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French food giant Danone has acquired The Akkermansia Company (TAC), a Belgian biotech firm based in Mont-Saint-Guibert, in a move to strengthen its position in the gut health and probiotics market.

John Cockerill Hydrogen has finalized a 116 million euros capital increase to support its strategic development and global expansion plans.

Distrilog Group is expanding once again. As of July 1st, Transport Michiels, a specialist in exceptional and oversized transport, will officially join the Distrilog family.

The Irish IT services company Org Group has acquired Brussels-based Enterprise Digital Resources (EDR), a recruitment and consulting firm specializing in enterprise technology solutions.

Private equity firm Gimv has acquired a majority stake in Alpine, a leading Dutch provider of premium consumer hearing protection solutions.

Gimv and other financial investors have sold their stake in Belgian technology scale-up Itineris to investment firm Cobepa. Itineris founder and CEO Edgard Vermeersch remains a major shareholder and will continue to lead the company alongside its management team.

In a recent and widely discussed LinkedIn post, Axel Desmedt, President of the Belgian Competition Authority (BCA), reignited debate in the antitrust and M&A communities by calling for the introduction of a ‘call-in power’ in Belgium. Desmedt argues that the country urgently needs a mechanism that allows the authority to review acquisitions that fall below existing merger control thresholds but could still harm competition.

Private equity valuations in Europe showed only a modest increase in the first quarter of 2025, with the European Lincoln Private Market Index (Lincoln PMI) ticking up just +0.5 percent – its weakest performance since early 2022.

Belgian renewable energy company EnergyVision has officially announced its plans for an initial public offering (IPO) on Euronext Brussels, with the offering expected to launch on June 27, subject to market conditions and regulatory approval by the Belgian Financial Services and Markets Authority (FSMA).

Belgian investment firm Finhouse has raised 55 million euros in its first fundraising round, far exceeding its initial target of 25 million euros. The capital was secured from 327 individual investors, marking a groundbreaking moment in the country’s private equity (PE) and venture capital (VC) landscape.

Belgian IT services provider VanRoey has announced the strategic acquisition of Group K, a rapidly growing IT integrator based in Limburg.

International law firm Dentons has appointed Tom Geudens (right) as Co-Managing Partner in Belgium, joining Edward Borovikov (left), who has led the Brussels office for the past 15 years. Together, they will oversee the growth and strategic development of Dentons’ Belgian practice.

European mid-market firms accelerate climate action despite uncertainty, Argos-BCG Study Finds.

Belgian premium snack producer TNS Food has entered a new phase of growth by joining GoodLife Foods, a portfolio company of IK Partners.

Intermarché is expanding its footprint in France with the acquisition of 81 supermarkets from the Belgian Colruyt Group, marking a major shift in the French retail landscape.

Tikehau Capital, a global alternative asset manager, has entered exclusive negotiations to acquire ScioTeq, a Belgium-based leader in advanced display and computing solutions for high-demand environments such as avionics, defense, and air traffic control.

The Flemish wealth management firm Truncus is merging with fellow East Flanders-based Investor AM, marking another step in the consolidation of Belgium’s wealth management sector.

In today's difficult deal environment, private equity's traditional playbook is being rewritten as they are required to become more hands-on and adopt EBITDA-enhancing policies, including pricing strategies.

Belgian telecom group Proximus has reached a binding agreement to sell its 92.7 percentstake in mobility tech company Be-Mobile to Arrive, a global provider of parking and mobility solutions.

The Flemish tech firm IE Group, a key player in radar systems with half of its revenue coming from the defense sector, has been acquired by French investment company IDI.

PIA Group has announced the addition of HLB Belgium as its newest partner, strengthening its footprint in Belgium and expanding its audit and assurance services beyond the Netherlands.

The financing - meant to advance breakthrough depression therapy - marks a major milestone for Wallonia’s growing role in mental health innovation.

