{"id":7332,"date":"2026-02-24T13:47:22","date_gmt":"2026-02-24T12:47:22","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=7332"},"modified":"2026-02-24T15:09:12","modified_gmt":"2026-02-24T14:09:12","slug":"merre-aramlik-a-toke-rekordszintu-felvasarlasi-hullam-formalja-az-ma%e2%80%91piacot","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/02\/merre-aramlik-a-toke-rekordszintu-felvasarlasi-hullam-formalja-az-ma%e2%80%91piacot\/","title":{"rendered":"Merre \u00e1ramlik a t\u0151ke? Rekordszint\u0171 felv\u00e1s\u00e1rl\u00e1si hull\u00e1m form\u00e1lja az M&A\u2011piacot"},"content":{"rendered":"\t\t
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<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A v\u00e1llalati felv\u00e1s\u00e1rl\u00e1sok \u00e9s egyes\u00fcl\u00e9sek piaca tov\u00e1bbra is \u00e9rz\u00e9kenyen reag\u00e1l a geopolitikai \u00e9s makrogazdas\u00e1gi k\u00f6rnyezet v\u00e1ltoz\u00e1saira. A 2025\u2011\u00f6s \u00e9v a bizonytalans\u00e1gok ellen\u00e9re \u2013 r\u00e9szben \u00e9ppen azok hat\u00e1s\u00e1ra \u2013 az elm\u00falt \u00e9vtized egyik leger\u0151sebb id\u0151szaka volt: a glob\u00e1lis M&A\u2011volumen 41%-kal, 4,81 ezer milli\u00e1rd doll\u00e1rra n\u0151tt, amely minden id\u0151k m\u00e1sodik legmagasabb \u00e9rt\u00e9ke.
A t\u00f6bb mint 70 db, 10 milli\u00e1rd doll\u00e1r feletti megadeal \u00e1ltal domin\u00e1lt \u00e9v azt mutatta, hogy a v\u00e1llalatok a strat\u00e9giai eszk\u00f6zszerz\u00e9st \u00e9s a hossz\u00fa t\u00e1v\u00fa reziliencia\u00e9p\u00edt\u00e9st m\u00e9g a kock\u00e1zat\u00e9rz\u00e9keny k\u00f6rnyezetben is priorit\u00e1sk\u00e9nt kezelt\u00e9k.<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\tHallgassa meg \na teljes besz\u00e9lget\u00e9st!\t\t\t\t\t<\/h4>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\tPortfolio podcast\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tMeghallgatom >>\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Rekordk\u00f6zeli \u00e9v a geopolitikai bizonytalans\u00e1g ellen\u00e9re<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A v\u00e1llalati felv\u00e1s\u00e1rl\u00e1sok \u00e9s egyes\u00fcl\u00e9sek piaca a vil\u00e1ggazdas\u00e1g egyik legfontosabb indik\u00e1tora: j\u00f3l jelzi, mely szektorok \u00e9s r\u00e9gi\u00f3k vonzz\u00e1k a t\u0151k\u00e9t, hogyan alakulnak a v\u00e1llalati strat\u00e9gi\u00e1k, \u00e9s mik\u00e9nt befoly\u00e1solj\u00e1k a geopolitikai folyamatok az \u00fczleti d\u00f6nt\u00e9seket. A 2025\u2011\u00f6s \u00e9v ebben a tekintetben kiemelked\u0151nek bizonyult. A glob\u00e1lis M&A\u2011volumen 41 sz\u00e1zal\u00e9kos n\u00f6veked\u00e9ssel 4,81 ezer milli\u00e1rd doll\u00e1rra emelkedett, ami minden id\u0151k m\u00e1sodik leger\u0151sebb \u00e9rt\u00e9ke. B\u00e1r a tranzakci\u00f3k sz\u00e1ma nem \u00e9rte el a 2021-es rekordot, az \u00e1tlagos \u00fcgyletm\u00e9ret jelent\u0151sen n\u0151tt: a v\u00e1llalatok a kisebb taktikai tranzakci\u00f3k helyett a strat\u00e9giai jelent\u0151s\u00e9g\u0171, nagy volumen\u0171 akviz\u00edci\u00f3kra helyezt\u00e9k a hangs\u00falyt.<\/p>

