This browser is not actively supported anymore. For the best passle experience, we strongly recommend you upgrade your browser.
Norton Rose Fulbright logo
  • Global
  • About
    • Back
    • About
    • Our firm
      • Back
      • Our firm
      • Clients
      • Global coverage
      • Vision, culture and people
      • Governance structure
      • Risk management
      • NRF Transform
      • Alumni
    • Diversity, Equity & Inclusion
      • Back
      • Diversity, Equity & Inclusion
      • Our people
      • Recognition
      • Governance
    • Corporate responsibility
      • Back
      • Corporate responsibility
      • Pro bono
      • Volunteering
      • Fundraising
      • Sustainable practice
      • Global charitable initiatives
    • Photo montage
      RE:

      Read our magazine
  • People
  • Services
    • Back
    • Services
    • Services A-Z
    • Key industries
      • Back
      • Key industries
      • Consumer markets
      • Energy, infrastructure and resources
      • Financial institutions
      • Life sciences and healthcare
      • Technology
      • Transport
    • Practices
      • Back
      • Practices
      • Antitrust and competition
      • Banking and finance
      • Bankruptcy, financial restructuring and insolvency
      • Climate change and sustainability
      • Consulting
      • Corporate, M&A and securities
      • Employment and labor
      • Energy
      • Environmental, social and governance (ESG)
      • Financial services and regulation
      • Information governance, privacy and cybersecurity
      • Intellectual property
      • Litigation and disputes
      • Private equity and venture capital
      • Projects
      • Real estate
      • Regulation and investigations
      • Risk advisory
      • Tax
      • Banking and finance
      • Climate change and sustainability
      • Corporate, M&A and securities
      • Energy
      • Financial services and regulation
      • Intellectual property
      • Private equity and venture capital
      • Real estate
      • Risk advisory
    • NRF Transform
    • Transform image

      Find out more
  • Insights
    • Back
    • Insights
    • NRF InstituteProfessional developmentResources and tools
    • PublicationsBlogsVideos
    • EventsWebinarsPodcasts
    • colorful light particles
      Sustainability and ESG

      Visit the hub
  • News
    • Back
    • News
    • Press releases
    • Market recognitions
    • Media information
  • Locations
  • Careers
    • Back
    • Careers
    • Graduates and students
    • Search current vacancies
      • Back
      • Search current vacancies
  • Change
  • Global
    • Back
    • global site
    • North America
      • Canada (English)
      • Canada (Français)
      • United States
    • Latin America
      • Latin America
      • Brazil
      • Mexico
    • Europe
      • Belgium
      • Deutschland (Deutsch)
      • France
      • Germany (English)
      • Greece
      • Italy
      • Luxembourg
      • Poland
      • The Netherlands
      • Turkey
      • United Kingdom
    • Middle East
    • Africa
      • Africa
      • Burundi
      • Kenya
      • Morocco
      • South Africa
      • Uganda
      • Zimbabwe
    • Asia Pacific
      • Australia
      • China
      • Hong Kong SAR
      • Indonesia
      • Japan
      • Singapore
      • Thailand
    • Regional practices
      • India
      • Israel
      • Korea
      • Marshall Islands
      • Nordic region
      • Pakistan
      • Vietnam
Lake in the forest

Connections

Insights, perspectives and viewpoints from our lawyers on topical issues

All Posts Subscribe
print-logo
10/1/2025 9:39:50 AM | 2 minute read

Tech M&A outlook part 1: Investment & regulatory trends in Europe

featured image

Get in touch

Avatar
Sean Murphy
Global head of FinTech

Get in touch

Avatar
Sean Murphy
Global head of FinTech

There were high hopes heading into 2025 that we would see a rebound in M&A around the world, however geopolitical and macroeconomic uncertainty meant the market was more subdued than many had been hoping for. 

Global technology, media and telecommunications (TMT) deal volumes decreased in the first half of 2025, however interestingly, global TMT deal values are up, which means we saw fewer, but higher value deals. 

In this video, we reflect on what’s already happened this year in tech M&A, and share our predictions of what we think we happen for the rest of the year and into 2026.

 

Outlook across Europe

Although tariff disputes between the EU and US has been a key factor in the lack of deal volume across Europe, AI is driving activity in the TMT sector, making it one of the more active industries across the continent this year, with acquirers looking to secure AI expertise for next generation software and intellectual property (IP).