Tessenderlo Group has announced that its business unit, Picanol Group, will acquire the activities of Osterwalder AG, a Swiss company renowned for its electric powder presses. The acquisition is expected to be finalized in the coming days.

De Heus expands in Belgium and Northern France with acquisition of Voeders Huys.

From a modest Belgian startup to a fast-scaling European tech player, Dstny is transforming how small and mid-sized businesses communicate in an increasingly digital, AI-driven world. In this in-depth conversation, CEO and co-founder Daan De Wever shares how strategic acquisitions, a bold shift to software, and a clear focus on AI innovation are shaping the company’s future.

International investment firm BC Partners has acquired a majority stake in IGS GeboJagema, a Dutch precision tooling leader for the healthcare industry.

Belgian publisher and production company Borgerhoff & Lamberigts has acquired Koortzz, the well-known talent and speaker agency. The acquisition marks a further expansion of Borgerhoff & Lamberigts' diverse media portfolio, with both companies maintaining their independence and brand identity.

The first quarter of 2025 has shown that while the European debt markets can absorb volatility, the pace of deal-making remains restrained – particularly in the Benelux region. For M&A professionals navigating this evolving environment, there are both warning signs and windows of opportunity.

For Belgian M&A professionals, a major transaction in the synthetic turf sector may signal new regional momentum. TenCate Grass Holding B.V., the Dutch-based global player in artificial grass systems, has announced the acquisition of Belgium’s Sports & Leisure Group N.V. (SLG) in a deal involving the purchase of all SLG shares from Sun Capital Partners and other shareholders.

EyeCare Group, a market leader in premium optical and hearing solutions in the Netherlands and Belgium, has announced the acquisition of Belgian optical chain Vision Over Sight.

Aedifica and Cofinimmo have reached a landmark agreement to merge their operations, forming Europe’s leading healthcare-focused real estate investment trust (REIT). The transaction, structured as an all-share voluntary exchange offer, follows Aedifica’s initial proposal on 1 May 2025.

The Belgian retail giant Colruyt Group has completed its acquisition of Delitraiteur, following approval from the Belgian Competition Authority on June 2.

Just two weeks after acquiring Kontrimo from well-known entrepreneur Michel Van den Brande, Belgian construction equipment group Intermat has announced a new acquisition: VIP Scaffolding, a Ghent-based specialist in scaffolding services.

In a period marked by bold moves and decisive strategy, What’s Cooking Group has reshaped its business with two major transactions that signal a clear shift in direction. The sale of its long-standing savoury (charcuterie) division and the acquisition of French ready-meal producer Sveltic mark the company’s exit from a consolidating and challenging meat market in favor of a high-potential growth segment: ready meals.

Six Belgian companies unite under new name ‘Argona’ to drive sustainable energy and construction solutions. Private equity house Waterland backs the newly formed company.

Private equity is a key driver of economic growth, and Belgium is making moves to strengthen its role in this space. With reforms to the Private Privak and new tax proposals for carried interest, the country aims to boost its competitiveness. But how does Belgium’s framework compare to neighbouring markets? This overview highlights the current landscape, key advantages, and the challenges still ahead.

Spott raises seed capital from Base10, Y Combinator and Fortino on the heels of completing the YC W25 batch. The 3.2 million dollar round will help boost the further development of Spott’s all-in-one, AI-native recruitment agency platform. Spott’s powerful solution helps recruitment firms shift focus from manual, repetitive tasks to building stronger relationships and prioritize revenue-driving activities.

Belgian investment firm Gimv has announced the sale of its stake in Dutch high-end stroller brand Joolz to fellow Dutch company Bugaboo, a global leader in premium juvenile products.

Deminor, a Belgian legal support firm specializing in litigation funding, has raised €100 million in a significant capital increase to expand its operations. This new funding round, led predominantly by American investors and supported by Belgian business figures such as the Emsens family and investor Jos Sluys, marks a substantial boost compared to its earlier fundraising efforts.

