Annual update 2024: M&A and IPO trends and insights in Norway

Wiersholm’s Corporate team have taken a closer look at how M&A transactions and IPOs are faring in Norway in 2024.

Fusjoner og oppkjøp (M&A)Kapitalmarkeder (ECM)

In our 16^th edition of the Wiersholm M&A and IPO trend report, we explore the Norwegian transaction landscape and M&A and IPO prospects for the period ahead.

Norwegian M&A and IPO market in 2024 maintained moderate activity levels, with deal volume slightly exceeding 2023 figures but overall deal values declining notably due to the absence of landmark transactions seen in 2023. While geopolitical and macroeconomic factors influenced market sentiment throughout the year, investors showed increasing adaptation to the prevailing conditions.

Read the full report here

Key market observations

The number of reported deals in 2024 saw a modest 3% increase from 2023 levels, reaching 899 transactions. However, total deal value decreased by approximately 50% year-over-year, primarily reflecting the absence of public mega-deals rather than broader market weakness.
Well-capitalised corporates continue to pursue strategic opportunities, with particular focus on bolt-on acquisitions and sector consolidation, though their approach remains measured in the current interest rate environment.
Private equity firms demonstrated continued activity with 130 deals in 2024, representing 18% of total transactions. The technology sector proved particularly attractive for PE, accounting for 36% of their deals.
Private Equity firms maintain significant investment capacity, with large dry powder holdings targeting Nordic investments. This, combined with a maturing portfolio of companies approaching typical PE holding periods, suggest potential for increased activity.
The number of structured and managed auctions increased compared to 2023, indicating renewed confidence in broader sales processes. However, sellers maintain flexibility through dual-track approaches and controlled auctions.
Public takeover activity remained stable in 2024, with 11 transactions announced across trading venues, including significant deals such as the NOK 5.1 billion take-private offer for Volue ASA. Public takeover activity is expected to continue at current levels in 2025.
The IPO market saw 19 listings across Euronext Oslo Børs’ marketplaces in 2024, though this included only one traditional IPO on the main market, with the remainder comprising 8 uplistings from Euronext Growth Oslo, 2 spin-offs, and 7 listings on Euronext Growth Oslo. Total transaction volume remained stable at NOK 5.4 billion compared to NOK 5.5 billion in 2023.