DENMARK Trends and Developments Contributed by: Dan Moalem, Jacob Bier, Thomas Enevoldsen and Poul Guo, Moalem Weitemeyer
Moalem Weitemeyer Amaliegade 3, 1258 Copenhagen, Denmark Tel: +45 7070 1505 Email: Reception@moalemweitemeyer.com Web: www.moalemweitemeyer.com
Corporate M&A in Denmark: An Overview Denmark remains an attractive market for international investors due to its stable political environment, strong economy, transparent regulatory framework and con - sistently high rankings for ease of doing business and low corruption. In addition, its strong innovation eco - system, particularly within green energy, life sciences and technology, combined with access to the broader EU market, makes Denmark a strategic gateway for growth in Northern Europe. The structural characteristics of the Danish economy contribute to a relatively predictable environment for private equity activity. These include: • an educated population with widespread digital literacy and strong English proficiency; • a stable regulatory and political environment, with consistent legislative development; • a corporate income tax rate of 22%; • a mature financial sector with reliable access to debt and banking infrastructure; and • a “flexicurity” labour market model, allowing companies to efficiently adjust workforce size and composition. These features provide a framework that supports transaction predictability and facilitates execution planning, particularly with long-term capital and inter - national scaling investment strategies. Against this backdrop, some of the legal trends that have defined Danish M&A in 2025 can be summed up as: (i) defence-related investments and regulatory scrutiny; (ii) mid-market momentum; (iii) domestic bank consolidation; and (iv) public-to-private trans - actions.
The Largest Danish Deals of 2025 Several landmark transactions defined the Danish M&A landscape in 2025, both domestically and inter - nationally. The most significant and transformative was the closing of DSV’s acquisition of DB Schenker, valued at approximately DKK107 billion. As part of the transaction, DSV also completed a historic EUR5bn Eurobond deal, the largest ever by a Nordic corporate, and a EUR5bn accelerated bookbuild offering, which was the largest ever Nordic equity capital raise. In the Danish financial sector, Nykredit completed its public takeover of Spar Nord Bank in a deal valued at roughly DKK24.7 billion. The acquisition marked a major consolidation deal within Danish banking and reflected a broader trend toward scale and operational efficiency within financial services. In healthcare, Demant announced its largest acquisi - tion to date with the purchase of Germany-based Kind Group for approximately EUR700 million, expanding its European retail footprint in audiology. Defence Sector on the Rise Denmark has launched its largest-ever defence pro - curement, a DKK58 billion investment in ground- based air and missile defence systems. With binding industrial cooperation obligations (ICC), this move will not only strengthen national security but also create significant opportunities for Danish and European defence and dual-use industries. A defining feature of Nordic defence M&A is that it is closely linked to technology and cybersecurity, not just traditional hardware manufacturing. Regional focus has been stepped up on digital defence capa - bilities, such as secure communications, networked
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