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Irish M&A levels continued to drop in Q3

Business-research company Experian MarketIQ says that its figures for the third quarter (Q3) of 2023 suggest a further drop-off in merger-and-acquisition (M&A) activity.

The firm says that Irish businesses have so far agreed a total of 484 transactions this year – a decline of 19% compared with 600 last year.

The value of deals has almost halved, from €45 billion at the same stage last year to €24 billion.

The biggest falls have come in the ‘small’ and ‘mid-market' categories.

Interest rates bite

Experian points out, however, that the current level of activity is still “comfortably” ahead of pre-pandemic figures.

It attributes the overall drop in M&A to rising interest rates and volatility in financial markets.

During Q3, there were 11 deals worth more than €100 million, with the largest involving Wayflyer, the Dublin-based start-up platform providing loans to e-commerce companies. It agreed to raise around US$1 billion (€918 million) from investment-management firm Neuberger Berman.

Arthur Cox topped the rankings for legal advice, with involvement in 41 deals, one ahead of A&L Goodbody. Matheson was third with 38 deals, with Philip Lee and Beauchamp next on 37 each.