Norway International Update Q3 2025

This quarterly update outlines key legal developments and market trends from the third quarter of 2025 across sectors of strategic importance to Norway, including Corporate and M&A, Financial Regulation, Tax and VAT, Shipping, Banking and Finance, ESG and Compliance. We are also pleased to share selected business updates from Wiersholm, reflecting our continued commitment to providing insight and value to both international and domestic clients.

Som highlights include:

We hope you find these updates useful and informative. If you have any comments or wish to receive further information on any topic in this update, please feel free to get in touch with one of the displayed contacts.

M&A and Capital Markets

Key contacts: Anne Lise Ellingsen Gryte and Svein-Helge Hanken

Norwegian M&A activity in the first nine months of 2025 have demonstrated resilience, with 1,131 transactions registered in 2025 and 1,113 in the same period of 2024. Total reported deal value reached EUR 129 billion, a significant increase from EUR 84.2 billion in the corresponding period last year. While the third quarter saw 177 transactions, which is a decrease from Q2’s and Q1’s 229 transactions – this seasonal variation should be viewed in the context of strong overall year-to-date performance. Target companies within the industrial sector led Q3 activity with approximately 25%, closely followed by the technology sector with around 23% of transactions in the period. Additionally, business services and the energy / natural resources sectors each contributed approximately 13% of transactions.Notably, the business service sector has seen an emerging trend of private equity firms consolidating SME operations acquired from lager players, following strategic divestures by major firms like PwC and BDO.

Tax and VAT

Key contacts: Nicolay Vold and Andreas Bullen.

No major legislative changes were enacted in Q3. Following the parliamentary election on 8 September 2025, the Labour Party (Arbeiderpartiet) remains in government and will rely on support from other parties to secure a majority. The Government is expected to present the 2026 National Budget to the parliament on 15 October 2025. Given differing views on tax within the center‑left block, tough negotiations are expected and the October proposal is unlikely to be the final word on tax and VAT. We will monitor the process closely and report on any material changes.

Shipping

Key contacts: Karl Even Rygh, Kristine Hasle, Marcus Gjeruldsen Spillum

In the third quarter of 2024, among other things, the government’s proposal for the revised national budget for 2024 was submitted. In the tax and duty area, a proposal was finally put forward to completely remove the additional payroll tax of 5 percentage points on income exceeding NOK 850,000. The government has also received several comments to the proposal to tightening of the exit tax rules that we discussed in our last newsletter.

In the following section, we will give you the latest updates in the tax law area.

Banking and Finance

Key contacts: Christian Berg Meland

The Securitisation Regulation, including provisions on synthetic securitisation and reduced capital requirements, was implemented in Norway from 1 August 2025, with the goal of increasing financial system efficiency and investment opportunities. In the following section, we will give you a brief introduction to the regulation.

Financial Regulatory

Key contacts: Kjersti T. Trøbråten & Stian A. Endre

In the third quarter of 2025, the EFTA court concluded that the Norwegian administrative practice on ownership assessments for financial institutions is in breach of EEA law. In addition, legislative proposals for an expansion of the guarantee scheme for non-life insurance and implementation of the crowdfunding regulation have been published.

In the following section, we will give you the latest updates in Norwegian financial regulation.

Capital Markets

Key contacts: Anne Lise Ellingsen Gryte

An introduction to what the readers can expect to read in the following text. (example from tax follow below)

In the third quarter of 2025, the Norwegian capital markets have shown signs of renewed activity, albeit at a measured pace. After a quiet start to the year, a couple of IPOs have been completed on the main market, with issuers and investors adopting a selective and valuation-focused approach. In parallel, the implementation of the EU Listing Act in Norway remains pending, with market participants preparing for the anticipated regulatory changes expected to take effect in the coming year.

ESG and Compliance

Key contacts: Georg Abusdal Engebretsen

In the third quarter of 2025, the European Commission announced that it may propose postponing the implementation of the EU Deforestation Regulation (EUDR) for a second time, until December 2026.  Furthermore, EFRAG launched a consultation on the revised and simplified European Sustainability Reporting Standards (ESRS) for companies in scope of the CSRD. The Norwegian Government submitted a non-paper to the European Commission sharing its experience with the Norwegian Transparency Act, as a contribution to the ongoing discussions on the CSDDD.  Norway has also lowered the price cap on Russian crude oil, aligning with EU sanctions to increase economic pressure on Russia.

In the following section, we will give you a summary of these key developments.

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