Northern Ireland recorded 337 mergers and acquisitions transactions worth £3.1 billion in 2025. This marked a drop in volume to 337 deals from 348 the previous year, alongside a rise in total value of £1.2 billion.

Commercial law firm Tughans topped the rankings for most active M&A adviser, handling 69 transactions. A&L Goodbody followed with 56 deals, Carson McDowell with 51 and Mills Selig with 50. Other firms included Millar McCall Wylie on 25, Davidson McDonnell Solicitors on 23, Arthur Cox and Turley Legal on 19 each, Shoosmiths on 13 and DWF on 11.

Tughans managing partner Patrick Brown attributed the ranking to client confidence in the firm's handling of key deals and the skills of its teams on complex assignments. James Donnelly, head of corporate practice, noted a busy period with instructions spanning sectors and more high-value work, pointing to the solid development of the local market.

Corporate partner John McGuckian highlighted private equity purchases as a mainstay, with Northern Ireland businesses drawing interest from funds based in London, Dublin and the United States.