Market Review | H1 2026
Norwegian M&A remains structurally strong as buyer priorities continue to evolve
Although transaction activity has moderated from the exceptional levels seen in 2025, the Norwegian M&A market continues to operate well above historical averages. Rather than signaling a weaker market, recent developments point to changing buyer dynamics, with capital increasingly concentrated around businesses offering clear strategic relevance, differentiated capabilities and strong long-term fundamentals.
One of the standout trends in H1 2026 was a 64% increase in outbound acquisitions by Norwegian companies compared with the average first-half activity during 2021–2025. The development reflects how acquisitions are increasingly being used to support international expansion, capability building and continued consolidation beyond the domestic market.
Private equity remains a key driver of activity, participating in nearly half of all acquisitions involving Norwegian companies. At the same time, cross-border investment continues to play an important role, underlining sustained international interest in high-quality Norwegian businesses.
Norwegian transaction volume
Market activity remains healthy, but buyers are increasingly focused on quality. Businesses with strong competitive positions and clear strategic value continue to command premium valuations.Nikolai Lunde, Managing Partner at Oaklins Norway
Our latest market review explores the trends shaping Norwegian M&A, including buyer activity, sector developments, cross-border transactions and the growing international ambitions of Norwegian companies.
Download the full review below.
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