Resource
Private M&A Market Study — 12th Edition
October 15, 2025
Latham & Watkins has launched the 12th edition of its annual survey of European private M&A transactions.
Analysing data from more than 300 European deals between July 2023 and June 2025, Latham’s 12th edition of its annual European Private M&A Market Study provides insights into the trends and developments shaping the market.
Given Latham’s position as the leading law firm in major European jurisdictions for high-value M&A,#1 Europe M&A by Deal Count, Bloomberg. the survey provides an unmatched representation of the state of the market.
Examples of trends and developments
- Regulatory scrutiny continues to drive conditionality
- Locked box mechanisms remain prevalent, with ticking fees now featuring in a majority of locked box deals
- Escrow arrangements increasingly accepted by private equity sellers
- Earnouts were most commonly seen in financial institutions and healthcare and life sciences deals, though the use of earnouts fell slightly overall
- W&I insurance featured on half of all deals in the study
- Use of nominal liability caps for commercial warranty claims continues to grow
Presentation
We would be delighted to present our findings to your team and discuss how market trends could impact your approach to deals.
Endnotes
This publication is produced by Latham & Watkins as a news reporting service to clients and other friends. The information contained in this publication should not be construed as legal advice. Should further analysis or explanation of the subject matter be required, please contact the lawyer with whom you normally consult. The invitation to contact is not a solicitation for legal work under the laws of any jurisdiction in which Latham lawyers are not authorized to practice. See our Attorney Advertising and Terms of Use.