A growing number of publicly listed companies in Ireland and the United Kingdom are being taken private, reflecting a broader shift in corporate financing as private equity firms and management teams offer valuations that exceed those available on public stock markets.
The trend has gained momentum in recent weeks with several high-profile transactions involving companies listed on Irish and UK exchanges.
Irish Ferries owner InterContinental Group (ICG) agreed to a management-led buyout, while DCC Energy completed its delisting from the London market after accepting a takeover by US private equity firms KKR and Energy Capital Partners.
Permanent TSB (PTSB) could become the latest company to leave the stock market if shareholders approve its proposed €1.2 billion acquisition by Austrian banking group BAWAG. Investors are scheduled to vote on the deal at an Extraordinary General Meeting.
Elsewhere, British budget airline EasyJet recently held takeover discussions with private equity firm Apollo Global Management, which reportedly submitted an offer exceeding an earlier proposal from Castlelake. UK-based testing and certification company Intertek also agreed in June to be acquired by Swedish investment firm EQT in a deal that will take the company private.
Market observers say the increase in public-to-private transactions reflects the growing influence of private capital, which is often willing to pay higher prices than public markets currently assign to listed businesses.
Business Post correspondent Kathleen Gallagher said private investors have the financial resources to value companies more generously than stock markets have in some recent cases, making buyout offers increasingly attractive for shareholders.
The latest transactions also highlight the continuing challenges facing Ireland’s stock market. In recent years, several of Ireland’s largest companies, including CRH and Flutter Entertainment, shifted their primary listings to the United States, attracted by deeper capital markets, higher trading volumes and greater liquidity.
Attention has now turned to medium-sized and smaller listed companies, many of which are becoming acquisition targets for private equity firms.
Speaking on RTÉ’s Morning Ireland, Gallagher said the larger concern is not simply that companies are leaving the exchange, but that relatively few new businesses are choosing to replace them through public listings.
She said the trend raises questions about the long-term role of the Irish stock market, particularly as Europe works toward creating a more integrated capital markets system.
Gallagher also suggested that listing on the Irish exchange no longer carries the same appeal it once did. According to her, many founders now prefer raising money from private investors because it provides access to capital without the reporting obligations and public scrutiny that come with being listed.
Public companies are generally required to publish quarterly financial results and disclose executive compensation, obligations that some privately owned businesses seek to avoid.
To encourage new listings, Euronext has introduced initiatives including the Euronext Access Index, designed to support smaller companies and small and medium-sized enterprises. Although one company joined the platform late last year and additional listings had been expected during 2026, those have yet to materialize, leaving concerns about the future depth and competitiveness of Ireland’s public equity market.
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