6 top deals from 2025 were awarded and 1 dealmaker with the Lifetime Achievement Award.
On Thursday, December 4, 2025, the eighth edition of the Belgian M&A Awards took place at Paleis 10/Palais 10 in Brussels. Belgium’s leading professionals in corporate finance, private equity, and venture capital gathered to celebrate the most outstanding transactions of the past year.
The winners in six categories were chosen by an expert jury of M&A specialists and industry leaders. For the Lifetime Achievement Award, no nominees were announced. All the winners were revealed live during the gala.
Best Large Cap Corporate Deal 2025
Sonaca acquires 51% of Aciturri Aerostructures
This deal stood out for its strategic vision, uniting Sonaca’s aluminium expertise with Aciturri’s carbon composite mastery to create Europe’s third-largest independent aerostructures company, employing 6,500 people and projected to reach 1.2 billion euros in turnover.
Negotiated over four years, including the COVID crisis, the acquisition required perseverance to overcome significant regulatory and financial challenges. By combining sustainability, defense readiness, and industrial leadership, Sonaca has set a new benchmark in European aerospace. Thanks to the vision and determination of Yves Delatte and Ginés Clemente, what once seemed impossible became a defining milestone for the continent’s aerospace sector.
Best Mid Cap Corporate Deal 2025
The jury recognized this transaction for its strategic precision and complexity. The sale of Be-Mobile by Proximus was executed during a CEO transition and formed a key part of Proximus’ broader divestment program to focus on fiber investments.
The deal unfolded in two steps: first, Proximus sold its 92.7 percent stake for 175 million euros to Vitruvian and Arrive. Then, Be-Mobile was split into two entities: the 4411 parking service went to Arrive, while traffic and smart city operations continued independently under CEO Jan Cools. A multi-layered process delivered with exceptional clarity, making this a benchmark transaction for mid-market corporate deals.
Best Large Cap Private Equity Deal 2025
Bencis Capital Partners and shareholders partially exit Equine Care Group
This transaction was awarded for its transformative impact. Bencis Capital Partners turned Equine Care Group (ECG) into a pioneering veterinary platform achieving 100 million euros turnover in under five years.
The strategic partial exit to CNP ensures long-term global growth while preserving ECG’s vet-led model. The innovative structuring successfully balanced complex ethical considerations with investor returns and management participation. This deal demonstrates how purpose and performance can coexist in large cap private equity — a textbook example of vision, execution, and value creation.
Best Mid Cap Private Equity Deal 2025
Sofindev Management exits Companyweb
The award recognizes Sofindev’s successful transformation of Companyweb into a scalable SaaS platform with strong recurring revenues, high retention, and a modern technology backbone.
The sale to Altares Dun & Bradstreet, supported by Naxicap Partners, enabled a co-founder exit while ensuring operational continuity under the CEO. The transaction exemplifies strategic clarity, disciplined execution, and collaborative governance, setting a high standard for Belgian mid-market private equity exits.
Best Venture Capital Deal – Technology 2025
Aerospacelab 94 million euros funding round
The jury highlighted this deal for its strategic significance. Aerospacelab, founded in 2018, raised 94 million euros, combining a 56 million euros Series B extension with a 38 million euros European Investment Bank loan.
The funding will enable a megafactory in Charleroi, capable of producing 500 satellites per year by 2027, strengthening Europe’s autonomy in the New Space sector. CEO Benoît Deper’s leadership, focus on vertical integration, and cost-efficient manufacturing exemplify Belgium’s growing role in high-tech innovation.
Best Venture Capital Deal – Life Sciences 2025
AstraZeneca acquires EsoBiotec
This deal was awarded for its transformative potential. AstraZeneca’s acquisition of Belgian biotech EsoBiotec, valued at up to 1 billion dollars (425 million dollars upfront and 575 million dollars in milestones), underscores global confidence in Belgium’s cell therapy innovation.
EsoBiotec’s platform enables scalable, cost-effective therapies that could significantly broaden patient access. By combining scientific excellence, global scale, and purposeful impact, the transaction reinforces Belgium’s leadership in life sciences and innovation.
Lifetime Achievement Award 2025
The Lifetime Achievement Award honors Luc Bertrand for a career that fundamentally reshaped the Belgian corporate finance landscape.
For over three decades, he led Ackermans & van Haaren, building global leaders across multiple sectors. His philosophy of patient capital and strategic alignment created enduring value. Beyond AvH, he contributed to the creation and evolution of Euronext, guiding the wider financial ecosystem. Luc Bertrand commands respect for his integrity, long-term vision, and ability to anticipate market shifts. This award celebrates his unparalleled dedication and impact on the Belgian economy.
Members of the Jury
The six-member jury consists of:
• Lieve Creten – Chairwoman of the jury, former co-founding partner of the Belgian M&A practice at Deloitte and currently chair at Quest for Growth and Unibreda, as well as independent board member at Barco, CFE, and Montea.
• Renaat Berckmoes – Co-Founder and Partner at Fortino Capital.
• Pierre Demaerel – Former Secretary General of Private Capital Belgium and Chairman of the Belgian Growth Fund.
• Michaël Sephiha – Journalist at Mediafin / De Tijd.
• Sophie Manigart – Professor in Entrepreneurial Finance at Vlerick Business School and Ghent University.
• An Vermeersch – Chief Vaccine Programmes and Markets Officer at Gavi, the Vaccines Alliance, and member of the board at Gimv.
Jury Process
Eligible deals were announced between 1 October 2024 and 30 September 2025. Following research supported by Vlerick Business School, each transaction was reviewed by the jury on value creation, originality, complexity, financing, and strategic impact.
