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.
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1. Nord Anglia Education Secures €13 Billion Investment
Deal value: € 13.05 billion
Nord Anglia Education, an international private school operator headquartered in the UK with more than 80 schools across 33 countries, attracted a 13 billion euros investment from a consortium led by EQT. Belgium-based Integra Partners took part in the deal. The transaction will fuel further expansion and innovation while aiming to deliver strong returns for investors.
2. Aedifica Merges with Cofinimmo via All-Share Exchange
Deal value: > €1 billion
In July, Aedifica shareholders overwhelmingly approved a merger with Cofinimmo, creating Europe’s largest healthcare real estate company. The exchange ratio was set at 1.185 new Aedifica shares for each Cofinimmo share. Bloomberg valued Cofinimmo at nearly 3 billion euros when the deal was announced.
Legal and financial advisors included Stibbe, BNP Paribas Fortis, J.P. Morgan, A&O Shearman, Lazard, and Goldman Sachs.
3. CMB.TECH and Golden Ocean: Stake Acquisition and Planned Merger
Deal value: €1.2 billion | €1.4 billion
The third deal in this overview is a double deal really. Antwerp-based CMB.TECH acquired a 40.8 percent stake in Golden Ocean for 1.2 billion euros in March, purchasing shares from Norwegian shipping magnate John Fredriksen.
In April, the two companies announced a planned 1.4 billion euros merger, which would create one of the world’s largest listed maritime groups with more than 250 vessels.
ING Belgium, Argo Law, and Société Générale advised on the deals.
4. Ageas Acquires Esure
Deal value: €1.51 billion
In April, Belgian insurer Ageas agreed to acquire UK-based esure from Bain Capital for 1.51 billion euros. The transaction will create the UK’s third-largest personal lines platform, combining Ageas’s broker-focused business with esure’s strength on price comparison websites. The deal is expected to lift Ageas’s UK revenues to 3.8 billion euros by 2028.
Ageas was advised by A&O Shearman in Belgium and the UK.
5. Simplot Acquires Clarebout Potatoes
Deal value: > €1 billion
In July, a deal that stirred strong national sentiment was announced. American food group JR Simplot is set to acquire Clarebout Potatoes, one of Belgium’s largest family-owned frozen fries producers. The transaction, considered historic in Flanders, gives Simplot a European stronghold and positions it as a global market leader.
Clarebout’s shareholders were advised by Eubelius, Lazard, and KPMG Belgium.
6. AstraZeneca Acquires EsoBiotec
Deal value: €1 billion
On March 17, AstraZeneca announced the 1 billion euros acquisition of Belgian biotech firm EsoBiotec, a pioneer in in vivo cell therapies. The deal strengthens AstraZeneca’s cell therapy pipeline and supports its ambition to expand cancer treatment access.
Centerview Partners advised EsoBiotec on M&A, while Cooley acted as legal counsel.
7. DEME Acquires Havfram
Deal value: €900 million
Belgian marine contractor DEME agreed to acquire Norway-based Havfram, an offshore wind contractor, for 900 million euros. The acquisition supports DEME’s expansion in offshore wind and strengthens its installation capacity. The deal includes capital expenditure commitments for vessel completion, financed through external and internal resources.
8. KBC Acquires 365.bank from J&T Finance Group
Deal value: €761 million
In May, KBC Bank agreed to acquire a 98.45 percent stake in Slovak retail bank 365.bank for 761 million euros. The acquisition, to be integrated into KBC’s ČSOB subsidiary, strengthens the group’s market position in Slovakia and boosts digital innovation potential.
Legal advice was provided by A&O Shearman in Belgium and Slovakia.
9. CNP Acquires Majority Stake in Equine Care Group from Bencis
Deal value: €500–1,000 million
Belgian investment firm CNP became the majority shareholder of Equine Care Group, joining its founders and Bencis to drive international expansion. Founded in 2021, ECG treats over 50,000 horses annually in more than 70 countries.
PwC Belgium was the Financial Advisor to CNP, while also providing Tax and Debt Advice as well as People Due Diligence. Legal advice was provided by Cleary Gottlieb Steen & Hamilton Belgium. Bain & Company did the commercial due diligence.
Bencis was aided by Rothschild & Co, Argo Law, A&O Shearman, Eight Advisory and Svalner Atlas Advisors.
10. Carmeuse Group Acquires Cementos Bío Bío
Deal value: €500–1,000 million
Belgium’s Carmeuse Group acquired a 97.1 percent stake in Cementos Bío Bío, a Chilean cement company listed in Santiago. The acquisition bolsters Carmeuse’s South American footprint, complementing its operations in Colombia and Brazil.
KPMG Belgium advised on the deal.
READ ALSO: Reminder – Register your deals now for the League Tables Q3, 2025
Other sizable Belgian acquisitions and investments in 2025
• Eurazeo invests in 3P
Deal value: € 375 million
• Cobepa acquires Itineris
Deal value: € 250 - 500 million
• TenCate Grass acquires Sports & Leisure Group
Deal value: € 250 - 500 million
• Allianz Benelux acquires Scildon's pension portfolio
Deal value: € 250 - 500 million
• Groupement Mousquetaires acquires 81 French supermarkets from Colruyt Group
Deal value: € 215 million
• Arrive acquires Be-Mobile from Proximus
Deal value: € 170 million
• Gimv acquires a majority stake in Alpine
Deal value: € 100 - 250 million
• Gimv acquires majority stake in Hemink
Deal value: € 100 - 250 million
• Team.blue acquires Shoptet
Deal value: € 150 million
• Sofindev acquires Euphoria Mobility
Deal value: € 50 - 100 million
• Vendis Capital acquires Nederlandse Obesitas Kliniek
Deal value: € 50 - 100 million
