Swiss M&A Report

Market and valuation update for the Industrials & Services sector

This edition of the Swiss M&A Report is aimed at anyone interested in the M&A environment in the Industrials & Services sector in Switzerland.

The Swiss M&A Report – Market and valuation update gives you an overview
and insights into the current Industrials & Services (‘I&S’) M&A market in Switzerland. You will find information on the overall transaction
environment as well as current valuation levels of five selected subsectors
covering the entire I&S market.

Current M&A environment in the Swiss I&S sector

October 2026

In the first half of 2026, the Swiss I&S M&A market remained resilient but selective amid continued geopolitical and economic uncertainty. Buyers have become increasingly disciplined, focusing on high-quality assets with resilient cash flows, clear strategic rationales and tangible value creation potential. At the same time, ongoing portfolio reviews and the divestment of non-core assets continue to create transaction opportunities. We expect deal activity to remain selective and uneven across subsectors, with larger and high-conviction transactions likely to remain more prominent in the near term. 

Swiss M&A Report

Market and valuation update for the Industrials & Services sector

Past reports 

September 2024

In the first half of 2024, deal volumes and values in the I&S sectors declined due to challenging macroeconomic and geopolitical conditions. However, we expect M&A activity to recover towards the end of the year, supported by pent-up selling pressure from private equity firms, corporates cleaning up their portfolios and private companies lacking internal succession. In a subdued economic environment, M&A remains crucial for driving growth and value creation to compensate for low organic growth.



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Contact us

Sascha Beer

Partner, Corporate Finance / M&A Leader, Zurich, PwC Switzerland

+41 58 792 15 39

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Michael Huber

Director, Deals Industrials & Services, Zürich, PwC Switzerland

+41 58 792 1542

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Frédéric Rochat

Deals Advisory Director, Lausanne, PwC Switzerland

+41 58 792 81 26

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Raffael Waldmeier

Senior Manager M&A I&S expert, PwC Switzerland

+41 58 792 49 83

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