A megadealek sz\u00e1ma is rekordot d\u00f6nt\u00f6tt: hetven, 10 milli\u00e1rd doll\u00e1r feletti \u00fcgylet z\u00e1rult le, \u00f6sszesen t\u00f6bb mint 1,5 ezer milli\u00e1rd doll\u00e1r \u00e9rt\u00e9kben. A v\u00e1llalatok c\u00e9lja egy\u00e9rtelm\u0171 volt: a gyorsan v\u00e1ltoz\u00f3 k\u00f6rnyezetben olyan eszk\u00f6z\u00f6kh\u00f6z \u00e9s k\u00e9pess\u00e9gekhez jutni, amelyek hossz\u00fa t\u00e1v\u00fa versenyel\u0151nyt biztos\u00edtanak sz\u00e1mukra.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Amerikai dominancia \u00e9s a geopolitikai \u00fajratervez\u00e9s hat\u00e1sai<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Az Egyes\u00fclt \u00c1llamok 2025-ben is a glob\u00e1lis M&A\u2011piac epicentruma maradt: az \u00e9v tizen\u00f6t legnagyobb tranzakci\u00f3j\u00e1b\u00f3l tizenh\u00e1rom amerikai c\u00e9lpontot \u00e9rintett, ami egy\u00e9rtelm\u0171en jelezte az orsz\u00e1g t\u0151kevonz\u00f3 erej\u00e9t \u00e9s a v\u00e1llalati \u00f6kosziszt\u00e9ma rugalmass\u00e1g\u00e1t. Az \u00e9v elej\u00e9n a versenypolitikai k\u00f6rnyezet enyh\u00fcl\u00e9se t\u00f6bb, kor\u00e1bban elakadt nagy \u00fcgyletet mozd\u00edtott ki a holtpontr\u00f3l, \u00e9rezhet\u0151en felp\u00f6rgetve a dealflow\u2011t.<\/p>

Ezt r\u00f6viddel k\u00f6vette a Trump\u2011adminisztr\u00e1ci\u00f3 \u00e1ltal jelzett v\u00e1mpolitikai szigor\u00edt\u00e1s, amely \u00e1tmeneti bizonytalans\u00e1got keltett: a v\u00e1llalatok a besz\u00e1ll\u00edt\u00f3i l\u00e1ncok \u00fajratervez\u00e9s\u00e9vel (nearshoring, reshoring), a k\u00ednai kitetts\u00e9g cs\u00f6kkent\u00e9s\u00e9vel \u00e9s a tranzakci\u00f3s strukt\u00far\u00e1k finomhangol\u00e1s\u00e1val reag\u00e1ltak. A hat\u00e1s ugyanakkor id\u0151leges maradt: a m\u00e1sodik f\u00e9l\u00e9vre a piac visszapattant, a d\u00f6nt\u00e9shozatal felgyorsult, \u00e9s az amerikai dominancia \u2013 k\u00fcl\u00f6n\u00f6sen a technol\u00f3giai, f\u00e9lvezet\u0151\u2011 \u00e9s digit\u00e1lis infrastrukt\u00fara\u2011\u00fcgyletek s\u00faly\u00e1n kereszt\u00fcl \u2013 tov\u00e1bb er\u0151s\u00f6d\u00f6tt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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A technol\u00f3giai szektor \u00e9s az AI t\u00f6rt\u00e9nelmi erej\u0171 fellend\u00fcl\u00e9se<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A technol\u00f3giai \u00e1gazat volt 2025 legnagyobb nyertese. A szektor M&A\u2011aktivit\u00e1sa 66 sz\u00e1zal\u00e9kkal n\u0151tt 1,08 ezer milli\u00e1rd doll\u00e1rra, \u00e9s ezzel t\u00f6rt\u00e9nelmi rekordot \u00e9rt el. A mesters\u00e9ges intelligenci\u00e1hoz, a f\u00e9lvezet\u0151iparhoz, az adatk\u00f6zpontokhoz \u00e9s a kiberbiztons\u00e1ghoz kapcsol\u00f3d\u00f3 \u00fcgyletek kimagasl\u00f3 s\u00fallyal szerepeltek a glob\u00e1lis tranzakci\u00f3s t\u00e9rk\u00e9pen.<\/p>

