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Elections and budgets shaped when deals happened: what IMAP's Q1–Q3 results mean for Irish business owners
IMAP advisors closed 194 M&A transactions globally in the first nine months of 2026, worth more than USD 13 billion. Key Capital is the exclusive Irish member firm of IMAP.
Timing was shaped by political and fiscal events
IMAP's partners report that across the first nine months the constraint was not buyer appetite. In several markets, elections, political transitions and budget decisions have shaped when deals start or complete. Where clarity returned, activity followed.
UK: deals were brought forward ahead of a budget expected to change Capital Gains Tax (CGT).
Germany: sentiment has risen to its highest level since 2023, although limited structural reform, and geopolitical risk continue to weigh on investment appetite
Sweden: owners affected by the incoming government are waiting for it to take office before starting a sale process.
Partners also report growing mandates, more deals moving into due diligence and more client inquiries since the summer. Buyers are pricing deals against today's financing conditions rather than waiting for cheaper capital.
What it means for Irish business owners
For Irish business owners, three points follow:
Irish budget CGT reduction is a positive for Irish business owners looking to sell. While modest, the recent budget announcement of a cut in CGT from 33% to 31% for disposals made on or after 7 October 2026 is a welcome addition for Irish sellers.
The buyer may be international. Their home market politics, tax and financing can affect when a deal progresses.
Early market testing helps. Understanding who is active, and on what terms, gives owners more options.
"Irish business owners often find the buyer universe is wider than they expected. Knowing what buyers are active, on what terms and in what timeframe is the starting point for any decision about selling"Katie O'Connell, Key Capital
Read more here: Global M&A Perspectives by Region: Partner Insights
Since January 2025, IMAP has advised on more than 400 transactions worth over USD 27 billion. The IMAP DealBook 2026 sets out these transactions across sectors and countries.
For how to prepare, see our article on Exit Readiness and Deal Structure in M&A.
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Key Capital is the exclusive Irish member firm of IMAP, an International Mergers and Acquisitions Partnership of more than 450 M&A professionals in 51 countries. IMAP has closed over 2,200 transactions valued at $130bn in the last 10 years and is consistently ranked in the world’s Top 10 M&A advisors (LSEG) for mid-market transactions.
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