Germany's M&A market: third in Europe, but its top city only ranks tenth
Ask where M&A happens in Europe and most people name London and Paris. The data agrees, at least at city level: London alone accounts for 8.3% of all European acquirers. Germany, however, follows a different pattern, and it matters for anyone searching for targets or buyers in the German market.
Our industry report M&A as a System maps where acquirers are based, from continents down to individual cities. This article looks at the geographic findings and what they mean for your search strategy.
This article covers one chapter. The full report also looks at the role of financial investors, the geographic hotspots of M&A, the outlook for next year and the assessments of six M&A experts. For more insights, download the report M&A as a System here for free.
In this article you'll learn:
- Where the world's acquirers are based, by continent
- Why Germany is one of Europe's largest M&A markets without a dominant M&A hub
- Why a target search focused on the big cities misses part of the German market
- What experts see as the current driver of M&A activity in Germany
- How to expand your longlist beyond the obvious regions
Where acquirers are based
At the continental level, our data confirms what market statistics already suggest. North America accounts for the largest share of acquirers, followed by Europe and Asia.
Acquirers by continent
| Region | Share of acquirers |
|---|---|
| North America | 37.5% |
| Europe | 30.7% |
| Asia | 24.3% |
| Oceania, Latin America and Africa combined | Less than 8% |
Europe is also where the market is moving fastest right now. According to Bain & Company's 2026 M&A Midyear Report, deal value in Europe, the Middle East and Africa rose by 77% in the first five months of 2026 compared with the same period last year, driven mainly by large transactions aimed at consolidating home markets and building regional scale.
Germany: third in Europe, tenth at city level
Measured by the number of acquirers, Germany ranks third in Europe, behind the UK and France. At city level the picture changes. London leads by a wide margin, followed by Paris, Madrid and Stockholm. The first German city only appears in tenth place: Munich with 0.95% of European acquirers, closely followed by Berlin with 0.94%. Even Germany's strongest M&A location ranks behind Oslo, a city with a fraction of Munich's population.
Germany in the European acquirer ranking
| Ranking | Result |
|---|---|
| Germany among European countries | 3rd, behind the UK and France |
| Leading European city | London, 8.3% of European acquirers |
| Next cities | Paris, Madrid, Stockholm |
| First German city | Munich, 10th place, 0.95% |
| Second German city | Berlin, 0.94% |
Country shares are based on all European acquirers, city shares on European acquirers with available city data. Europe is defined geographically and includes Russia.
Why German M&A has no single center
This is not a contradiction. It reflects Germany's decentralized economic structure. M&A activity is spread across several major business centers, including Munich, Berlin, Hamburg, Frankfurt, Düsseldorf and Stuttgart, without any single city taking a dominant position. In the UK and France, by contrast, activity is much more heavily concentrated in London and Paris.
“In Germany, a good target does not necessarily have to be based in Munich, Frankfurt, or Düsseldorf, and neither does a good acquirer.” Daniel Funk, CEO & Co-Founder, CVT Partner
The experts we interviewed name a second, more recent driver besides the federal structure. Christian Muschick, Managing Partner at Navigator Group, points to the current economic situation:
“The high level of activity in Germany can be explained by the current crisis affecting key industries, which is forcing companies to restructure to a greater extent than in other European countries.” Christian Muschick, Managing Partner, Navigator Group
What this means for target and buyer searches
Anyone searching for potential targets or competitors in Germany and focusing on the most prominent locations captures only part of the market. Systematic market and target coverage has to go beyond individual M&A hubs and include several regional business centers. The same logic applies to sell-side buyer lists: relevant acquirers are not necessarily headquartered in the obvious cities.
The report's recommendation: deliberately expand the geographic scope of your next target search.
- Add three to five countries or economic regions outside your usual search grid, both within Germany and across Europe
- Define the search by business model, products and customers rather than by location
- Compare the result with your usual longlist to see what a narrower search would have missed
Running a multi-country, multi-region search manually means separate research and separate sources for every market. A target search that does not need to be geographically restricted from the outset makes the wider radius the default rather than extra effort.
Get the full industry report
The full report includes the complete country and city ranking for Europe, plus the analysis of serial acquirers, financial investors, the outlook for next year and the assessments of six M&A experts. For more insights, download the report M&A as a System here for free.
Frequently asked questions
Where are most M&A acquirers based?+
North America accounts for 37.5% of acquirers, Europe for 30.7% and Asia for 24.3%. Oceania, Latin America and Africa together account for less than 8%, based on the StrategyBridgeAI acquisition database as of August 2026.
How does Germany rank as an M&A market in Europe?+
Germany ranks third in Europe by number of acquirers, behind the UK and France.
Which European city has the most acquirers?+
London. It alone accounts for 8.3% of all European acquirers with available city data and leads the ranking by a wide margin, followed by Paris, Madrid and Stockholm.
Why is there no dominant M&A hub in Germany?+
Because Germany's economy is decentralized. Activity is spread across Munich, Berlin, Hamburg, Frankfurt, Düsseldorf, Stuttgart and other centers. Munich, the strongest German city, ranks tenth in Europe with 0.95% of European acquirers.
Why is M&A activity in Germany currently high?+
According to Christian Muschick of Navigator Group, the current crisis in key industries is forcing companies in Germany to restructure to a greater extent than in other European countries.
Want to run a target or buyer search across Germany and Europe without regional blind spots? Book a demo and see StrategyBridgeAI live with your own use case.
More from this category
Explore related insights from StrategyBridgeAI.
How to estimate a private company's market share without public data
A practical, bottom-up method for estimating market share when a company doesn't disclose revenue: proxy indicators, sizing the addressable market, and validation checks.
Adjacent market analysis: how to decide which market to grow into next
A practical framework for corporate development teams: map adjacent markets, score them against your right to win, and turn the winning one into an acquisition longlist.
How to size a niche market when there is no analyst report
Analyst reports stop where real deals start. Here is the bottom-up, company-level method deal teams use to size a niche market and defend the number in the IC.