The M&A market has changed

The Finnish M&A market remains active, but its dynamics have changed significantly in recent years. Following the peak years of 2022, valuation levels have moderated, the role of strategic buyers has become more prominent, and transaction structures have evolved to reflect a changing financing and risk environment.

We have now conducted our M&A market survey for the sixth time. The study highlights several key market trends, including:

• the strengthening negotiating position of buyers;
• the clear increase in the use of earn-out structures as risk-sharing mechanisms;
• a more challenging financing environment, with equity continuing to play a central role in mid-market transactions; and
• the growing importance of FDI, ESG and compliance considerations in transaction processes and valuation assessments.

The study is based on a survey of Finnish business leaders conducted by TRUST, complemented by international market analysis. Together, these insights provide an up-to-date view of how the M&A market is evolving and what these changes mean for buyers, sellers and financiers.

The white paper summary covers, among other topics:

• the current state of the M&A market in Finland and internationally;
• key valuation drivers and market multiples;
• developments in transaction and contractual structures;
• changing conditions in the financing market; and
• the key findings and market outlook for 2026.

Download the summary of TRUST’s M&A market study covering both the Finnish and global markets, as well as the summary prepared by Wolfcorner Oy for our earlier webinar on the M&A market and business valuations.

Jan Lindberg
Partner