While Ireland saw 17 deals in 2024 valued at €250m or more, the majority of transactions where the value was publicly disclosed – some 89% – fell squarely into the mid-market category, worth between €5m and €250m.
By sector, the technology, media and telecoms (TMT) industry was once again the busiest area of the Irish M&A market. However, while it accounted for 22% of all deals by volume – well ahead of the next most active sector, business services, on 15% – this share was down from 27% in 2023.
Moreover, although 53% of M&A by deal value took place in the TMT sector, this figure was heavily skewed by the Fab 34 transaction, which accounted for almost three-quarters of TMT deal value during 2024.
Indeed, the Fab 34 transaction stood out as one of the largest M&A deal in Ireland for six years, with the private equity firm Apollo agreeing to pay Intel €10.1bn for a 49% stake in a joint venture related to the technology giant’s manufacturing facility in Leixlip, Co. Kildare, Ireland. The facility is at the forefront of Intel’s latest manufacturing process advances, with the company having invested around €17.5bn in the plant to date.
The second largest deal of the year, meanwhile, saw Avolon Holdings acquire Castlelake Aviation for €4.1bn1 . The deal underlines Ireland’s importance in the global aircraft leasing sector. Avolon, along with AerCap and SMBC Aviation Capital, is one of three Irish aircraft leasing companies that dominate the market. The acquisition of Castlelake saw it attain assets worth €4.75bn, including 118 aircraft.
The third biggest deal of 2024 was another TMT transaction. A consortium of investors agreed to pay €2.5bn for Keyword Studios, a gaming company that has helped to develop games such as Fortnite and Call of Duty. The consortium included Swedish private equity firm EQT, Singapore’s state-backed fund Temasek, and the Canadian pension fund CPP Investments. The size of the Fab 34 and Keyword transactions contributed to a 523% increase in the value of private equity activity in Ireland’s deal market during 2024. Private equity investors were involved in €16.4bn worth of deals over the course of the year.
By volume, private equity investor activity in Ireland in 2024 mirrored the previous 12 months. Buyout firms were involved in 84 deals in both 2024 and 2023.
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