Dutch M&A market enters 2026 with renewed momentum
The Dutch M&A market has entered 2026 in its strongest position in years, according to analysis from Oaklins, which forecasts continued momentum in dealmaking in the year ahead.
Supported by a particularly strong fourth quarter – during which 319 transactions were completed – 2025 proved to be an active year for dealmakers. Total deal volume reached 1,187 transactions, nearly 14% higher than in 2024 and well above activity levels seen in 2023.
“The Dutch M&A market accelerated meaningfully in the final quarter of 2025, with 319 deals completed in Q4, making it the most active quarter of the past three years. This was not a late-cycle spike, but the result of improving confidence and more realistic pricing expectations,” stated Frank de Hek, Managing Partner at Oaklins.
According to the analysis, activity was driven by renewed confidence among both strategic and financial buyers, underpinned by the resilience of the Dutch economy and sustained appetite for growth through acquisitions.
Several factors supported the recovery. Greater clarity around monetary policy provided stability, while prolonged decision-making in previous periods created pent-up demand. Many buyers had paused acquisition plans amid uncertainty; as conditions improved, they returned to the market to accelerate growth beyond organic expansion.
M&A is increasingly being used not only to expand market share, but also as a strategic tool to recalibrate business models, strengthen future readiness and acquire scarce capabilities or talent in a tight labour market.
From a sector perspective, Industrials & Construction was the largest contributor to activity, accounting for 23% of total deal volume. This was followed by Business Services (21%) and Technology, Media and Telecom (20%).
In terms of deal size, the Dutch market remains firmly mid-cap driven. “The €5 million to €50 million segment continues to account for the largest share of transactions,” De Hek noted.
Private equity
Private equity remained active throughout 2025, although investors became more selective in the final quarter. Total deal volume involving private equity reached 212 transactions, broadly in line with the 221 deals recorded in 2024.
Sponsors continued to face valuation sensitivity. While pricing gaps between buyers and sellers narrowed during the year, they did not fully close across all segments. At the same time, many private equity firms focused on portfolio optimisation and preparing exits, in some cases delaying processes to benefit from improving financing conditions and stronger buyer sentiment.
This delay, however, is expected to translate into increased activity in early 2026. “In practice, this strategy has resulted in a growing number of deals being prepared or formally launched toward the end of 2025 but scheduled to complete in early 2026. This is a trend we are clearly seeing in our own pipeline at Oaklins,” De Hek said.
Looking ahead
Looking forward, Oaklins expects the positive momentum from the fourth quarter to continue into 2026. “Strategic buyers are likely to remain active, supported by ongoing portfolio repositioning and continued private equity-backed buy-and-build strategies,” the firm noted.
“At the same time, we expect direct private equity participation to increase as valuation gaps continue to narrow, exit pressure builds and firms deploy substantial levels of dry powder. As a result, the Dutch M&A market appears well positioned for a strong start to 2026.”
