Oaklins Germany M&A Market Report - 1st Half of 2025

A detailed analysis of the M&A market with German counterparts

Cross-border transaction slowdown significantly impacts German M&A Market the first half of 2025

In the first half of 2025, the number of deals involving German buyers or targets declined by 12.7%, totaling 1,296 transactions. Cross-border M&A activity dropped significantly, while domestic transactions remained relatively stable (–2.7%).

Private equity activity, however, gained new momentum: financial sponsors accounted for 35% of all deals — an 11-percentage-point increase. Business support services saw the strongest growth, fueled by buy-and-build strategies. Germany’s top 30 transactions totaled EUR 46.9 billion — a 7.1% increase. The largest deal was Siemens’ acquisition of US-based Dotmatics for EUR 4.7 billion.

Persistent geopolitical tensions, FX shifts and protectionist trade policies continue to weigh on investor sentiment. However, lower interest rates and large-scale government spending programs are beginning to stimulate activity.

Read our report to learn about the top 30 deals, the hottest sectors and the top countries where German companies have completed transactions outside their home country.

We wish you an exciting journey through our report and look forward to exchanging ideas with you.