Ireland’s M&A landscape has traditionally been dominated by mid-market transactions and 2025 to date, has been no exception.
Such deals – worth between €5m and €250m – accounted for more than 88% of Irish M&A activity during the first half of the year.
Nevertheless, there has been a number of larger transactions, including the €1.9bn acquisition of Nordic Aviation Capital by Dubai Aerospace Enterprise (DAE), which was the largest deal of the first half. Ireland’s position as a global hub for aircraft leasing and aviation finance – reflecting factors such as its competitive tax environment, skilled workforce and strong infrastructure – has given rise to several transformational transactions in this area of the market in recent years. DAE is one of the world’s largest aircraft leasing businesses and its acquisition of Nordic Aviation Capital – which has a fleet of more than 230 aircraft – is part of a broader plan for growth.
The second largest deal of the first half is PE firm Investindustrial’s €1.2bn acquisition of DCC Healthcare, a Dublin-based division of the London-listed business support services group DCC. The sale of the healthcare business reflected its strategic decision to focus on its operations in the energy sector.
For its part, Investindustrial is acquiring two international platforms that represent a good fit for its existing expertise in the food supplement and medical devices markets: HBI, a contract development organisation and manufacturer focused on nutrition, and Vital, which makes medical devices and other healthcare products.
It is also worth noting that PE firms such as Investindustrial accounted for half of the 20 largest M&A transactions during the first half of the year.
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