Weekly mandate update
Europe's mergers and acquisitions (M&A) market remains robust, with significant deals being announced across the continent. Here are some of the notable transactions that took place in the first half of 2025:
Major Deals in Europe
- Metro AG (Germany) is being acquired by EP Global Commerce GmbH (Czech Republic) for approximately USD 2.1 billion. EP Global Commerce plans to take Metro AG private via a delisting offer. The legal advisers for this deal have not been specified in the sources.
- James Hardie Industries plc has agreed to acquire The AZEK Company Inc. in a deal valued at $8.4 billion. Arthur Cox, a leading legal adviser in Ireland for H1 2025, is advising on this transaction.
- Greenlink undersea electricity interconnector cable sale involving Partners Group and Greenlink is another significant deal, although the value of the transaction has not been disclosed. Arthur Cox is advising on this deal as well.
- Greencore Group plc has made a £1.2 billion recommended acquisition of Bakkavor Group plc. Arthur Cox is also advising on this acquisition.
- Investindustrial has acquired DCC plc’s healthcare division for £1.05 billion. Once again, Arthur Cox is the legal adviser for this deal.
Leading Legal Advisers in European M&A
Weil, Gotshal & Manges and CMS have emerged as the top law firms advising on M&A transactions in Europe for the first half of 2025. In Ireland, Arthur Cox ranks highest by deal count and value, advising on more than 26 deals totaling over $13 billion.
Notable Transactions and Legal Advisers
- Dr. Arne Constantin-Krawinkel and Prof. Dr. Christoph H. Seibt lead the Freshfields team advising AMS-Osram on the sale of its specialty lamp business. The transaction values Cognigy at approximately $955 million. Freshfields is also advising Nice and Permira and Nordic Capital on the planned €2.6 billion acquisition of vaccine manufacturer Bavarian Nordic.
- Pinsent Masons, in collaboration with Japanese law firm Hibiya Nakata, has advised Ushio on the acquisition of AMS-Osram's specialty lamp business. Ronald Meißner leads the Pinsent Masons team advising Ushio.
- Hengeler Mueller (led by Dr. Jens Wenzel, Dr. Christian Schwandtner) is advising the founders and shareholders of AI applications provider Cognigy on its sale to Nice.
- A team from Kirkland & Ellis (led by Sebastian Pitz) has advised Bridgepoint on the acquisition of a majority stake in insurance brokerage platform Hanseatic Broking Center. Dr. Tobias Larisch leads the Kirkland & Ellis team supporting Ceconomy in the announced public takeover by JD.com. Flick Gocke Schaumburg has advised Ceconomy on tax aspects of the announced public takeover by JD.com.
- A team from Sidley (led by Björn Holland and Jennifer Limmer) advised Preservation Capital Partners on the sale of Hanseatic Broking Center. Baker McKenzie is advising Chinese e-commerce giant JD.com on its announced public takeover of Ceconomy. Dirk Horcher and Dr. Christoph Wolf lead the Baker McKenzie team advising JD.com. The main assembly consultation was conducted in cooperation with McDermott.
- Arqis (led by Dr. Lars Laeger) advised VR Equitypartner on the sale of its stake in ventilation technology company Zimmer & Hälbig to Vinci Energies. RSM Ebner Stolz supported the sellers in creating a Financial & Tax Fact Book and during the due diligence phase for this deal.
- Ashurst (led by Martina Rothe) advised Apontis Pharma on the squeeze-out of majority shareholder Zentiva.
- Baker McKenzie advised Vinci Energies on the transaction and also advised on the acquisition of the R + S Group a few days earlier.
Overall, Europe’s M&A market remains active, with total deal values reaching $2.0 trillion across nearly 25,000 transactions in H1 2025, demonstrating strong market momentum despite challenging conditions.
- In the first half of 2025, the technology sector witnessed a significant deal with Cognigy, an AI applications provider, being sold for approximately $955 million. Freshfields, a leading law firm in Europe, advised on this transaction.
- The finance industry also saw notable activity, as Investindustrial, a private equity firm, acquired DCC plc’s healthcare division for £1.05 billion. This deal was facilitated by Arthur Cox, one of Europe's top legal advisers for M&A transactions in H1 2025.
