In 2025, the French M&A market remains sluggish on the domestic front. At the same time, cross-border deals are on the rise, indicating that French companies continue to attract international interest. Here’s an analysis by the experts at AURIS Finance, a leading advisory firm in mergers and acquisitions.
A contrasting landscape: the 2025 overview of French mergers and acquisitions reveals a mixed dynamic: while foreign acquirers show growing interest in French assets, investment funds are also actively positioning themselves in the domestic market.
Cross-border deals drive French M&A recovery in 2025
Throughout 2025, cross-border deals – those involving acquirers from outside France – accounted for nearly half of all French M&A transactions. According to LSEG Data & Analytics, this segment saw a remarkable 77% year-on-year increase.
Moderate Recovery
In terms of value, M&A transactions involving French players rebounded significantly in 2025. LSEG data shows that the total value of announced deals in France reached $192 billion in 2025, a 41% increase compared to 2024. For context, PwC reported that the French M&A market remained stable in 2024, with just a 1% year-on-year growth.
Cross-Border Highlights
This recovery includes several high-profile transactions. For example, a consortium comprising Bouygues, Iliad, and Orange launched a bid for Altice France (including SFR) valued at €17 billion.
Diverse Sectors Impacted
Major deals spanned multiple industries in 2025:
- Healthcare: In June 2025, Sanofi announced the acquisition of U.S.-based Blueprint Medicines, a strategic cross-border move that strengthens the French group’s position in innovative hematology and oncology therapies.
- Finance: French banking group BPCE became the sole shareholder of Portugal’s Novo Banco, expanding its footprint in Southern Europe.
- Retail: Grand Frais, operated by French group Prosol, was acquired in December 2025 by U.S. investment fund Apollo, marking a shift toward American ownership and accelerated network expansion.
- AI: Deepomatic, a French company specializing in AI-powered virtual analysis for infrastructure operators (energy and telecom), was acquired by British group IQGeo.
- Retail/Textile: Iconic French brand Petit Bateau, previously owned by the Rocher Group, was acquired by U.S. investment fund Regent.
Return of Investment Funds
2025 saw a stabilization in financing conditions. Despite ongoing geopolitical uncertainty, funds with mature vehicles are compelled to reinvest to maintain returns. They are targeting strong brands like Petit Bateau and Grand Frais.
External Growth Imperative
Large corporations must continue innovating to stay competitive. This explains why giants like Sanofi are acquiring highly specialized players such as Blueprint Medicines. To sustain growth, companies need to acquire new skills, innovative technologies, and direct access to mature markets.
Our Experts by Your Side
In today’s environment of heightened geopolitical risks, cross-border strategies are becoming a key investment approach. Acquirers now weigh political risk, growth potential, and market opportunities. Valuation levels also play a critical role and vary by country. Despite political instability, France remains home to attractive businesses that appeal to international investors.
The experts at AURIS Finance specialize by sector. We support you in defining and executing your divestment or acquisition strategy.
