Irish mergers and takeovers hit €4bn

IRISH companies were involved in merger and acquisition (M&A) deals worth over €3.8 billion in the three months to September, according to new figures from corporate finance specialists Ion Equity.

The total value of Irish mergers and takeovers was 145% higher than the €1.6 billion recorded in the third quarter last year, but the number of deals showed a sharp fall, down from 43 to 31.

Ion said the third quarter was traditionally quiet in corporate finance circles but that the latest figures were distorted by the €2.6 billion merger between packaging giant Jefferson Smurfit and Dutch rival Kappa. Excluding this deal, the value of M&A transactions concluded dropped by 22%. Ion Equity director Joe Devine said packaging, media and oil distribution deals featured prominently over the last three months.