This is evident from the M&A Trend Survey Benelux 2024 / 2025 by M&A and Ansarada. For this research, 175 Dutch and Belgian M&A professionals took part in an online survey and the M&A editors interviewed 35 dealmakers live.

The M&A Trend Research is crystal clear: By far the majority of Dutch and Belgian M&A professionals who completed the online survey expect that ICT & Technology will show the most M&A activity in the near future.

Almost all of the 35 dealmakers interviewed by the M&A editors agree with them. And no wonder. Society is still digitizing at a rapid pace, as Hans Swinnen, Partner at private equity firm 3d investors, notes. “That's the main reason for its popularity among dealmakers.” It is also a sector that is constantly innovating, says Sander Neeteson, Head of Corporate Finance ABN AMRO, which is also an incentive for acquisitions and investments.

The opportunities that digitalization offers are great, making many companies in adjacent sectors that succeed in implementing a digital transformation more attractive to dealmakers. Swinnen mentions, for example, business services.

At the same time, not every segment within the ICT & Technology sector is equally promising, experts think. Software companies in particular will be in demand in the coming months, they think. And within this segment, some types of companies are more popular with investors and buyers than others. For example, quite a few AI companies have difficulty finding investors – a topic discussed in the later chapter on AI.

The energy transition is taking place parallel to and sometimes in combination with society's digital transition. This transition is less smooth than the digital transition and not all dealmakers have complete confidence in its growth potential, certainly not in the short term. That is why the sector scores no more than second place in the list of most promising sectors.

Many dealmakers point to the opportunities the sector offers. The global shift to sustainable energy sources is creating enormous demand for investments in solar energy, wind energy, hydrogen technology and energy storage. This transition is driving M&A activity in the energy sector, with companies making strategic acquisitions to strengthen their position in the growing renewable energy market. “The energy transition also requires massive investments in infrastructure, such as smart energy grids, charging points for electric vehicles and green hydrogen pipelines”, says Jan-Hendrik Horsmeier, Partner at law firm Clifford Chance.

The energy sector is also a breeding ground for innovation, with new technologies constantly being developed to improve the efficiency, reliability and sustainability of energy generation and distribution. In other words: "The 'C' of creativity is crucial for traditional industries that have to adapt to new developments within the realm of sustainability and renewable energy", say Kuif Klein Wassink and Ico Jalink, Partners at law firm Dentons. And of course, innovative companies and people attract investment and drive M&A activity.

On the other hand, that growth is not without threats. Fluctuating prices of fossil energy often make the business case for sustainable energy difficult. Politics can throw a spanner in the works, many experts note. Policy changes and uncertainty about the future of subsidies and incentives create uncertainty for investors, making them reluctant to invest in projects that will pay off in the long term.

"I expected a lot from the energy transition", says Marcel Vlaar, Financial Due Diligence Partner at accounting and consultancy organization RSM Netherlands. In 2023, he prepared for a boom in investments in solar panels, heat pumps and battery technologies. But: "The new cabinet has put a brake on this. There was a clear turnaround in the second half of last year. Added to this were rising interest rates, high inflation and increasing economic uncertainty."

A close third in the list of most promising sectors is 'Medical & Biotech', often mentioned by experts in the same breath as 'Healthcare'. Most experts consider it a promising sector due to its high level of innovation, with new technologies constantly being developed, such as personalized medicine, artificial intelligence in healthcare and new treatment methods for diseases such as cancer and Alzheimer's.

These innovations attract significant investments and stimulate M&A activity. Especially if the government drives further growth, as has happened in Belgium in recent years, says Philippe Craninx, Managing Partner at mergers and acquisitions specialist Moore Corporate Finance: "The sector has benefited from an active policy for decades. Both Flanders and Wallonia have invested in these sectors, which has led to a thriving ecosystem."

Another driving factor is that the population is aging, leading to a growing demand for medical products. A growth market where many M&A activities will take place. Jan-Hendrik Horsmeier mainly sees opportunities for private health care. "Especially for the independent treatment centers. The services there are good, the care can be planned and the aftercare is good. There is a great need for this type of service."

Some experts aren't entirely convinced. Tom Snijckers, Partner at M&A consultancy Oaklins Netherlands, points to the bankruptcy of the private equity-funded GP chain Co-Med. He believes it is possible that these types of issues will trigger legislation and regulations that will make future investments more difficult. Horsmeier is not convinced: "I don't see it going away."

Hospitality, Retail and Agriculture are at the bottom of the list of promising sectors. The hospitality industry and retail have in common that they focus strongly on the consumer. But due to the high inflation of the past two years, many consumers are tightening their purse strings in response to the rising cost of living.

There are also differences. Shortly after the corona crisis, there was a pent-up demand from which the catering industry in particular benefited (as well as the Tourism & Leisure sector), but that peak turned out to be short-lived. Too short for many catering companies to clear their corona debts. It is now a sector that is 'driven by reorganizations and not by the upside', in the words of Peter Zwijnenburg, Managing Director M&A and Transaction Solutions EMEA at Aon.

Retail has emerged from the corona crisis better than the hospitality industry, but many companies are under pressure due to the continued rise of e-commerce. Swinnen paints a bleak picture: "This sector is having a hard time. We will probably see a shake out, with some companies simply disappearing."

The problems in agriculture differ significantly from those in the catering and retail sectors. But here too, we will probably see few deals in the next 12 months. Especially if the deal climate deteriorates due to (possible) changes in legislation and regulations. For example, Swinnen mentions the uncertainty about the requirements imposed on nitrogen emissions by agricultural companies.

Digitalization, the energy transition and the aging population: these are megatrends that no one can ignore. That is why the ICT & Technology, Energy and Medical & Biotech sectors are seen by so many experts as particularly promising.

But they are not the only sectors with potential. Opinions about the Mobility sector, the Financial sector and the Food sector are strongly divided, and many participants in the survey see little in sectors such as Construction and Logistics & Transport. But the arguments of the experts who see possibilities here make sense. Because these are often traditional sectors that can be modernized through investments in ICT and technology. Or where all kinds of efficiency gains can be achieved through consolidation.

Karel Pinxten, Partner Mergers & Acquisitions at accounting and consultancy organization Deloitte Belgium, for example, emphasizes the increasing importance of technology and ICT in the logistics sector and the need to invest in greening – just think of the replacement of diesel trucks with electric ones. "That then creates an opening for parties to come on board and contribute the necessary capital to make that greening investment."

Sander Neeteson, who speaks of 'a great need for consolidation in construction, driven by the measures to build many homes and the many infrastructure projects.' He notes that despite traditionally low margins in construction, private equity is showing interest in this sector, possibly focusing on economies of scale and innovation through modular construction.