Market Review | 2025
Record activity in Norwegian M&A - confidence, private equity and strategic alignment drive momentum
Norwegian M&A activity reached a new all-time high in 2025, confirming M&A as a core strategic growth lever for both corporates and financial sponsors. Transaction volumes were broad-based and resilient, supported by strong mid-market momentum, the return of larger and more complex deals, and increased strategic focus across sectors.
The mid-market remained the backbone of activity, underpinned by improved valuation alignment, more stable financing conditions and renewed confidence in execution. Private equity played a central role throughout the year, accounting for nearly half of all acquisitions, driven by available dry powder, add-on strategies and an increasing pipeline of exit-ready assets.
International interest in Norwegian assets remained strong, with European buyers continuing to dominate foreign acquisitions, supported by geographic proximity, established industrial ties and a weaker Norwegian currency. Sector-wise, services emerged as the most active segment, while industrial activity remained stable and technology showed more selective growth following several years of rapid expansion.
Looking ahead, Norwegian M&A is well positioned entering 2026. Continued strategic growth ambitions, ample access to capital and a growing willingness to pursue cross-border and cross-sector transactions are expected to support sustained activity in the coming period.
Norwegian transaction volume
With renewed confidence, strong international interest and an active mid-market, Norwegian M&A is well positioned going into 2026. We expect strategic transactions and cross-border activity to remain key drivers in the period ahead.Nikolai Lunde, Managing Partner at Oaklins Norway
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