NETHERLANDS Trends and Developments Contributed by: Maarten de Boorder, Samuel Garcia Nelen, Jelmer Kalisvaart and Bas Vletter, Greenberg Traurig, LLP
expertise, while strategic buyers pursue acquisitions to secure technology, market access, or capacity that would take too long to develop organically. These groups increasingly team up in joint acquisition struc - tures, combining flexible private equity funding with strategic sector insight to navigate capital constraints and accelerate execution. The surge in global mega-deals that began in late 2025 has continued into 2026, reinforcing the view that top- end market activity is structurally returning rather than merely rebounding. Cross-border European acquir - ers are also revisiting Dutch-listed assets as part of broader consolidation strategies, raising expectations around deal certainty as Dutch boards scrutinise con - ditionality, financing strength, and regulatory deliver - ability, while requiring credible post-closing plans for employees, customers, and other stakeholders. With multiple take-privates already underway, public markets are set to remain a significant channel for Dutch M&A throughout the year, further supported by the rise of private credit and the advantages of oper - ating outside quarterly reporting cycles – especially for companies undergoing strategic repositioning or multi-year transformations. Meanwhile, equity capital markets remain selective but more constructive than in recent years, with a pipeline that includes large spin-offs and sponsor-backed businesses with inter - national footprints seeking broader investor bases and strategic currency through public listings, for which Amsterdam continues to offer an attractive European venue. At the same time, smaller issuers increasingly consid - er delisting where private ownership better supports long-term investment, lowers compliance burdens, and offers greater flexibility, while some explore for - eign listing venues to tap deeper capital pools or more sector-aligned investor communities. Overall, 2026 is shaping up to be a more active yet still highly selective year for equity market alternatives. Shareholder Activism and Board Preparedness Shareholder activism remains a prominent feature of the Dutch market. Investors engage assertively on corporate strategy, portfolio composition, and capital allocation. Campaigns frequently blend public
messaging with intensive private dialogue. Compa - nies that articulate a coherent strategy and respond thoughtfully to shareholder feedback can often build supportive coalitions, even where difficult trade-offs are involved. Activism is also intersecting with Europe’s renewed consolidation agenda. Where investors believe that competitive scale or trapped value can be unlocked, they increasingly push boards to evaluate transforma - tional combinations rather than incremental adjust - ments. This trend underscores the need for boards to maintain an up-to-date view of standalone and com - bination scenarios, anticipate unsolicited approaches, and consider potential regulatory remedies at an early stage. Thoughtful engagement with key sharehold - ers, on strategy, financing, and stakeholder consid - erations, reduces the risk of surprises and supports disciplined execution when opportunities arise. AI and Advanced Technology: Opportunity With Sharper Oversight Artificial intelligence has become central to corpo - rate strategy across multiple Dutch sectors, including financial services, logistics, industrials, and health - care. Companies are acquiring AI capabilities to automate processes, enhance predictive accuracy, and redesign customer propositions. For many, buy - ing or partnering remains a faster and less risky path than building capabilities internally, which explains the wide range of transactions. At the same time, activ - ity levels differ meaningfully by sector: financial ser - vices and technology continue to show above-aver - age momentum, supported by strong fundamentals, while consumer and industrial segments remain more selective, with only specific subsectors accelerating as market conditions normalise. Regulators are paying much closer attention to tech - nology-driven deals. Competition authorities increas - ingly view data concentration, algorithmic advan - tage, and potential impacts on nascent competition as critical issues. Several EU member states have begun invoking national “call-in” powers to review transactions involving strategically important technol - ogy, even where they fall below traditional notification thresholds. This creates a more complex regulatory
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