Finnish M&A market update Q2 2025
Following the strong activity in Q1 2025, the Finnish M&A market continued to grow in the second quarter of 2025. In this report, we present the development of the Finnish M&A market during Q2 2025, exploring its connection to global trends, with insights from PwC Finland professionals.
Key observations from our report:
- Despite the tariff uncertainty, the S&P 500 outperformed European indices during the second quarter of 2025. The S&P 500 delivered returns of 10.57%, while the EURO STOXX 50 delivered 8.83% and OMXHPI delivered 5.52%.
- Deal activity is expected to continue its growth in H2 2025 as there is a clear upward momentum in the Finnish M&A market, supported by an improvement in the economic outlook, a continued reduction in interest rates, reduction of valuation gap between the buyers and sellers, and the improvement in tariff visibility. We can see a lot of preparation ongoing for the latter part of the year. However, we see the geopolitics as the biggest risk to this upward momentum.
- In the Finnish PE market, we observed the use of continuation vehicles. Most notably, DevCo closed €521m single-asset continuation vehicle for Vexve at the end of June 2025. Similarly, Devco closed a single-asset investment vehicle for Medix Biochemica at the end of September 2024.
- For insights on the Finnish IPO market, please refer to the Nordic IPO Watch H1 2025 report, which will be published on 9 July 2025.
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