The evolving M&A Insurance industry is increasingly capable to provide added value to the processes. In a conversation with Bernard Poncin and Paul Schouten from Aon’s Belgian M&A team, we explore how these highly specialized insurance products are helping buyers and sellers manage uncertainty, protect value, and accelerate deal timelines.

Team.blue, a major European digital service provider, has acquired AssoConnect, a French SaaS company known for its all-in-one management platform for non-profits. The deal marks a strategic move to expand team.blue’s reach in the non-profit sector across Europe.

Ravical offers domain-specific AI agents for use in accounting, legal services, HR, and insurance companies

Alychlo, the investment company of entrepreneur Marc Coucke, has acquired all CIM Capital shares in Zoute Grand Prix. Entrepreneur and automotive expert Philippe Quatennens, who joined the Zoute Grand Prix project one year ago, will remain on board as a shareholder. The shared ambition is to further develop this unique and prestigious Belgian brand with a focus on sustainable growth in Belgium and international expansion.

Dossche Mills, one of Europe's largest milling companies, has acquired West Flanders-based family business Molens T’Kindt, reinforcing its foothold in the Belgian flour and milling industry.

Syntagma Capital’s Fabio Yamasaki reveals how disciplined carve-out strategies are redefining M&A success in uncertain times.

On Wednesday, May 14, a large number of Belgian M&A professionals and investors gathered at Vlerick Business School for the annual presentation of the Belgian M&A Monitor. Led by Professor Mathieu Luypaert of the Centre for Mergers, Acquisitions and Buyouts, the report captures the collective insight of 156 Belgian M&A professionals, shedding light on recent trends, market sentiment, and deal-making dynamics across the country.

PIA Group, the fastest-growing accountancy and advisory group in the Netherlands and Belgium, has officially expanded into its third European market by acquiring Luxembourg-based advisory firm Neoviaq. This marks a significant step in PIA Group’s ongoing international growth strategy.

The Belgian Competition Authority (BMA) has approved the acquisition of Delitraiteur by Colruyt Food Retail.

The deal is official: Michel Van den Brande (64), founder of the well-known scaffolding company Kontrimo, has sold his business to Vybros Capital Partners, the investment firm of the wealthy West Flemish Vande Vyvere family.

The Argos Index®, a key measure of mid-market company valuations in Europe, dropped 3 percent in the first quarter of 2025 to 9.5x EBITDA, reversing the modest recovery seen in 2024.

The acquisition of RTL Nederland by DPG Media appears to be nearing approval, following new commitments by the Belgian media group to safeguard editorial independence.

Biotope Group has announced that The Nest Family Office has joined as a minority shareholder, marking a significant step in the company’s ongoing efforts to expand its presence in the organic food sector across Belgium and the Netherlands.

HR services firm Capenti is strengthening its position in the life sciences sector with the acquisition of HR One Group, a headhunting company specialized in healthcare and biotech recruitment.

Dynapps, a leading Belgian implementation partner of the business software platform Odoo, has taken a major step in its international growth strategy with the acquisition of two fellow Odoo partners in France and Switzerland.

Biotech company Galapagos NV has announced a strategic shift in plans regarding its previously proposed corporate separation, alongside key changes to its executive leadership and Board of Directors.

Ekopak, the water-as-a-service (WaaS) provider, has announced key measures to bolster its financial structure and governance framework.

Smile Sail, the evergreen investment fund focused on supporting Europe’s leading software and AI-driven ventures, has announced the appointment of Nico Bogaerts as Partner and Member of the Investment Committee.

Vandelanotte, Belgium’s largest independent accountancy, audit, and advisory firm, has acquired Crowe Spark, a 70-employee accountancy and advisory firm with offices in Antwerp, Brussels, Mechelen, and Bornem.

Private equity continues to dominate mid-market M&A across Europe, yet 2025 has begun with unmistakable headwinds – also in the Benelux region.

