(04.03.2026) Swiss SMEs recorded a strong rebound in mergers and acquisitions (M&A) activity in 2025. The total number of transactions reached 208, representing an increase of +16% compared with 2024, according to the annual study conducted by Deloitte.
The recovery was driven primarily by renewed interest from international investors. Inbound transactions, defined as the acquisition of Swiss SMEs by foreign companies, increased by 65% to 104 deals, representing a record level. Switzerland’s economic stability, amid global volatility, supported investor activity. Domestic transactions between two Swiss entities also rose in 2025, increasing by 10%.
Investors focused in particular on the IT services and software sector (+28% of domestic and "inbound" transactions, compared with +14% in 2024), as well as on the life sciences and healthcare sector (+16%).
By contrast, acquisitions abroad by Swiss SMEs ("outbound") declined significantly (-25%), totaling 51 transactions. According to the study’s authors, this cautious approach reflects uncertainty regarding tariffs and a renewed focus by Swiss companies on their core activities during a period of heightened trade tensions.
With 116 transactions (+45%), private equity funds played a central role in 2025, accounting for 56% of total M&A activity. This development was largely driven by a 156% increase in "bolt-on" acquisitions carried out by companies backed by foreign private equity funds.
The consulting firm expects the recovery in M&A activity to continue in 2026, supported by GDP growth of +1.1% and inflation contained at +0.2%, as well as favorable monetary policies of the Swiss National Bank and the European Central Bank.
Last modification 04.03.2026
