September 2025 confirmed that the Nordics remain in the spotlight on the M&A stage – even against macroeconomic headwinds and tighter capital conditions. Here are the standout trends:
1. Strong deal pipeline and momentum heading into Q4
According to KPMG's Nordic Deal Trend Report for Q3 2025, over 800 announced deals were recorded in the quarter, showing sustained momentum in the region.
Analysts also note that several deal processes already shifted into advanced phases during September – earlier than is typical – hinting at increased readiness for closure heading into year-end.
2. Infrastructure & digital bets gain traction
A notable development: EQT launched the sale of GlobalConnect, its Nordic broadband and data center business, at an estimated valuation of €8 billion. This underscores heightened investor focus on digital infrastructure assets.
3. Consolidation in specialist sectors
While headline mega-deals were scarce, PE sponsors and strategics remained active in executing add-on acquisitions and deals in niche sectors (tech, data infrastructure, clean energy). The Nordics continue to be viewed as a testing ground for such targeted transactions.
4. Investment banks positioning for more deal flow
An interesting signal: major Western investment banks (e.g. Evercore, Lazard) have been hiring aggressively in the Nordic region, reflecting expectations of increased deal activity.
5. Tight financing pushes alternate deal structures
Despite growing deal pipelines, traditional debt financing remains constrained. As a result, equity-heavy structures and hybrid solutions like earn-outs and seller financing are becoming more common.
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Conclusion & Takeaway (en)
September reaffirmed that the Nordic M&A market is holding strong: pipelines are growing, interest in infrastructure and digital assets is hot, and activity in add-on and niche deals remains robust. While financing headwinds influence deal structuring, actors are clearly preparing to ramp up activity heading into the year's final quarter.