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BDO Horizons is BDO’s quarterly analysis of the global M&A market in the mid-market sector. The publication is based on market observations by BDO experts and offers an in-depth overview of M&A trends in different regions. In this issue, we analyze key trends for 2025 and assess their impact on future M&A activity.
Themes of the latest issue
The year 2025 was marked by growing uncertainty in the global mid-market M&A market, which was reflected in particular by a decline in the number of transactions. At the same time, however, the total value and average size of completed deals increased, indicating a shift in the market toward fewer but strategically more sound transactions. Buyers’ decision-making has become more cautious, processes have lengthened, and deal terms have tightened, but abundant investment capital and long-term megatrends, such as digitalization and productivity improvements, continue to support the completion of high-quality corporate transactions.
The Nordic M&A market: active but more cautious
The Nordic M&A market has remained active, even though the number of completed transactions has declined. At the same time, the average deal size has increased, reflecting the fact that M&A transactions continue to take place when there is clear strategic fit, strong operational performance, or a good alignment of interests between the buyer and seller. The market has shifted toward fewer, but qualitatively stronger deals that support long-term value creation.
M&A activity in the Nordic region continues to be concentrated in clearly defined sectors. In particular, the technology, media, and telecommunications (TMT) sector, manufacturing, and business services account for the vast majority of deals in the region. This strong sector focus may limit transaction volumes in the short term, but at the same time it increases international interest in Nordic companies whose business is linked to digitalization, automation, and productivity improvement.
The most significant structural change in the Nordic M&A market has been the relative increase in activity among private equity firms compared to strategic and industrial buyers. Strategic buyers have become more selective in their acquisitions, while private equity investors have maintained their more active role in the market. This has helped facilitate the completion of transactions even as overall market volumes have declined.