Switzerland has emerged as one of Europe’s most active M&A markets in 2025, with deal volumes surging over 465% year-to-date to $16.7bn driven in part by significant private equity dealmaking, according to a report by Bloomberg.
Notable PE deals include Advent International’s CHF1.05bn ($1.3bn) acquisition of Swiss-listed semiconductor firm U-blox Holding AG, announced earlier this week.
The sharp rise in dealmaking comes despite macroeconomic headwinds, including a surprise 39% US tariff on Swiss imports – the steepest among developed markets. The move has prompted many Swiss corporates to reevaluate global strategies and pursue M&A to mitigate revenue risk and drive growth.
Switzerland’s open stance toward foreign investment, combined with a resilient mid-cap sector, continues to attract inbound capital. And outbound activity remains strong as well.
Major Swiss corporates, including Novartis, SoftwareOne, and OC Oerlikon, have turned to cross-border acquisitions to scale, access new technologies, and solidify market positions. Domestic consolidation is also accelerating, exemplified by the proposed merger between Helvetia and Baloise, which would create Switzerland’s second-largest insurer.
Structural simplification and corporate spin-offs are also gaining traction. ABB is exploring options for its robotics unit, while Nestlé has announced plans to separate its water business, which includes Perrier and S Pellegrino.
UBS’s Head of Investment Banking for Switzerland, Jens Haas, noted a positive trend in large-cap activity focused on transactions with a high certainty of execution.
Looking ahead, dealmakers expect continued momentum in key sectors such as industrials, healthcare, and financial services.
