Key trends we want to highlight are:

1. Low deal volume and small tickets.
2. Controlling shareholders delist companies, but do not buy-out minorities.
3. Increasing variation in duration of non-financial covenants.
4. ESG taking a more prominent role in public M&A.

Our analysis point to moderately optimistic outlook for public M&A in the Netherlands in 2025. On the one hand, high AEX share prices, geopolitical uncertainty and a (perceived) valuation gap continue to complicate deal-making. On the other hand, interest rates are on a downward trajectory, inflation is settling down and U.S. public deal activism is materially increasing, including for large ticket transactions, which often bodes well for ensuing deal activity in Europe and the Netherlands.

For a comprehensive understanding of our insights, please read the full report.