded US tariffs adds a further layer of complexity, particularly for export-driven businesses and those with transatlantic supply chains. In this context, the need for agility, forward planning, and timely decision-making has never been more critical.
Timing, strategy, and expert guidance are key to realising maximum value and securing long-term outcomes. Whether preparing for growth, exit, or internal transition, Northern Ireland businesses have an enviable array of funding options, strategic interest, and professional support at their fingertips.
At Grant Thornton, we remain committed to helping our clients maximise these opportunities. With a combination of market insight, deep local expertise, and global reach, we are ideally placed to support business leaders in making confident, informed decisions in what continues to be a dynamic and rewarding M&A landscape.
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