Oaklins Germany M&A Market Report - 1st half of 2026
A detailed analysis of the M&A market with German counterparts
Cross-border activity puts the German M&A market back on a growth trajectory
Following a weak 2025, the German M&A market regained significant momentum in the first half of 2026. A total of 1,490 transactions involving German counterparties were recorded, representing an increase of 15% compared to the same period last year. The recovery was primarily driven by the return of cross-border M&A activity. In particular, renewed interest from international investors in German companies provided fresh momentum. Despite a persistently challenging macroeconomic environment, M&A activity rebounded and moved back towards the elevated levels seen in H1 2024.
In the latest Oaklins Germany M&A Market Report for H1 2026, we examine, among other topics:
- Changing transaction dynamics: The German M&A market has recovered from last year's decline. Inbound M&A activity was particularly strong, increasing by 38.5%, while both domestic and outbound transactions also recorded growth.
- The role of Private Equity: Financial investors remained a key driver of the German M&A market, completing 522 transactions and maintaining a 35% market share. Investment activity continued to focus on resilient business models, platform strategies and attractive consolidation opportunities.
- Sector trends & deal structures: While TMT remained the most active sector, Industrial Machinery & Components, Energy, Financial Services and Logistics all gained in importance. Investors increasingly focused on more asset-intensive business models and companies benefiting from infrastructure investment and long-term structural trends.
- Macro trends & outlook: Geopolitical tensions, rising financing costs and the continued weak growth of German businesses are making acquirers increasingly selective. At the same time, developments in AI infrastructure, defense and distressed M&A are creating new transaction opportunities. Based on current market developments, we expect total M&A activity in 2026 to exceed last year's transaction volume.
Our Oaklins Germany M&A Market Report H1 2026 provides a structured analysis of current M&A activity, key transaction trends and strategic perspectives for companies and investors.
We wish you an exciting journey through our report and look forward to exchanging ideas with you.
This report is also available in German.
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