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Everyone’s talking about AI as if it will soon run M&A deals on autopilot. But Alexander Veithen has spent more than two decades inside real transaction rooms at BDO Belgium, and he says that technology has a tremendous impact on deal-making, except for one element: the handshake between two people who are convinced they have done the best deal.

At the request of the Minister of Economy, the Belgian Competition Authority (BCA) has launched an investigation into Live Nation’s acquisition of the Pukkelpop music festival.

Belgian-founded online learning platform DataCamp has acquired Dubai-based AI start-up Optima for around 15 million dollars in cash and shares. The deal brings about ten AI specialists on board and marks DataCamp’s first major acquisition since its founding in 2013.

Antwerp-based luxury resale company Labellov has acquired fellow Belgian platform Designer Wish Bags, marking further consolidation in the secondhand luxury fashion market.

Studibo from Ghent has acquired DuurzaamheidsCertificering, a Dutch advisory firm specialised in BREEAM In-Use certification.

The M&A Community Belgium proudly announces the establishment of its advisory board, a select group of leading professionals from across the dealmaking spectrum. Bringing together expertise from corporate finance, private equity, law, academia, and industry, the board will guide the Community’s strategic direction, foster collaboration, and ensure that Belgium’s M&A ecosystem continues to evolve with insight and impact.

Beaulieu International Group (B.I.G.) has announced that its subsidiary, New Congol LLC, will acquire the assets of Congoleum Acquisition LLC, which operates under the name Congoleum Flooring.

The State of Belgian Tech Report 2025, published today by Syndicate One, Bain & Company, Sofina, and SFPIM, reveals a sharp slowdown in Belgian tech equity funding during the first half of 2025 – though early-stage investment continues to show remarkable resilience.

Belgian investment company Gimv has taken a minority stake in Quality Guard, a fast-growing Belgian software provider specialising in digital food safety and compliance management.

Belgian IT services company Cheops has acquired the Talent Solutions division of Systemat, further strengthening its position as a leading Managed Service Provider (MSP) in Belgium and expanding its presence into Brussels and Wallonia.

Norwegian software group Visma continues to strengthen its position in the Belgian accounting software market with the acquisition of TwinnTax, a Walloon specialist in workflow automation for accounting firms.

Bencis Capital Partners has successfully raised 625 million euros for its seventh investment fund, Bencis VII, reaching its hard cap at the first and final closing.

Belgian investment holding Groupe Bruxelles Lambert (GBL) has initiated the sale of a substantial portion of the assets held by GBL Capital, its indirect private assets platform, marking a major step in the simplification of its portfolio and realization of significant liquidity.

U.S. agribusiness giant J.R. Simplot Company has finalized its acquisition of Clarebout Potatoes, Belgium’s leading producer of frozen potato products. The deal, previously announced, marks a major expansion of Simplot’s global potato processing operations.

During the recent Private Equity Summit, a roundtable discussion took place on a provocative topic: Is ESG dead? How do investment managers perceive environmental, social, and governance (ESG) principles today? Is it just a passing trend, or is it transforming into something new?

The family-owned Windel Group has acquired Belgian premium chocolate producer The Chocolate Family (TCF) from the Huurman family.

How team.blue is rapidly building a European ecosystem for SMB software.

Danish home furnishings chain Jysk is significantly expanding its presence in Belgium with the addition of 16 new stores. The company will take over nine outlets from Leen Bakker and open seven more in former Shopping Cora locations.

Belgian investment company Quest for Growth (Euronext Brussels: QFG), managed by Capricorn Partners, has announced a strategic reorientation aimed at returning to its core mission: investing in unquoted growth companies and successful small-cap stocks.

Belgian paint producer Boss Paints has acquired Pinson Paint, a Dutch paint company operating under the Vink Verf trade name.

Belgian bank-insurer Argenta is reportedly considering a takeover of Dutch lender NIBC Bank, according to Belgian financial newspaper L’Echo.

Belgium’s M&A market continues to show resilience in 2025, with deal activity remaining strong in the mid-market and private equity segments.

Prime Care Clinics, a portfolio company of Vendis Capital, has acquired LOOY Clinics, further strengthening its position in the fast-growing cosmetic treatments market and expanding its network with a leading clinic in the eastern Netherlands.

The fitness chain Basic Fit is taking over the German industry peer Clever Fit, founded in 2007.

