Report

Public M&A Trends in Germany 2025

Public MA trends in Germany 2025
Published Date
Feb 4 2026
Related people
Image of Michael Weiss
Dr. Michael WeißPartner, Frankfurt
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Dr Jan-Benedikt FischerSenior Associate, Hamburg
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Dominic HeroldAssociate, Dusseldorf
Image of Hans Diekmann
Dr. Hans DiekmannPartner, Dusseldorf
Image of Christian Eichner
Dr. Christian EichnerPartner, Dusseldorf
Image of Hartmut Krause
Dr. Hartmut KrausePartner, Frankfurt
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Dr. Jonas WittgensPartner, Hamburg
Image of Thomas König
Dr Thomas KönigOf Counsel, Frankfurt
We are pleased to present our latest analysis on the public M&A market in Germany for 2025. This comprehensive report, prepared by A&O Shearman, provides an in-depth overview of the market developments and key trends that have shaped the landscape of public mergers and acquisitions in Germany over the past year, as well as an outlook for the German takeover market in 2026.

Key highlights include:

  • Decline in Public M&A Activity: With 20 offers (volume: EUR17bn), the 2025 public M&A market declined by approx. 37.5% compared to the previous year.
  • Focus on delisting, limited IPO activity: The trend towards going private persisted in 2025, coinciding with limited IPO activity.
  • Reduced significance of MACs: Only 27% of acquisition or takeover offers were subject to material adverse change conditions.
  • Rising premiums: The average premium in takeover and acquisition offers has increased significantly.

For further insights and detailed analysis, we invite you to read the full report. Should you have any questions or require further information, please do not hesitate to contact our public M&A experts.

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Public M&A Trends in Germany 2025

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