M&A Outlook 2025

Dutch M&A trends in Technology, Media & Telecom industry

Nederlandse M&A-trends in de Consumer Markets-industrie
  • Publication
  • 27/03/25

In 2024, mid-market transactions dominated the Dutch technology, media and telecom (TMT) sector. While TMT deal volumes and values in the Netherlands mirrored global trends, the Dutch market showed resilience with robust activity in subsectors such as software, data analytics and IT services.  

In 2025, the Dutch M&A market is expected to see more private equity-backed deals, especially in IT services. Firms will leverage capital reserves to target sector-specific growth opportunities. However, challenges to sustained TMT M&A growth will persist, including high interest rates, inflation, geopolitical uncertainties, and limited financing for large-scale transactions. The result of the US presidential election could lead to more lenient regulations, potentially facilitating large-scale deals that could directly impact not only the TMT sector but also other industries.

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‘The Dutch TMT sector is poised for a dynamic year of M&A activity, driven by the strategic imperative for digital transformation and the pursuit of sector-specific growth opportunities. Private equity will fuel this momentum, particularly within IT services and software.’

Casper SchefferTMT deals leader PwC Netherlands

Several key themes are expected to impact M&A activity in the Dutch TMT sector in 2025

  • Digital transformation and technology-driven companies: the strategic imperative for digital transformation across various TMT and other subsectors is anticipated to fuel M&A activity. Companies are increasingly focusing on areas like AI, cybersecurity and cloud services to stay competitive and drive growth. The high market demand in these technology-driven sectors is expected to trigger more acquihire-related transactions, further driving M&A activity.
  • Private equity: PE firms are expected to play a significant role in the Dutch TMT sector. With abundant 'dry powder' available, PE-backed deals are likely to increase. The focus is shifting from accelerated growth to profitability, resulting in international platform companies exiting markets and investing in others.
  • Subsector hotspots: the IT services and software market is likely to continue overperforming in terms of activity, with some substantial transactions rumoured to come to market this year. The semiconductor equipment and specialty Integrated Device Manufacturers (IDMs) sectors are expected to see further consolidation, driven by the presence of large players in the industry. Semiconductor capabilities are very advanced and require state-of-the-art R&D and manufacturing capabilities, offering significant potential for spillover effects to adjacent markets, such as med-tech and defence. Furthermore, the data centre industry is expected to see continued M&A activity, with access to the power grid being a strategic consideration. The fully utilised Dutch electricity grid presents challenges but also opportunities for innovative energy solutions. Lastly, we expect M&A (or IPO) activity in the telecom and media industries.
  • Consolidation is expected to fuel M&A activity in 2025, driven by the strategic aim of optimising portfolios and enhancing market presence. The telecom sector could benefit from the consolidation of its four networks, potentially realising value creation opportunities. However, broadcasting and other media consolidations face challenges due to perceived market concentration concerns and the need for regulatory approval. Consolidation is also expected among the more than three hundred smaller companies within the semiconductor ecosystem.
  • The regulatory landscape significantly influences M&A activity in the TMT sector. Increasing regulatory scrutiny has led to more stringent antitrust reviews and compliance requirements. For instance, the EU's Digital Markets Act (DMA) imposes strict regulations on digital gatekeepers, making it challenging for large tech companies to secure approval for acquisitions. M&A activity in the TMT sector must navigate a complex regulatory environment, balancing growth ambitions with adherence to evolving legal standards. Pan-European as well as local Dutch communities are making a plea to simplify the regulatory landscape to help companies grow faster and be more competitive.

‘Capitalising on M&A opportunities will be crucial as companies navigate technological disruption and regulatory challenges, focusing on consolidation and transformation to thrive in the evolving TMT landscape.’

Casper SchefferTMT deals leader PwC Netherlands

CEOs concerns: technological disruption and inflation

PwC’s 28th CEO survey reveals that:

  • Macroeconomic volatility and inflation are major concerns for Dutch CEOs in the technology, media and telecom sector. 
  • CEOs in the technology sector are most concerned about technological disruption and a shortage of workers with key skills. They perceive these threats to be bigger than the global average in other sectors. 
  • CEOs in the telecom sector are most concerned about inflation, more than the global average. When it comes to cyber risk, they are much more concerned than the global average.   

CEOs are taking actions to reinvent their companies 

PwC's 28th CEO survey also shows that a significant proportion of CEOs doubt the long-term viability of their company's business model. They recognise that technological advancements, changing consumer preferences and government regulations will significantly impact their companies in the coming years. 

The pressure to reinvent their company is therefore considerable and has led to proactive steps to reinvent their business models, leveraging technology and AI for efficiency and innovation. Generative AI (GenAI) is quickly becoming key to transforming internal operations. TMT companies are ramping up adoption across their business functions.

As a result, the AI boom and the ongoing technology disruption are positioning the TMT sector as an active area for M&A in 2025. AI has revolutionized industries, driving innovation and prompting companies to integrate AI startups into their digital transformation strategies. With its vast potential to unlock new revenue streams and act as a catalyst for change, AI is fuelling a strong focus on reinvention and technological integration.

Capitalising on M&A opportunities in the Dutch TMT sector

In summary, the Dutch TMT sector is poised for increased M&A activity in 2025, driven by digital transformation, private equity involvement and technology-driven companies. Subsector hotspots, such as IT services, software and semiconductor equipment, are expected to see significant activity. For M&A professionals, focusing on portfolio optimisation, value creation, business model reinvention and regulatory compliance will be key to capitalising on opportunities in 2025.

Would you like to know more about the M&A Outlook and opportunities in the Technology, Media & Telecommunications industry?

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Casper  Scheffer

Casper Scheffer

Partner, PwC Netherlands

Tel: +31 (0)61 394 96 57

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