On Thursday 23rd, the M&A Community Belgium hosted the second edition of the Private Equity Summit, once again a resounding success. Over 150 fund managers and industry experts came together to network and exchange ideas on how private equity firms must evolve to stay competitive, relevant, and impactful over the next five years and beyond.

The European Commission has granted approval for the merger between Dutch dairy cooperative FrieslandCampina and Belgian dairy group Milcobel, concluding that the deal does not raise competition concerns in the markets where the two companies operate. FrieslandCampina announced the decision on Wednesday.

On December 4th we celebrate excellence in M&A, corporate finance, private equity and venture capital at the eighth edition of the Belgian M&A Awards. The jury has selected 18 outstanding deals across six categories.

Belgian private equity firm KeBeK Private Equity has acquired a majority stake in JANZEN, the fast-growing Dutch home and body lifestyle brand. The transaction marks the second investment of KeBeK’s latest fund, KeBeK IV, which is currently in fundraising with a target size of 75 million euros.

Sweco acquires assar architects to strengthen integrated design capabilities in Belgium, France and Luxembourg.

One of Belgium’s largest promotion platforms, myShopi, will have a new owner as of January 1, 2026.

Walk into most post-acquisition integration meetings and you'll hear the same playbook: centralise systems, standardise processes, eliminate redundancies. It's M&A 101, taught in every business school and preached by every consultant.

The Dutch Vos Transport Group has expanded its Benelux footprint through the acquisition of Belgian transport company Mvitra NV, based in Diest. The takeover, effective 10 October 2025, marks a strategic move to enhance Vos Transport Group’s road transport and warehousing network in the region.

Fortino Capital appoints Wouter Goossens and Patrick Hermann as Partners within Fortino Ventures.

Belgian sealant and PU foam producer Soudal is strengthening its position in the Middle East through two strategic acquisitions, targeting one of the world’s fastest-growing construction markets.

Marketing technology company DESelect has announced it is joining Unaric, a rapidly expanding global tech firm focused on transforming how Salesforce customers leverage artificial intelligence.

New alliance launches “Whyte EU” to strengthen European public affairs presence in Brussels.

Intero – The Sniffers and Aeromon have announced their merger, creating a global leader in emission detection, quantification, and management solutions.

Belgian pharmaceutical company Ceres Pharma NV has acquired 100 percent of the shares of BioCo Kft., a leading Hungarian developer, manufacturer, and distributor of dietary supplements, subject to regulatory approval.

Pan-European private equity firm Apheon has acquired a majority stake in Golmar Italia S.p.A., a leading Italian distributor of professional cleaning and hygiene products.

AI is fundamentally reshaping the world of consulting — including in M&A. For decades, the classic “pyramid” model dominated (large groups of juniors collecting data and building models, supported by a small top of senior partners). That model is now being undermined by AI.

Technological due diligence is increasingly crucial in M&A deals. How do you separate genuine AI capabilities from marketing spin?

Belgian logistics giant Gosselin Group has acquired 100 percent of Delcatrans Group, strengthening its position in West Flanders and Northern France.

A new cross-border digital collective has been launched in the Benelux. Five established agencies – AGConsult (BE), Faceworks (NL), Online Department (NL), Thinline (BE), and Your Business Online (NL) – are joining forces under the banner of Citizens. Together, they bring 70 specialists, 1,000 clients, and five offices.

CVC Credit, the credit management arm of private equity giant CVC, has closed its fourth European Direct Lending fund (EUDL IV) with 10.4 billion euros in commitments.

Belgian charging infrastructure specialists STROOHM and Pluginvest have announced their merger, creating what they describe as the number one player in the domestic e-mobility market.

Belgian wealth manager Delen Private Bank has finalized the acquisitions of Dutch firms Petram & Co (Utrecht) and Servatus Vermogensmanagement (’s-Hertogenbosch), further consolidating its position in the Netherlands.

Grant Thornton Advisors LLC has acquired the member firms of Grant Thornton in Belgium, France and Spain.

Gent-based Tailormade Logistics (TML) is back in family hands after private-equity firm Kebek sold its stake to Malo Ventures, the investment vehicle of entrepreneurs Kelly De Dijcker and Pieter Balcaen.

The planned merger between Belgian real estate groups Aedifica and Cofinimmo to form a leading European healthcare REIT is still under review by the Belgian Competition Authority (BMA).