Mechelen-based construction group Willemen Groep has taken a major step forward in its strategic development by acquiring a 50 percent stake in Almex Metaal, a specialist in steel structures for civil engineering.

200 psychologists are associated with the acquired company iPractice.

Belgian communication agencies The Fat Lady and MediaMixer have merged to create North by Northwest, now the largest content group in the country. The new company combines 75 employees and generates an annual turnover of approximately 13 million euros.

Killian McCarthy is a Professor of Strategy at Radboud University. He has studied the performance of more than 500,000 mergers and acquisitions and, in this series of articles, highlights some of the key factors behind their success and failure.

Belgian orthopedic specialists Vigo and Matton OrthoMedi have announced a strategic merger under the international Ottobock Group.

Belgian HR specialist Copus has acquired the Eminent Group from Apeldoorn, a company specializing in the placement of technical talent. In the past financial year, the company achieved a turnover of approximately twenty million euros. This marks the third acquisition by the Belgian firm in the Netherlands.

Belgian digital health startup Cavell has raised 1.5 million euros in a pre-seed funding round to scale its AI-driven medical documentation platform across Belgium and Europe. Backed by a group of strategic investors, the Gent-based company aims to reduce administrative burdens in healthcare and shift the focus back to patient care.

In a move set to reshape the Belgian wealth management landscape, Belfius Bank and Candriam have strengthened their nearly 30-year strategic alliance, with Belfius acquiring a 33 percent minority stake in Candriam.

Belgian investment firm Gimv has announced a strategic partnership with Germany-based Ambulantis Group, a rapidly growing care provider specializing in outpatient care, assisted living, and day care services.

Belgian HealthTech innovator Azalea Vision has raised 9 million euros in the first closing of its 15 million euros Series A round, drawing continued support from existing investors and welcoming new strategic backers.

Following the acquisition of Cofinimmo, Aedifica's portfolio would total 12 billion euros.

Great news! The nomination period for the M&A Awards is officially open, and we want to make sure your outstanding deals get the recognition they deserve.

The cargo operations of Air Belgium have officially been transferred to the CMA CGM Group, a global leader in logistics and multimodal transport. This transition follows the approval of the takeover by the Business Court of Walloon Brabant in March and the recent issuance of new Belgian operating licenses by the Belgian Civil Aviation Authority (BCAA).

BD Logistics continues its expansion strategy with the acquisition of Taxi Verboven Vracht (TVV), a well-established transport company based in Wommelgem, near Antwerp.

Belgian biotech firm Augustine Therapeutics has announced two key leadership hires, bolstering its executive team as it prepares to transition into a clinical-stage company. Virginie Cartage joins as Chief Financial Officer (CFO) and Dr. Andy Hu as Chief Business Officer (CBO), adding significant depth in corporate finance, M&A, and business development to the company's leadership.

Belgian healthtech start-up BiometrIQ has raised 1 million euros in fresh capital from prominent tech and sports entrepreneurs, including Eva Maertens and Teamleader founder Jeroen De Wit.

According to INSEAD and Vlerick Business School professor, Hans Vanoorbeek, knowing what kind of vehicle you’re operating is vital to the success of mergers and acquisitions. “In private equity, you're either riding a motorbike or manoeuvring a truck – two very different vehicles requiring very different skills.”

This article presents an overview of key developments and trends in the M&A insurance market during the first quarter of 2025.

Belgian packaging machinery specialist TG Group has announced a strategic partnership with private equity firm Waterland to accelerate its international growth and innovation.

Belgium-based moving and logistics firm Gosselin has announced the acquisition of the Doree Bonner International Group, one of the United Kingdom’s leading moving and storage companies.

The Belgian federal and Flemish governments are considering a joint acquisition of a 30 percent stake in Brussels Airport, currently owned by the Canadian pension fund OTPP (Ontario Teachers’ Pension Plan).

Vertical Compute, a deep-tech spin-off from research institute imec, has raised 20 million euros in seed funding to develop cutting-edge semiconductor technology aimed at solving a major bottleneck in AI computing.

