NETHERLANDS Trends and Developments Contributed by: Maarten de Boorder, Samuel Garcia Nelen, Jelmer Kalisvaart and Bas Vletter, Greenberg Traurig, LLP
Greenberg Traurig, LLP Beethovenstraat 545 1083 HK Amsterdam The Netherlands Tel: +31 20 301 7338 Fax: +31 20 301 7300 Email: Samuel.GarciaNelen@gtlaw.com Web: www.gtlaw.com
Introduction The Dutch M&A market enters 2026 with renewed momentum, driven by a clearer macroeconomic out - look and an increased willingness among corporates and investors to pursue strategic transactions. Inter - est rates have steadied, geopolitical risk is being man - aged rather than feared, and companies have adjusted to a more regulated and technologically demanding environment. In this setting, boards and sponsors are prepared to transact again, prioritising strategic fit, integration value, and closing certainty. This activity is visible across public and private mar - kets. Corporates are deploying M&A to accelerate digital transformation, strengthen supply chains, and streamline portfolios. Private equity firms remain active, putting the sizeable reserves of commit - ted capital they have raised in recent years to work through platform investments and targeted add-ons. Technology adoption, the energy transition, and the need for resilient, scalable business models continue to shape strategic decision-making. The funding landscape has broadened significantly. Beyond traditional bank financing, private credit, insurance balance sheets, and sovereign wealth funds have become essential sources of capital for larger or more complex transactions, reshaping execution timelines and elevating the importance of financing certainty. Throughout the market, participants are practical rather than overly optimistic. Risks remain – regulatory, political, and operational – but they are increasingly treated as planning considerations rather than barriers to execution. This is reflected in deeper diligence, valuation mechanics that share perfor - mance risk, and transaction terms that more accu - rately factor in regulatory milestones.
Europe Returns to the Forefront of Cross-Border Consolidation A defining development in 2026 is the revival of large cross-border ambition within Europe. Boardrooms are re-evaluating combinations in energy, financial ser - vices, telecommunications, and other sectors where scale, network effects, and capex intensity offer a clear strategic rationale. The ongoing policy discus - sion around building “European champions” (driven by the Draghi report) has evolved from theoretical debate to concrete scenario planning. In several jurisdictions, competition authorities appear more open to accept - ing behavioural commitments or structural remedies where the benefits to resilience and long-term invest - ment are persuasive. This does not signal relaxed enforcement. However, it does suggest that complex transactions, once viewed as unlikely to clear, may now have a clearer regulatory path if accompanied by credible remedy packages and early engagement. As global investors rebalance portfolios and com - petitive pressure from China intensifies, Europe is emerging as a central focus for cross-border M&A. Corporates with clear strategic intent and regulatory readiness are positioned to act while others remain slowed by geopolitical constraints or shifting policy priorities, reinforcing Europe’s role as a key arena for scale and long-term competitiveness. Public Markets: Take-Privates and a Busier Corporate Agenda Public market deal making has regained meaning - ful momentum as stabilising interest rates improve the economics of leveraged take-privates, with sev - eral Dutch-listed companies still trading below their medium-term potential. Private equity bidders remain active, backed by abundant capital and operational
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