DENMARK Trends and Developments Contributed by: Morten Jensen, Elise Ross-Hansen, Frederik André Bork and Paula Grønlund, Bruun & Hjejle
Mid-sized transactions saw a strong resurgence, driven by strategic acquisitions and market con - solidation, while the number of large-scale deals also increased. The two largest M&A transactions in Denmark in 2024 were DSV A/S’s acquisition of DB Schen - ker for EUR14.3 billion and Novo Holdings A/S’s acquisition of Catalent, Inc for EUR15.3 billion – the latter marking the largest deal in Danish M&A history. Outlook for 2025 As 2024 came to a close, expectations for 2025 suggested continued M&A momentum. How - ever, as the first quarter unfolds, the market is grappling with heightened uncertainty linked to US policies and geopolitical shifts. New tar - iffs, foreign policy changes, and a protection - ist stance from the USA have affected investor sentiment, particularly in sectors reliant on inter - national supply chains and cross-border trans - actions. As a result, some deal-making activity seems to have slowed down, with buyers and sellers adopting a more cautious approach. If this uncertainty persists, the market may lean towards more conservative, smaller-scale trans - actions as businesses prioritise stability. Despite this uncertainty, the renewable energy sector is expected to drive further investment and consolidation, supported by the global transition to a low-carbon economy. However, shifts in US policy could introduce additional challenges and temper investor risk appetite in certain areas of the sector. Meanwhile, the life sciences and pharmaceutical industries are likely to remain attractive due to ongoing medi - cal advancements and the increasing demand for innovative healthcare solutions.
On the regulatory front, while the European Com - mission has signalled a push for deregulation to enhance European competitiveness, regulatory scrutiny in M&A is still expected to increase, par - ticularly in areas related to environmental, social and governance (ESG) compliance. Companies navigating the Danish M&A landscape in 2025 will need to address evolving ESG standards and regulatory complexities to successfully complete transactions. Overall, while the Danish M&A market is poised for continued activity and growth in 2025, sig - nificant uncertainty surrounding global trade tensions and geopolitical instability could create headwinds. Companies and investors will need to remain agile, adapting to evolving market con - ditions to capitalise on emerging opportunities. Key trends for 2025 are set out below. Transactions in the Technology Sector The TMT sector has consistently ranked among the most active in the Danish M&A market. Despite ongoing geopolitical uncertainties, the technology sector has demonstrated resilience, and expectations remain high for continued deal activity. A key driver of this sustained momentum is the rapid advancement of artificial intelligence (AI), which has fuelled strong investor interest. Both domestic and international investors are actively seeking AI-driven businesses, making companies in this space particularly attractive acquisition targets. Furthermore, technology- driven innovation has become a strategic prior - ity across industries, prompting companies to pursue acquisitions that enhance their digital capabilities.
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