Scandinavian IT group Visma has acquired a minority stake in Accountable, a Belgian fintech company specializing in smart accounting and tax solutions for self-employed professionals.

Engineering and consultancy firm Studibo has announced its expansion into Wallonia through the integration of INGEO Group into its network. This marks Studibo's first entry into the southern region of Belgium.

Mergers and acquisitions (M&A) are often driven by strategic growth ambitions, cost synergies, and market expansion. However, while financials and operations are scrutinized extensively, cultural integration frequently remains an afterthought. This oversight can result in failed deals, high turnover rates, and diminished value creation. To understand why culture is often overlooked and how dealmakers can better manage it, we spoke with Koen van Gulck, an expert in M&A culture integration.

CMB.TECH and Golden Ocean Group have agreed to a stock-for-stock merger that would create one of the world’s largest listed maritime groups, boasting a combined fleet of over 250 vessels.

Belgian IT services provider Tyneso has announced a strategic partnership with Pride Capital Partners, marking a significant milestone in its growth journey. The investment firm has taken a substantial minority stake in Tyneso, signaling its fourth major platform investment in Belgium.

SBB Accountants & Advisors is accelerating its acquisition strategy with the purchase of three accountancy firms across the Flemish provinces of Limburg, East Flanders, and Flemish Brabant. These latest acquisitions further expand the group’s footprint following earlier takeovers this year.

In the management classic ‘Never Split the Difference’ by Chris Voss, the former FBI negotiator argues that to be a top negotiator, above all, you need a deep understanding of human emotions – and the ability to use that knowledge effectively.

Smile Software & AI (Smile Sail) has successfully closed its latest fundraising round, securing more than 260 million euros, surpassing its initial 250 million euros target in under nine months. The fund continues the momentum of Smile Invest, the firm’s first evergreen private equity fund, and is set to focus on profitable B2B software companies and IT service providers across Europe.

In a major move set to reshape how hotels connect with guests and drive revenue, Lighthouse, the leading commercial platform for the travel and hospitality sector from Ghent, has acquired The Hotels Network (THN), a powerhouse in marketing personalization technology.

Delen Private Bank strengthens its Dutch foothold by acquiring Servatus in ’s-Hertogenbosch.

Strategic communications agency FINN has joined Only creative entrepreneurs, a growing network of independent agencies in the Benelux.

Belgian insurer Ageas has reached a definitive agreement with Bain Capital to acquire UK-based digital insurer esure for 1.51 billion euros in cash. The deal positions Ageas as one of the top three personal lines insurers in the United Kingdom.

The PwC experts discussed the three strategic pillars on which an M&A integration must be based – strategic integration, financial integration, operational integration – and went on to address the four factors that make or break its success.

Belgian biotech company Augustine Therapeutics has appointed industry veteran Pascale Witz as Chair of its Board of Directors, shortly after securing a 78 million euros Series A financing round.

Belgian offshore energy company DEME has announced the acquisition of Norwegian offshore wind contractor Havfram in a strategic move to strengthen its position in the rapidly growing offshore wind sector.

After years of slowdown, Belgium’s M&A scene is heating up again – with competitive auctions, large deals, and cross-border investors returning in force. But this isn’t just a rebound; it’s a reshaped market where Warranty & Indemnity (W&I) insurance, once rare, is now a must-have tool for getting deals done in Belgium. Here's what it means for buyers, sellers, and investors navigating today’s complex landscape.

It was in the sunlit PwC Belgium offices in Machelen that the Belgian M&A world gathered on Thursday April 3 to gain new knowledge, build valuable connections and exchange views. The very first M&A Summit, revolving around the theme of transformational M&A and with a special focus on carve-out deals, was a resounding success.

Azelis, a leading distributor of speciality chemicals and food ingredients, has announced the acquisition of Spanish company Solchem Nature S.L., strengthening its position in Spain’s growing nutraceutical market.