A piacon egy\u00e9rtelm\u0171 platformlogika rajzol\u00f3dott ki. Az AI\u2011infrastrukt\u00fara \u00e9s a hozz\u00e1 kapcsol\u00f3d\u00f3 energiarendszerek olyan \u00f6sszetett \u00f6kosziszt\u00e9m\u00e1v\u00e1 \u00e1lltak \u00f6ssze, amelyben a technol\u00f3giai v\u00e1llalatok, az energetikai szerepl\u0151k \u00e9s a p\u00e9nz\u00fcgyi befektet\u0151k gyakran k\u00f6z\u00f6s konzorciumokban l\u00e9ptek fel. A v\u00e1llalati d\u00f6nt\u00e9shozatalban egyre er\u0151sebben jelent meg az a felismer\u00e9s, hogy a j\u00f6v\u0151beli versenyk\u00e9pess\u00e9g biztos\u00edt\u00e1s\u00e1hoz id\u0151ben kell strat\u00e9giai poz\u00edci\u00f3t foglalni az AI\u2011\u00e9rt\u00e9kl\u00e1nc kulcspontjain.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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A v\u00e9delmi ipar l\u00e1tv\u00e1nyos s\u00falyn\u00f6veked\u00e9se<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A v\u00e9delmi szektor a 2025\u2011\u00f6s \u00e9v egyik legmeghat\u00e1roz\u00f3bb n\u00f6veked\u00e9si t\u00f6rt\u00e9nete lett. Az elh\u00faz\u00f3d\u00f3 orosz\u2013ukr\u00e1n h\u00e1bor\u00fa, a NATO\u2011n bel\u00fcli strat\u00e9giai igazod\u00e1si folyamatok \u00e9s az eur\u00f3pai v\u00e9delmi k\u00e9pess\u00e9gek \u00fajragondol\u00e1sa radik\u00e1lisan \u00e1talak\u00edtotta az ipar\u00e1g befektet\u0151i meg\u00edt\u00e9l\u00e9s\u00e9t. A kereslet gyors n\u00f6veked\u00e9s\u00e9vel szemben komoly kapacit\u00e1shi\u00e1ny \u00e1llt, a gy\u00e1rt\u00e1si ciklusok pedig rendk\u00edv\u00fcl hossz\u00faak maradtak. Ez a kett\u0151ss\u00e9g er\u0151s konszolid\u00e1ci\u00f3s nyom\u00e1st gener\u00e1lt Eur\u00f3p\u00e1ban, \u00e9s felgyors\u00edtotta a k\u00e9pess\u00e9gek \u00f6sszehangol\u00e1s\u00e1t c\u00e9lz\u00f3 tranzakci\u00f3kat, k\u00fcl\u00f6n\u00f6sen az \u0171ripar \u00e9s a m\u0171holdgy\u00e1rt\u00e1s ter\u00fclet\u00e9n; ide sorolhat\u00f3k a Airbus \u2013 Thales \u2013 Leonardo k\u00f6r\u00e9 szervez\u0151d\u0151 m\u0171hold\u2011 \u00e9s \u0171ripari konszolid\u00e1ci\u00f3s l\u00e9p\u00e9sek is.<\/p>

A v\u00e9delmi v\u00e1llalatok \u00e9rt\u00e9kelts\u00e9ge l\u00e1tv\u00e1nyosan megemelkedett: t\u00f6bb szektor\u00e1lis szerepl\u0151 r\u00e9szv\u00e9nye t\u00f6bbsz\u00f6r\u00f6s\u00e9re n\u0151tt az elm\u00falt \u00f6t \u00e9vben, ami j\u00f3l t\u00fckr\u00f6zi a geopolitikai k\u00e9nyszerekre \u00e9p\u00fcl\u0151 befektet\u0151i v\u00e1rakoz\u00e1sokat.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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B\u0151s\u00e9ges t\u0151kek\u00edn\u00e1lat \u00e9s emelked\u0151 \u00e9rt\u00e9kelts\u00e9gek<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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A glob\u00e1lis t\u0151kek\u00edn\u00e1lat 2025-ben is b\u0151s\u00e9ges maradt. A mag\u00e1nt\u0151kealapokn\u00e1l jelent\u0151s dry powder halmoz\u00f3dott fel, \u00e9s a finansz\u00edroz\u00e1si felt\u00e9telek t\u00f6bb r\u00e9gi\u00f3ban enyh\u00fcltek. A korl\u00e1tozottan el\u00e9rhet\u0151, j\u00f3 min\u0151s\u00e9g\u0171 akviz\u00edci\u00f3s c\u00e9lpontok \u00e9s a rendelkez\u00e9sre \u00e1ll\u00f3 b\u0151s\u00e9ges likvidit\u00e1s egy\u00fctt a v\u00e1llalat\u00e9rt\u00e9kel\u00e9sek emelked\u00e9s\u00e9hez vezetett. A technol\u00f3giai \u00e9s v\u00e9delmi szektorban k\u00fcl\u00f6n\u00f6sen mark\u00e1ns volt ez a folyamat, \u00e9s az amerikai t\u0151ke eur\u00f3pai aktivit\u00e1sa is tov\u00e1bb er\u0151s\u00f6d\u00f6tt.