Resilient Nordic M&A Market: Stable Valuations, Rising AI Adoption

September 2025 – The Nordic mid-market M&A landscape in the first half of 2025 showed resilience, with steady deal activity, a strong focus on smaller transactions, and the increasing use of artificial intelligence in dealmaking. Findings from the latest Nordic M&A Monitor, a biannual study by Dealsuite based on insights from advisory firms across Denmark, Sweden, Norway, and Finland, highlight that despite global uncertainties, the Nordic market has adapted to a “new normal,” with advisors expressing cautious optimism for the months ahead.

Despite ongoing global uncertainties, deal activity in the Nordic mid-market has remained steady. Advisors report a healthy flow of assignments, with both buyers and sellers showing resilience as well as willingness to move forward. Smaller transactions continue to dominate, highlighting the adaptability of the market and the sustained appetite for deals even in a cautious environment.

Financing Conditions Improving

Financing has remained largely stable and has, in many cases, become easier to access compared to late 2024. Advisors anticipate further easing of financing conditions in the second half of 2025, which in turn supports continued deal activity.

Valuations Hold Steady

Average EBITDA multiples across the Nordics stand at 5.5x. Larger companies continue to command higher valuations than smaller peers, while sector differences remain significant, ranging from 8.0x in Healthcare & Pharmaceuticals to just 4.1x in Retail Trade.

AI Enters the M&A Mainstream

Artificial intelligence has become an integral part of the M&A process in the Nordics, with 37% of advisors using AI regularly and only 2% who have not ever considered or used AI. This indicates that adoption is clearly moving into the mainstream. Advisors report the greatest benefits in market research, identifying off-market opportunities, and faster target evaluation. While AI’s role in due diligence and post-merger integration remains limited, adoption is now widespread across the region.

Buyer Interest Underscores Competitive Market

The Nordic mid-market remains firmly a seller’s market, with an average of seven serious buyers competing for each company that comes to market. Demand is strongest in technology, industrial, and healthcare businesses, underscoring the attractiveness of these sectors despite ongoing global uncertainties.

Floyd Plettenberg, CEO of Dealsuite, commented:

“A decade ago, market turbulence often paralysed M&A activity. Today, many dealmakers have adapted to operating in an environment where uncertainty is constant. This resilience is particularly visible in the SME segment, where we continue to see healthy deal flow and an evolution in deal structures that share risk more evenly between buyer and seller. It is a sign of a more mature and strategic M&A market in the Nordics.”

About the Nordic M&A Monitor

The Nordic M&A Monitor is based on insights from 112 leading M&A advisory firms active across the Nordic region. The study tracks transaction volumes, sector trends, valuation multiples, deal structures, financing conditions, and market sentiment, providing a comprehensive view of the Nordic mid-market (companies with revenues between €1m and €200m).