How do you successfully take over a family business? And how do you integrate companies into a single family business? Retail giant Colruyt Group and coach company De Zigeuner explained this during M&A Forum 2025 at Café Costume in Ghent.

Belgian cloud-native scaleup StackGuardian has secured a 10 million euros Series A round led by Dutch cybersecurity investor TIN Capital, with participation from Volta Ventures and InvestLink.

Dutch investment firm Marktlink Capital is preparing to enter the Belgian market and has appointed Belgian executive Vincent Germyns as partner to lead the expansion.

Belgian technology company Carya, backed by Dutch investor Pride Capital Partners, has acquired German software provider Dagosoft. With this move, Carya enters one of Europe’s largest automotive markets.

European consultancy Eight Advisory has appointed Boudewijn Brouwer as Director in its Restructuring & Turnaround practice in Amsterdam, reinforcing its presence in the Benelux market.

Brussels-based investor Apheon is raising a new private equity fund valued at nearly 1 billion euros. The firm is currently attracting commitments from investors, and according to Belgian media reports, the final size of the fund could even surpass the 1 billion euros mark. This would make it the largest private equity fund ever established in Belgium.

Ackermans & van Haaren (AvH) has agreed to invest 22 million euros in VKC Nuts Private Limited, a family-owned market leader in India’s fast-growing nuts and dried fruit sector.

Ghent-based OrderBilly, a market leader in digital ordering solutions for the hospitality sector, has acquired Smartendr in its largest deal to date. The transaction marks a strategic step in OrderBilly’s European expansion.

Belgian e-bike brand Cowboy, founded in 2017 and well known in Belgium and the Netherlands, is set to be acquired by French bicycle group Rebirth.

Belgian-Dutch compounding specialist Fagron has acquired University Compounding Pharmacy (UCP), a San Diego–based 503A compounding pharmacy.

Berlin-based cybersecurity startup revel8 has secured 5.7 million euros in seed funding, bringing total capital raised since its 2024 founding to 7 million euros.

Belgian investment company Sofina SA has announced a rights offering of up to 545 million euros through the issuance of 2,446,428 new shares, representing about 7.1 percent of its capital.

Belfort, a spin-off from KU Leuven’s COSIC lab, has raised 5 million euros in seed funding to advance its breakthrough technology enabling fast AI computations on encrypted data.

Despite talk of a quiet M&A market, Belgian companies have been involved in a string of billion-euro transactions this year. From insurance and real estate to biotech, shipping, and frozen fries, the country’s corporate landscape has seen several landmark deals in 2025. Below we highlight the 10 biggest Belgian deals so far, based on data from Dealmakerdata.be.

Soon, MandA.be will publish the League Tables for Q3, 2025 on the website. The League Tables – based on data by Dealmakerdata.be – show which firms and dealmakers really matter. The biggest deals, the most deals, deals per firm, and deals per dealmaker: everything is included.

Italian nuts and dried fruit producer Euro Company has announced that Belgian investment firm Korys has joined as a minority shareholder to support its international expansion.

Belgian bank KBC is considering a possible takeover of ABN AMRO. The Brussels-based lender is reportedly interested in its Dutch rival in an effort to strengthen its European presence, according to financial news agency Bloomberg.

Belgian wealth manager Finhouse, founded by financial expert and former BCG consultant Thomas Guenter, has surpassed 100 million euros in assets under management just months after its launch.

Belgian state-owned bank Belfius has emerged as one of the potential buyers in the renewed sale process of Dutch lender NIBC, according to reports in the Financieele Dagblad (FD). The move could mark a significant expansion step for Belfius beyond Belgium’s borders.

Belgian SaaS scale-up SEQUESTO has raised 2.5 million euros in growth capital from Smartfin and Newion, two of Europe’s most prominent B2B software investors.

Belgian RegTech company RiskConcile has acquired London-based Fitz Partners, a specialist in fund fee and cost data. The transaction marks RiskConcile’s first international add-on since partnering with Main Capital Partners in June 2024.

Wevelgem-based packaging group Asteria has reinforced its position as a European leader with two new acquisitions: Pro Print Group in the UK (26 million euros turnover) and Grupo Ezquerro in Spain (42 million euros turnover).

Ghent University spin-off OnTracx has secured 1.2 million euros in seed funding to advance its wearable sensor and digital platform that help runners and health professionals track and manage biomechanical load.

