Value of Irish M&A declined 10% during 2024 amid global upswing

The number of deals fell to the lowest levels since 2020, with 571 recorded

Transactions involving Irish businesses were down 14% to 571 during 2024 compared to 2023.

The value of mergers and acquisition (M&A) activity involving Irish companies declined 10% during 2024 to $46.4bn (€44.6bn), as the number of deals announced dropped to the lowest level since 2020, new data from the London Stock Exchange Group shows.

According to data, transactions involving Irish businesses were down 14% to 571 during 2024 compared to 2023.

Deals involving an Irish target totalled $28.8bn (€27.7bn) during 2024, which is four-times the value recorded in 2023 and a three-year high. This was driven by inbound deals, which accounted for 91% of activity by value. 

The US accounted for $13.87bn in inbound activity during the year, followed by the UK at $10.2bn.

Irish outbound transactions totalled $6.4bn during the year — an 84% drop in value, marking the first time since 2018 that inbound M&A activity surpassed outbound activity.

Ireland country manager for the London Stock Exchange Group Ian McFarlane said the drop in Ireland’s M&A activity comes as total global M&A activity increased by 10% and deals in the European, Middle East, and Africa regions increased by 22%.

“Inbound activity dominated, accounting for 91% of Irish target deals and driven by high-profile investments like Apollo Global Management’s $11.2bn stake in Intel’s semiconductor operations,” he said.

The deal with Intel saw Apollo take a 49% interest in a joint venture entity related to the semiconductor manufacturer’s fabrication plant in Ireland.

“The technology sector led the way, contributing over half of the total value, highlighting Ireland’s continued appeal for strategic, high-value transactions despite a challenging environment,” Mr McFarlane said.

Technology was the most-targeted sector in Ireland by value during 2024, accounting for 52% of overall activity.

The largest deal of the last three months of the year was Rio Tinto’s planned acquisition of Arcadium Lithium PLC, a Shannon-based manufacturer of alkalies and chlorine, for $6.9bn.

AIB’s buyback of €1bn worth of shares from the State made the top 10 largest deals in Ireland last year.

Goldman Sachs took the top spot in the financial adviser ranking for M&A with any Irish involvement during 2024.

Global M&A activity during 2024 returned to growth following two years of declining activity. The return of a number of significant deals drove the value of transactions to $3.2tr, an increase of 10% compared to 2023.

However, the number of desks declined 14% compared to 2023, as mid-market activity indicated the shift towards fewer, larger transactions.

The US alone accounted for 45% of global M&A activity last year, an increase of 5%, driven by large domestic transactions. 

The European, Middle East, and Africa region saw a 22% increase in deal-making, led by the UK, which accounted for the highest share of activity in the region in three years.

The Asia-Pacific saw a modest 1% increase.

Despite a 26% decline in the number of transactions, the technology sector saw the total value of activity increase by 31%, accounting for a 16% share of the overall global M&A market.

The energy and power sector accounted for 15% of activity — the second highest share of any sector.

Global private equity-backed M&A activity reached US$705.1bn in 2024, a 24% increase from 2023.