30.01.2026
Oppdatering fra Translink CF internasjonal for transaksjonsåret 2025
2025: From Caution to Accepted Risk
The M&A market in 2025 was defined by adaptation to persistent volatility rather than a return to stability. Following a cautious start to the year, where many market participants hoped for clearer macroeconomic conditions, activity accelerated markedly in the second half. A new normal emerged: we stopped waiting for “perfect” conditions and instead began pricing risk directly into transactions.
Strong Regional Momentum in Deal Activity
Deal activity increased broadly across regions. In Southern Europe, we saw record transaction volumes driven by strong economic performance, foreign buyers, and extensive generational transitions. In the Nordics, investor appetite clearly returned, with increased activity on both the buy and sell sides and a rise in more complex cross-border transactions. In the UK, the number of transactions declined somewhat, but total deal value increased—clearly reflecting investors’ focus on larger and more resilient assets.
Geopolitics and Trade Reshaping Strategy
At the same time, geopolitics, tariffs, and trade tensions continued to influence the market. This led more companies to pursue local acquisitions and production in key markets, particularly in the US and emerging regions. We also observed shifting valuation dynamics, with some European technology companies being valued in line with—or in certain cases above—their US peers.
Technology and AI Supporting Complex Transactions
To manage increasing complexity, we made greater use of technology and AI-enabled tools. These solutions allowed us to deliver deeper analysis and more decision-relevant insights within the same timeframes, while enabling greater focus on strategic advisory work and the management of complex client situations.
2026 Outlook: Valuation Gaps and Structural Creativity
Looking ahead to 2026, two key themes stand out: widening valuation gaps and a growing need for structural creativity. While listed companies continue to trade at high multiples, mid-market valuations remain compressed, creating attractive acquisition opportunities. To bridge valuation gaps, we increasingly rely on earn-outs, seller financing, and private credit as integral components of transaction structures.
Positioned to Create Value in a Challenging Market
With a strengthened global presence, increased use of technology, and extensive experience in cross-border transactions, we are well positioned to help our clients navigate a demanding and complex market. In 2026, the ability to manage risk, structure transactions creatively, and identify the right opportunities will be critical to delivering long-term value.
