Michael Van Eenoo, Head of Corporate Finance at ING Belgium, on 2026’s two-speed market, the restructuring of ING’s corporate finance teams and the future of dealmaking.
*Note: This interview was conducted prior to the recent Middle East conflict developments, which may influence market dynamics.
Three key takeaways
• ING is rolling out its integrated model: rotating junior bankers across M&A, DCM, and acquisition finance to build versatile advisors, while co-locating teams to foster collaboration and ‘total solution’ client offerings.
• High-growth sectors (tech, energy transition, AI) see competitive auctions and premium valuations, while traditional industries face a buyer’s market creating a ‘K-shaped’ divide.
• Belgian firms remain cautious on U.S. deals, but are actively consolidating in Europe (Spain, France, Netherlands), with private equity rebounding and sector-specific roll-ups driving activity.
When we last spoke to Michael Van Eenoo, Head of Corporate Finance at ING Belgium, in 2024, he struck a cautious note about the M&A landscape, forecasting a year of prudent optimism.
Twelve months later, his assessment of 2025 as a "reasonable, but not stellar" year for deals has proven prescient. Yet as 2026 unfolds, Van Eenoo sees clear signs of a rebound, albeit in a market increasingly divided between ‘champions’ and laggards.
In this interview, he discusses ING’s integrated corporate finance model, the resurgence of private equity, and why Belgium’s cross-border M&A activity is heating up despite geopolitical headwinds.
ING Belgium has restructured its corporate finance teams. What’s the strategy behind this?
Michael Van Eenoo: "We’ve brought our high-value teams – ECM, DCM, M&A, acquisition finance, debt advisory – much closer together. The goal? To offer total solutions, not just transactional advice. If we’re advising on a buy-side deal, we can also structure the financing, explore IPO options, or tap debt markets. This isn’t just better for clients; it’s more engaging for our teams. Young bankers now rotate across products – nine months in M&A, six in DCM, another six in acquisition finance – so they gain a broader skill set early on. We’re not reinventing the wheel, but it’s a proven way to build versatile advisors."
How does this differ from the traditional ‘siloed’ approach?
"Before, a junior might spend a decade in just one product line. Now, they experience multiple disciplines from day one. That’s crucial because most graduates don’t truly understand what ‘corporate finance’ entails until they’re in it. This way, they discover whether they thrive in analytical work, negotiation-heavy and relationship building roles, or structuring. It also fosters collaboration: when teams sit together, they share insights. A client’s M&A deal might reveal a refinancing opportunity, or a DCM transaction could lead to an acquisition. That cross-pollination creates value."
Last year, you called 2025 ‘cautiously optimistic’. How did it play out?
"It was solid but not exceptional. We closed notable deals – selling data centers for TINC and Proximus, advising CMB’s merger with Golden Ocean, and divesting What’s Cooking’s fresh meat division – but the market lacked the ‘grand cru’ momentum of peak years. Europe’s deal volume trailed the U.S. and Asia, where mega-tech and AI transactions dominated. Here, we’re still an industrial-driven M&A market, and 2025 reflected that. Many deals were delayed; buyers waited, private equity hesitated, and macro uncertainties lingered. Yet, surprisingly, markets kept moving. Even after a weekend of Trump-induced tariff threats, equities and DCM transactions barely flinched. Volatility is the new normal, and dealmakers have learned to live with it."
"2025 was solid but not exceptional. The market lacked the ‘grand cru’ momentum of peak years."
Is this volatility now ‘priced in’?
"Absolutely. We’ve accepted that continuous change and uncertainty are part of the game. But here’s the twist: two-speed markets. High-growth sectors – tech, energy transition, AI-enabled software – see competitive auctions and premium valuations. Classic industries? It’s a buyer’s market. The gap between ‘champions’ (companies with scalable, differentiated models) and the rest is widening. In energy transition, for example, Belgium lags because we have too many small players and few giants.”
You’re more optimistic about private equity than 18 months ago. Why?