The private equity (PE) sector is also active, with investors focusing on software & infrastructure, particularly data centres and fibre networks. 

The defense sector has been picking up, and we’re seeing a flurry of M&A deals, especially in Germany in the traditional defense sector, but also very large financing rounds for German defense tech companies, which we expect to continue for at least the next 12-18 months.

How is regulation impacting M&A and investment in the TMT sector in the UK and across Europe?

Merger control 

There is a lot going on in the merger control space that will affect the tech sector, and lots of change on the way, including a significant shift in how the CMA approaches mergers, following the government giving the CMA a clear strategic steer to focus on driving growth in the UK economy. This has resulted in a new framework for delivering work – referred to as the four Ps – pace, predictability, proportionality and process.

It’s good news for companies considering acquisitions in, or that might affect, the UK, as more predictability will be helpful in terms of deal planning and understanding which regimes are likely to apply. 

In terms of the EU, one of the big developments to keep an eye out for is the ongoing review of the European Commission’s merger guidelines, signalling an intention by the Commission to get to grips with the way the world is changing, with the review covering topics such as innovation, sustainability, clean tech and digitalisation. For those looking to invest in the tech sector, this guidance will be really important in understanding where and to what extent the Commission might have issues with the deal. 

The National Security Regime

The National Security Regime in the UK has had a significant impact, with notifications up 25% in the year up to the end of March 2025. It represents an important deal planning point, because once deals are caught by the regime, they must be notified and approved before they can close. 

The government is working on some technical changes to this system, including changes to some of the specialist sectors which are at the heart of the regime which will be of particular interest companies operating in the tech sector.  These include new sectors for semiconductors and critical minerals, and updates to existing sectors including advanced materials, AI, data infrastructure and synthetic biology. 

We will be keeping a close eye on these trends and will share any updates with you moving forwards.

Stay tuned for part 2 of our Tech M&A outlook series, which will focus on the US market, looking at what we’re seeing, market trends and outlook, as well as regulatory impacts.

Subscribe to our Connections insights Sign-up now

Tags

technology, corporate m&a and securities

Get in touch

Avatar
Sean Murphy
Global head of FinTech

Get in touch

Avatar
Sean Murphy
Global head of FinTech

Latest Insights

Notice in a nutshell: Individual lack of integrity and a reminder of the need for effective contemporaneous governance arrangements
9/30/2025 3:21:33 PM

Notice in a nutshell: Individual lack of integrity and a reminder of the need for effective contemporaneous governance arrangements

By Katie Stephen
10
10
The future of offshore wind and vessel innovation: Key takeaways from LISW
9/29/2025 10:02:42 AM

The future of offshore wind and vessel innovation: Key takeaways from LISW

By Andrew Williams Nick Roberts Jiya Saggu
10
10
Maritime cyber defence and risk intelligence: Insight from LISW
9/26/2025 11:53:15 AM

Maritime cyber defence and risk intelligence: Insight from LISW

By Philip Roche Jonathan Ball Kamya Gopal-Kotecha
2
16
18

Explore our site

  • About
  • Careers
  • Diversity, equity and inclusion
  • People
  • Services
  • Insights
  • News

Key industries

  • Consumer markets
  • Energy, infrastructure and resources
  • Financial institutions
  • Life sciences and healthcare
  • Technology
  • Transport

Locations

  • Global coverage

Norton Rose Fulbright © 2024. All Rights Reserved.

