Value of Irish M&A deals up 48% over first nine months of 2023
The value of mergers and acquisitions with Irish involvement hit $33.3 billion during the first nine months of the year.
That represented an increase of 48% compared to 2022 and the second highest amount for that period for any of the last five years.
The data compiled by the London Stock Exchange Group Deals Intelligence unit also shows that the volume of Irish specific deals fell 18% versus the same period in 2022.
Despite this it was the third highest nine-month deal count of all time, LSEG Deals Intelligence said.
The largest deal with Irish involvement during the period was Smurfit Kappa’s proposed $20.2 billion bid for rival WestRock.
This was also the biggest Irish related deal since GE Capital Aviation was bought by AerCap for $31.2 billion two years ago.
The Smurfit deal is the sixth largest deal anywhere in the world so far this year.
“Excluding the Smurfit deal, Irish M&A would have been significantly lower year-over-year for the first nine months of the year and global M&A continues to face significant headwinds given higher interest rates, increased antitrust scrutiny and continued economic uncertainty,” said Ian McFarlane, Ireland Country Manager at LSEG.
Irish mergers and acquisitions of foreign based assets reached $23.6 billion in value terms over the first nine months of this year.
That was more than twice the value of last year, even though deal volumes dropped 3%.
While when it came to Irish firms being targeted for mergers and acquisitions, the total value of deals reached $6.3 billion, down a fifth on the same period in 2022 and a three-year low.
In volume terms the number of deals dropped 24%, but still surpassed the 200 deals level for the third time since LSEG began recording the data 23 years ago.
Among the deals involving an Irish firm, those with a non-Irish acquiror declined 13% to $6.2 billion, while domestic deals declined 90% to $75.1 million.