Wiersholm’s M&A and IPO trend report

In our 18th edition of the Wiersholm M&A and IPO trend report, we look back at 2025’s trends and market activity and analyse the Norwegian deal landscape and the prospects for the M&A and IPO market in the period ahead.

Read the report here

Based on data published by Mergermarket, the Norwegian M&A market started off somewhat slow in 2025 but gained momentum with a significant number of reported transactions already in Q2; a dynamic that persisted throughout the year. This data aligns well with Wiersholm’s observations. We saw optimism and high activity early in 2025. However, the the market then cooled down, mainly as a result of the turmoil caused by the US’s introduction of tariffs (“Liberation Day”) and geopolitical uncertainties. While these uncertainties subsist, we saw a recovery of deal activity already before the summer break. Particularly during Q3 and Q4, the market picked up, and we are entering 2026 with optimism.

The muted activity levels in the IPO market seen over the past few years continued in 2025. However, we now see clear signs of increased optimism among market participants and expect increased activity levels in the IPO market in 2026.