DENMARK Trends and Developments Contributed by: Dan Moalem, Jacob Bier, Thomas Enevoldsen and Poul Guo, Moalem Weitemeyer
Building on Momentum: Denmark’s M&A Outlook for 2026 The Danish M&A market enters 2026 from a position of cautious optimism. Transaction levels have proven fairly resilient, supported by Denmark’s stable insti - tutional framework, export-oriented economy and deep pool of well-managed mid-sized companies. While global volatility continues to influence valuation expectations and financing structures, 2026 is mostly expected to be on par with 2025. A defining feature for 2026 is the structural nature of many transactions. Rather than opportunistic deal - making, activity is increasingly driven by long-term strategic repositioning. Danish companies are using acquisitions to accelerate digital capabilities, expand internationally and consolidate fragmented industries. Similarly, private equity investors continue to pursue structured buy-and-build strategies, reinforcing the central role of the mid-market. In this context, 2026 is not expected to mark a dra - matic shift in direction, but rather a continuation and gradual refinement of existing trends. Technology- driven transactions, sustained private equity deploy - ment and cross-border investment are likely to remain dominant themes, while AI begins to play a more vis - ible role in value creation and target selection.
The increasing integration of artificial intelligence across sectors adds a further dimension. AI systems are used in areas ranging from logistics and fintech to life sciences and defence. As these technolo - gies become more general-purpose, the distinction between civilian and security-relevant applications becomes less clear-cut. Regulators are paying closer attention to investments that involve access to large datasets, advanced algorithms, or computing infra - structure, and FDI screening is increasingly consid - ered alongside broader industrial policy objectives. In practice, transaction planning in Denmark now requires an early assessment of whether an invest- ment may fall within the scope of FDI screening – not only under the mandatory sector lists but also under the broader call-in provisions. This applies to minority investments, governance rights, and indirect control structures. NIS2 Denmark’s NIS2 Act entered into force on 1 July 2025, implementing the EU NIS2 Directive. The Act repre - sents a major shift in the regulation of cybersecurity for both public and private entities in Denmark and across the Nordic region. The purpose of the Act is to ensure a high, common level of cybersecurity across sectors, from energy and transport to healthcare, food, digital infrastructure and research. It applies to both “essential entities” (typically major operators and public bodies) and “important entities” (medium-sized companies and suppliers in critical supply chains). Failure to comply may lead to regulatory action, fines, and, in serious cases, temporary suspension of man - agement members (Sections 22-23 and 32). This strengthens the existing duty of care under Section 115 of the Danish Companies Act. Cyber and operational resilience are increasingly mat - ters of legal governance. The NIS2 Act establishes a new baseline for cybersecurity compliance in Den - mark, requiring boards to demonstrate informed, active, and documented oversight. This also makes it a key diligence area for the entities affected.
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