"Three reasons. First, top-tier PE firms are raising funds successfully. This is a signal that LPs still trust the asset class. Second, they’ve stabilized their portfolios. After years of holding assets, they now have clarity on exits. Third, financing markets have eased. A year ago, acquisition finance was tight; today, it’s more accommodating. That said, holding periods are stretching, and continuation vehicles (where PEs roll assets into new funds) are harder to justify. LPs won’t blindly extend timelines, they demand quality assets. So yes, PE is back, but it’s selective and disciplined."
Who’s driving deals? Is it strategists or PE firms?
"Right now, strategics dominate our pipeline. They’re sitting on healthy balance sheets and see M&A as core to growth, but not growth for growth’s sake. Today’s question is: ‘What value does this acquisition add?’ Not just scale. PE is active but more cautious. The ‘secondary buyout’ trend (PE selling to PE) remains strong because they understand each other’s playbooks. IPOs? I’m skeptical about Europe. The U.S. and Asia are different stories, but here, IPOs often feel like a ‘failed M&A’ backup plan."
Belgian companies still look to the U.S. for deals. Has that changed?
"Yes and no. Two years ago, everyone rushed to the U.S. and many are happy they did. The speed of decision-making, permitting, and value creation there is unmatched. But now, Belgian firms are more cautious. The U.S. remains attractive, but European cross-border deals are booming. We’re seeing Belgians eye Spain, France, and the Netherlands. ‘Easy’ cross-border pairs still exist: French buyers for Walloon firms, Flemish companies merging with Dutch peers. But the real growth is in sector-specific consolidation, like accountancy or insurance. Even green services (landscaping, local maintenance) are ripe for roll-ups. The challenge? Scaling from 2 million to 4 million euros revenue is easy; 100 million to 150 million euros is hard."
"Belgian firms are more cautious. The U.S. remains attractive, but European cross-border deals are booming."
What about carve-outs? Are Belgian conglomerates shedding assets?
"We’re seeing companies focusing more on core businesses. Sometimes it’s shareholder-driven; other times, it’s strategic. But here’s the Belgian twist: our listed holdings are also asking, ‘Can we build a new leg in a hot sector?’ So it’s two-sided: divest non-core and scout for bolt-ons. AI’s impact on these models is the wild card. Will it enable new platforms or disrupt old ones?"
The euro has strengthened against the dollar. Does that help European buyers in the U.S.?
"Theoretically, yes. 1.14 euro/US dollar gives Europeans more purchasing power. But in practice? Not really. Europeans are investing in the U.S., but not because of FX; it’s about market access and speed. The bigger issue is regulatory drag. In Europe, permits and decisions take years; in the U.S., it’s months. That ‘time-to-value’ gap is what drives Belgian CEOs crazy. They’ll still look at the U.S., but selectively."
Which European markets are hot for Belgian acquirers?
"It shifts, but Spain is active right now. We’re working on several deals there. France remains a natural partner for Walloon firms, while Flemish companies still lean toward the Netherlands. But the real story is sector-driven consolidation. Whether it’s healthcare, energy transition, or tech, Belgian strategics are hunting for synergistic targets and not just geography."
How will AI reshape M&A?
"It won’t replace dealmakers, it will augment them. Due diligence, valuation models, even identifying targets will get faster. But the human element – negotiation, trust-building, cultural fit – stays critical. AI might help a corporate carve-out find hidden value, but it won’t close the deal. The bigger challenge is complexity. Geopolitics, competition laws, ‘killer acquisition’ scrutiny; all these lengthen timelines. Yet, M&A isn’t going away. Business transfers are a lifecycle necessity, and Belgium’s entrepreneurial DNA ensures demand. The next 5–10 years? More deals, more cross-border, more tech-driven, but still human-led."
Final outlook for 2026?
"Cautiously bullish. Tech, energy transition, and ‘champion’ assets will drive activity. Private equity is back, but with discipline. Strategics are hunting, but only for value-adding deals. And Belgium? We’ll keep punching above our weight – cross-border, sector-focused, and yes, still eyeing the U.S. – but with more selectivity. The market’s ‘K-shaped’: winners win big, the rest struggle. That’s the reality."
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