Finnish M&A market update H1 2023

In this fresh Finnish M&A market update H1 in 2023, we discuss the recent trends in the Finnish M&A markets and give an overview of the outlook going forward.


  • Higher interest rates and market uncertainties have caused a significant decline in both domestic (-33%) and cross-border (-44%) deal volume in the first half of 2023 compared to the first half of 2022.
  • M&A activity for small and mid-sized companies remained active in the first half of 2023, while the deal market for large companies dropped in Q1 '23 but rebounded in Q2 '23.
  • In the first half of 2023, there was only one IPO listing on the Helsinki exchanges, but there was a notable increase in Private Takeovers (PTOs), primarily driven by foreign investors.
  • If inflation subsides and interest rates stabilise, it is expected that equity valuations will improve, possibly leading to a resurgence of IPOs in 2024.
  • Between 2022 and 2023, there has been a significant rise in companies announcing strategic reviews as they reconsider their capital allocations in response to higher yield requirements. This has resulted in several spin-off and carve-out announcements, with this trend expected to continue.
  • Following a slow Q1 '23, there was a notable increase in activity in May and June, which is expected to contribute to higher deal activity toward the early spring.

Contact us

Ilkka Simula

Ilkka Simula

Partner, Transaction Services Leader & Private Equity Leader, PwC Finland

Tel: +358 (0)20 787 8522

Marko Koski

Marko Koski

Partner, Transaction Services, PwC Finland

Tel: +358 (0)20 787 8745

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