Munich-based SaaS company Tanso has secured a 12 million euros Series A round, led by henQ and Belgian investor Fortino Capital, with continued support from Capnamic and UVC Partners.

Belgium’s Carmeuse Group has acquired a controlling stake of 97.1 percent in Cementos Bío Bío S.A. (CBB), a Chilean industrial group listed on the Santiago Stock Exchange. The public tender offer closed on 11 September 2025, with results published today in Chile.

Brussels-based renewable energy developer Aukera has closed a 105 million euros equity round, oversubscribed amid strong investor appetite for its 15 GW pipeline of European renewable projects.

Brussels-based investment firm Verlinvest has acquired a majority stake in Boulders, Denmark’s largest operator of bouldering gyms.

European digital solutions group team.blue has taken a strategic stake in B2Brouter, a Spanish provider of e-invoicing and digital compliance tools.

The Belgian private equity fund Vendis Capital has acquired ABC Clinic, a private clinic in Breda specialized in aesthetic and plastic surgery.

Belgian broadcast technology company EVS has announced the acquisition of French firm XD motion, a specialist in aerial filming and multidimensional tracking. The deal, valued at over 3 million euros plus a potential earn-out, is set to close on October 1.

Belgian food group Vandemoortele has secured 100 million euros in new financing to fund expansion and strategic acquisitions.

European investment company Gimv has officially completed the acquisition of Alpine Hearing Protection, a global specialist in hearing protection solutions.

GE HealthCare (Nasdaq: GEHC) has signed an agreement to acquire Leuven-headquartered icometrix, a provider of AI-powered brain imaging analysis solutions.

Polish smoked salmon producer Suempol has acquired Van Biesen & Pieters, Belgium’s largest supplier of grey shrimp, marking a return to its roots in shrimp processing.

Veteran corporate lawyer Wim Dejonghe has been appointed chair of the advisory board of investment bank Lazard in the Benelux, further extending his influence in the European M&A landscape.

Belgian insurer Ethias has acquired a 10 percent stake in Creafin NV, an independent non-bank mortgage provider, and has also granted the company a corporate loan to support its rapid growth.

For decades, the training ground for young M&A professionals consisted of long nights filled with Excel modeling, digging through market data, and organizing endless due diligence folders. This ‘monk’s work’ was seen as a necessary rite of passage for the next generation of dealmakers. But with the rise of artificial intelligence, this is changing rapidly.

Genk-based software company Aspect Analytics has raised 10 million euros in an oversubscribed Series A funding round to accelerate its international expansion and strengthen its position in spatial biology data analysis.

Ghent-based start-up Alkmist has secured 1.8 million euros in funding to expand its audit management platform and enter new sectors.

Belgium-based digital enabler team.blue has further strengthened its position in the European e-commerce market with the acquisition of Shoptet, one of Central and Eastern Europe’s leading online shop-building platforms.

Cowboy, the Brussels-based e-bike manufacturer, has raised more than 100 million euros to date and once enjoyed a valuation of 172 million euros. Yet the company still faces a high risk of insolvency, according to its 2024 annual report filed this week.

Belgian pharmaceutical company A.forall has announced a major strategic shift, selling its Retail & Hospital division, known as The Pharmacy House, to Abacus Medicine.

The M&A Awards is the annual landmark event for professionals in M&A, corporate finance, private equity & venture capital. Each year, dealmakers from across the country gather for this prestigious black-tie gala dinner. The deal registration deadline for nominations is approaching fast!

Belgian insurer AG has taken an equity stake in Doktr, the Belgian video consultation app launched by Proximus in 2021. The deal, subject to regulatory approval, adds AG alongside Proximus, CM Gezondheidsfonds and Solidaris as core shareholders in the platform.

US energy major ExxonMobil is considering divesting its chemical operations in Belgium and the United Kingdom, according to the Financial Times.

Dutch home furnishings group Homefashion Group is exploring a sale of its Kwantum retail chain, following last week’s news that its Belgian Leen Bakker stores are up for sale.

On Thursday August 28, nearly 200 M&A professionals gathered at Chalet Robinson in Brussels for the annual M&A Summer Party. Set against a sunny lakeside backdrop, the evening offered the perfect mix of informal networking, BBQ, and drinks.

Dekimo has announced that design agency Pars Pro Toto is joining the group, expanding its capabilities in complete product development.