HELSINKI, Jan. 22, 2026 /PRNewswire/ — At first glance, Finland’s M&A market appeared stagnant in 2025. A closer look, however, reveals a more nuanced picture: while the number of completed transactions remained broadly unchanged, aggregate deal value increased materially. Capital did not leave the market – instead, it became more selective, concentrating on fewer but strategically critical assets, particularly in infrastructure, healthcare and care services.
A total of 579 transactions were completed in Finland in 2025, virtually unchanged from 580 deals the previous year. Activity neither accelerated nor collapsed, which is notable given the backdrop of weak economic growth, elevated unemployment and persistent uncertainty.
By contrast, total deal value increased by approximately 20%, rising to an estimated EUR 12.5 billion from EUR 10.5 billion in 2024 (source: Mergermarket). The increase suggests renewed willingness among investors to execute larger, more strategic transactions despite challenging macroeconomic conditions.
According to Carner Corporate Finance, the data points to a clear shift in market focus – from volume to quality.
“The market was not particularly active, but it was highly deliberate. Buyers were not pursuing deals for the sake of activity; instead, they focused on profitability, cash flow resilience and clear strategic fit,” says Mikko Sistonen, Partner at Carner Corporate Finance.
While deal value remained well below the 2023 peak of EUR 17.8 billion, the direction was encouraging. A full return to peak levels has not yet materialised, but the underlying dynamics have begun to normalise.
Large, strategic transactions stood out
The Finnish M&A market in 2025 was shaped by a limited number of large, structurally significant transactions.
The most prominent was Hellman & Friedman’s investment in Mehiläinen, reinforcing the attractiveness of healthcare and care services even amid economic uncertainty. Predictable cash flows, demographic tailwinds and scalable operating models continue to appeal to long-term investors.
Another notable transaction was the divestment of Tietoevry’s Tech Services business and the creation of Vivicta as a standalone company. The transaction reflected a broader M&A logic visible across the market: sharpening strategic focus through carve-outs and unlocking growth potential outside large corporate group structures.
Infrastructure also emerged as a key theme. Triton Partners’ formation of Lohkare Infra Oy – consolidating several Finnish infrastructure companies into a new platform – was not a single transaction but a clear signal of consolidation potential and long-term conviction in the sector.
Macroeconomic pressure increased selectivity
Throughout 2025, M&A activity was shaped by a challenging macroeconomic environment. Finland’s GDP growth hovered between 0.2% and 0.5%, while unemployment rose above 10%, among the highest levels in Europe.
These conditions increased selectivity on both sides of the market. Many potential sellers were unwilling to exit in a weak cycle, while buyers applied increasingly stringent investment criteria.
Buyers were looking for quality. In 2025, companies with proven profitability and a clearly defined role in the buyer’s strategy stood out. Growth narratives alone were no longer sufficient, Sistonen adds.
Laying the groundwork for the next cycle
Carner Corporate Finance views 2025 as a transitional year in Finland’s M&A cycle. The market did not yet return to full momentum, but it clearly moved away from stagnation, adapting to a new operating environment and laying the foundations for the next upturn.
Private equity investors continue to hold significant amounts of dry powder, and strategic buyers are positioning themselves to capitalise on a recovery once economic visibility and confidence improve. The timing of a more pronounced rebound will depend largely on developments in Finland’s economy and labour market – and, above all, on the restoration of confidence.
The market was not frozen, even if it initially appeared so. 2025 marked a step away from uncertainty, though not yet a return to full speed, Sistonen concludes.
For additional information, please contact:
Mikko Sistonen
Partner
Carner Corporate Finance
+358 50 593 7303
mikko.sistonen@carner.com
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SOURCE Carner Corporate Finance
