The London Stock Exchange Group (LSEG) announced on Thursday that fewer mergers and acquisitions (M&A) involving Irish businesses have taken place this year, despite a significant rise in transaction values over the year’s first three quarters. During this period, transactions with companies in the Republic reached a six-year high, hitting a cumulative worth of $20 billion (€18.11 billion).
By contrast, the overall number of deals decreased by 24% compared to the corresponding period in the previous year, recording the lowest tally in four years. The total value of completed deals for the first nine months of 2024, involving any Irish business, amounted to $36.8 million – the highest value since 2021.
Of all the transactions that took place, the major one involved Apollo Global Management’s $11 billion investment in a joint venture with Intel in the Republic, constituting the largest deal for the year so far. In June, the private capital behemoth signed an agreement to acquire a 49% share in a joint venture relating to a manufacturing facility under construction in Leixlip, Co Kildare.
Furthermore, LSEG noted that the tech sector in Ireland has attracted the most interest, accounting for 74% of the overall activity by value so far in 2024. Meanwhile, Intel has initiated staff consultations for voluntary redundancies at its Leixlip plant, aiming to reduce its expenses by approximately €10 billion by 2025. This decision comes after a noticeable drop in the company’s market standing in recent years.
In the third quarter, Flutter’s $2.6 billion procurement of Playtech’s Italian division Snaitech stood as the biggest deal involving an Irish company, as per LSEG.