  • Amsterdam
  • ●
  • Athens
  • ●
  • Austin
  • ●
  • Bangkok
  • ●
  • Beijing
  • ●
  • Brisbane
  • ●
  • Brussels
  • ●
  • Bujumbura**
  • ●
  • Calgary
  • ●
  • Canberra
  • ●
  • Cape Town
  • ●
  • Casablanca
  • ●
  • Dallas
  • ●
  • Denver
  • ●
  • Dubai
  • ●
  • Durban
  • ●
  • Düsseldorf
  • ●
  • Frankfurt
  • ●
  • Hamburg
  • ●
  • Harare**
  • ●
  • Hong Kong SAR
  • ●
  • Houston
  • ●
  • Istanbul
  • ●
  • Jakarta*
  • ●
  • Johannesburg
  • ●
  • Kampala**
  • ●
  • London
  • ●
  • Los Angeles
  • ●
  • Luxembourg
  • ●
  • Melbourne
  • ●
  • Mexico City
  • ●
  • Milan
  • ●
  • Minneapolis
  • ●
  • Monaco
  • ●
  • Montréal
  • ●
  • Munich
  • ●
  • Newcastle
  • ●
  • New York
  • ●
  • Nairobi**
  • ●
  • Ottawa
  • ●
  • Paris
  • ●
  • Perth
  • ●
  • Piraeus
  • ●
  • Québec
  • ●
  • Riyadh*
  • ●
  • San Antonio
  • ●
  • San Francisco
  • ●
  • São Paulo
  • ●
  • Shanghai
  • ●
  • Singapore
  • ●
  • St. Louis
  • ●
  • Sydney
  • ●
  • Tokyo
  • ●
  • Toronto
  • ●
  • Vancouver
  • ●
  • Warsaw
  • ●
  • Washington DC *associate office **alliance
  • Legal notices and disclaimers
  • Impressum
  • Standard terms
  • Blog network terms and conditions
  • Cookies policy
  • Privacy notice
  • Website access conditions
  • Fraud alerts
  • Modern Slavery Statements
  • Health plan machine readable files
  • Anti-Facilitation of Tax Evasion Statement
  • Suppliers
  • History
  • Remote access
  • Sitemap
Offices and locations

Norton Rose Fulbright © 2024. All Rights Reserved.

  • Amsterdam
  • ●
  • Athens
  • ●
  • Austin
  • ●
  • Bangkok
  • ●
  • Beijing
  • ●
  • Brisbane
  • ●
  • Brussels
  • ●
  • Bujumbura**
  • ●
  • Calgary
  • ●
  • Canberra
  • ●
  • Cape Town
  • ●
  • Casablanca
  • ●
  • Dallas
  • ●
  • Denver
  • ●
  • Dubai
  • ●
  • Durban
  • ●
  • Düsseldorf
  • ●
  • Frankfurt
  • ●
  • Hamburg
  • ●
  • Harare**
  • ●
  • Hong Kong SAR
  • ●
  • Houston
  • ●
  • Istanbul
  • ●
  • Jakarta*
  • ●
  • Johannesburg
  • ●
  • Kampala**
  • ●
  • London
  • ●
  • Los Angeles
  • ●
  • Luxembourg
  • ●
  • Melbourne
  • ●
  • Mexico City
  • ●
  • Milan
  • ●
  • Minneapolis
  • ●
  • Monaco
  • ●
  • Montréal
  • ●
  • Munich
  • ●
  • Newcastle
  • ●
  • New York
  • ●
  • Nairobi**
  • ●
  • Ottawa
  • ●
  • Paris
  • ●
  • Perth
  • ●
  • Piraeus
  • ●
  • Québec
  • ●
  • Riyadh*
  • ●
  • San Antonio
  • ●
  • San Francisco
  • ●
  • São Paulo
  • ●
  • Shanghai
  • ●
  • Singapore
  • ●
  • St. Louis
  • ●
  • Sydney
  • ●
  • Tokyo
  • ●
  • Toronto
  • ●
  • Vancouver
  • ●
  • Warsaw
  • ●
  • Washington DC *associate office **alliance
Policies and disclaimers
  • Legal notices and disclaimers
  • Impressum
  • Standard terms
  • Blog network terms and conditions
  • Cookies policy
  • Privacy notice
  • Website access conditions
  • Fraud alerts
  • Modern Slavery Statements
  • Health plan machine readable files
  • Anti-Facilitation of Tax Evasion Statement
  • Suppliers
  • History
  • Remote access
  • Sitemap
Visit our global site, or select a location
North America
  • Canada (English)
  • Canada (Français)
  • United States
Latin America
  • Brazil
  • Mexico
Europe
  • Belgium
  • Deutschland (Deutsch)
  • France
  • Germany (English)
  • Greece
  • Italy
  • Luxembourg
  • Poland
  • The Netherlands
  • Turkey
  • United Kingdom
Middle East
Africa
  • Burundi
  • Kenya
  • Morocco
  • South Africa
  • Uganda
  • Zimbabwe
Asia Pacific
  • Australia
  • China
  • Hong Kong SAR
  • Indonesia
  • Japan
  • Singapore
  • Thailand
Regional practices
  • India
  • Israel
  • Korea
  • Marshall Islands
  • Nordic region
  • Pakistan
  • Vietnam