KPMG M&A Outlook 2027: From market resilience to renewed deal activity

Discover how international investment and AI are shaping Germany’s M&A outlook through 2030.

In collaboration with KPMG Germany, Oxford Economics surveyed over 200 M&A decision-makers from German corporates, private equity funds, and family offices. We combined their insights with transaction data and economic forecasts to examine the forces shaping German dealmaking.

German M&A proved resilient in 2026 despite weak domestic growth, higher borrowing costs, and geopolitical disruption. International interest was particularly strong, led by US investors seeking German industrial and technology assets.

The outlook for 2027 is cautiously positive. Nearly half of respondents expect German M&A activity to increase. Our modelling forecasts deal counts to rise through 2028, supported by SMEs succession, international investment, and the gradual effect of public spending.

AI is also changing how and why deals are pursued. Adoption in M&A processes has doubled, although most firms still rely on general-purpose tools.

Tags:

Germany M&A KPMG Germany

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The experts behind the research

Maximilian Douglas Carl Vickers

Research Manager

Maximilian Douglas Carl Vickers

Research Manager

Max is based in the London office and supports the Thought Leadership team across business sectors and disciplines. Max graduated from the University of Warwick with a BA in Politics, International Studies and Quantitative Methods and an MSc in Behavioural and Data Science.
John Reiners

Managing Editor, EMEA, Thought Leadership, Oxford Economics

John Reiners

Managing Editor, EMEA, Thought Leadership, Oxford Economics

John oversees Thought Leadership projects with EMEA-based clients. He works across business sectors and disciplines, but specialises in issues relating to strategy and business operations, such as sustainability, digital transformation, employment and skills, finance, and performance management. He has directed the Thought Leadership contribution on some of Oxford Economics’ largest and most complex research programmes, for global consultancies and corporates, including Accenture, the Adecco Group, Cognizant, EY, Fujitsu and YouTube. Often this is in collaboration with his economist colleagues to blend qualitative and quantitative analysis, and to explore the impact of corporate actions at a business, industry and economy level.

John joined Oxford Economics in 2014, after 25 years as a Financial Controller, financial management consultant and, most recently, a thought leadership expert for IBM’s Institute for Business Value, focused on global public sector issues. John then worked on the independent Digital Government Review as input to the UK General Election. He is an Economics graduate from Sussex University and a Chartered Management Accountant (ACMA).
Elizabeth Rust

Lead Economist

Elizabeth Rust

Lead Economist

Elizabeth Rust is Lead Economist with Oxford Economics Macro Consulting, where she leads bespoke engagements with corporates, trade associations and government clients in applied macroeconomic analysis to inform strategic planning and policy development. Her areas of expertise include global macroeconomics, international trade, logistics and supply chain, energy and commodity markets, and payments, with regional specialisms in the US, UK and European economies.

Prior to joining Oxford Economics, she was Practice Lead for Trade Analysis with Expeditors, a global logistics company, and Head of Global Economics with FrontierView. She holds a MA in international economics from Johns Hopkins University (SAIS) and a BA, magna cum laude, from Cornell University.
Alice Ramoff

Research Intern, Thought Leadership

Alice Ramoff

Research Intern, Thought Leadership

Alice Ramoff is a Research Intern within the Thought Leadership team based in London. Her current role focuses on business research and AI. Prior to joining Oxford Economics, Alice worked for a technology start-up focused on food sustainability. She holds a Master's degree from the University of Edinburgh and a Bachelor's degree from King's College London.