Market Review | 2024

Record-breaking activity driven by stabilizing macro factors and increased private equity involvement

The Norwegian M&A market reached unprecedented levels in 2024, with transaction volumes setting a new all-time high. Following a cautious 2023, deal activity rebounded strongly, driven by a stabilizing macroeconomic environment, increased investor confidence, and strategically oriented M&A deals. Notably, private equity players capitalized on market opportunities, mostly through add-on acquisitions and roll-ups, while the growing importance of technology, business services, and consumer retail sectors added momentum.

The year was marked by robust activity, with Norwegian firms proving their resilience in a dynamic and competitive landscape. International buyers played a significant role, acquiring a record number of Norwegian companies. We have however observed signs of protectionism, as the share of transactions with Norwegian firms on both sides of the table has increased this past year.

Looking ahead, the outlook for 2025 remains optimistic. Lower interest rates, advancements in AI, and continued strategically-oriented deal-making are poised to drive momentum in M&A activity.

Norwegian transaction volume

The record-breaking transaction volumes in 2024 showcase the strength and resilience of the Norwegian M&A market. A stabilizing macroeconomic environment on the horizon will fuel investor confidence, positioning the market for continued momentum in 2025. Nikolai Lunde, Managing Partner at Oaklins Norway