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Eur\u00f3pai \u00e9s hazai trendek: \u00e9l\u00e9nk piac, szigorod\u00f3 kontroll<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Eur\u00f3p\u00e1ban 2025-ben f\u0151k\u00e9nt strat\u00e9giai ipar\u00e1gak \u00e9s kritikus infrastrukt\u00fara k\u00f6r\u00e9 szervez\u0151dtek a felv\u00e1s\u00e1rl\u00e1sok, ugyanakkor a szab\u00e1lyoz\u00e1si \u00e9s nemzetbiztons\u00e1gi szempontok nagyobb szerepet kaptak, mint kor\u00e1bban b\u00e1rmikor. Az Eur\u00f3pai Uni\u00f3ban t\u00f6bb mint h\u00e1romezer tranzakci\u00f3 esett FDI\u2011sz\u0171r\u00e9s al\u00e1, ami j\u00f3l mutatja, hogy a k\u00fclf\u00f6ldi befektet\u00e9sek ellen\u0151rz\u00e9se m\u00e1ra a tranzakci\u00f3s folyamat egyik meghat\u00e1roz\u00f3 eleme lett.<\/p>

A magyar M&A\u2011piac is jelent\u0151s aktivit\u00e1st mutatott. A 2025\u2011ben lez\u00e1rt 80\u201386 \u00fcgylet k\u00f6z\u00f6tt kiemelked\u0151 szerepet j\u00e1tszottak a technol\u00f3giai, telekommunik\u00e1ci\u00f3s, p\u00e9nz\u00fcgyi \u00e9s eg\u00e9szs\u00e9g\u00fcgyi tranzakci\u00f3k. A hazai piacon a telekommunik\u00e1ci\u00f3s infrastrukt\u00fara \u00e9s szolg\u00e1ltat\u00e1s sz\u00e9tv\u00e1laszt\u00e1s\u00e1nak trendje meghat\u00e1roz\u00f3 maradt, \u00e9s t\u00f6bb \u00faj befektet\u0151i bel\u00e9p\u00e9st is lehet\u0151v\u00e9 tett. A k\u00fclf\u00f6ldi befektet\u0151ket \u00e9rint\u0151 FDI\u2011ellen\u0151rz\u00e9s egyre gyakoribb\u00e1 v\u00e1lt, ami a z\u00e1r\u00e1si \u00fctemez\u00e9st lass\u00edtotta ugyan, de \u00e1tl\u00e1that\u00f3bb\u00e1 \u00e9s kisz\u00e1m\u00edthat\u00f3bb\u00e1 tette a strat\u00e9giai jelent\u0151s\u00e9g\u0171 \u00fcgyletek kezel\u00e9s\u00e9t.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Kil\u00e1t\u00e1sok 2026-ra<\/strong><\/h5>

V\u00e1rakoz\u00e1sok szerint a 2025\u2011\u00f6s lend\u00fclet 2026-ban is \u00e9rezhet\u0151 marad. B\u00e1r a piac tov\u00e1bbra is \u00e9rz\u00e9kenyen reag\u00e1l majd a geopolitikai esem\u00e9nyekre \u00e9s a makrogazdas\u00e1gi k\u00f6rnyezet v\u00e1ltoz\u00e1saira, a technol\u00f3giai \u00e9s \u00e9lettudom\u00e1nyi szektor, valamint a digit\u00e1lis infrastrukt\u00fara ir\u00e1nti tart\u00f3s kereslet tov\u00e1bbra is er\u0151s t\u00e1maszt jelent az M&A\u2011aktivit\u00e1s sz\u00e1m\u00e1ra. A generat\u00edv mesters\u00e9ges intelligencia az \u00e9v sor\u00e1n egyre m\u00e9lyebben be\u00e9p\u00fcl mag\u00e1ba a tranzakci\u00f3s folyamatba is: a c\u00e9lpontkiv\u00e1laszt\u00e1st\u00f3l a kock\u00e1zatelemz\u00e9sen \u00e1t a p\u00e9nz\u00fcgyi modellez\u00e9sig sz\u00e1mos ponton form\u00e1lhatja \u00e1t a piaci gyakorlatot.<\/p>

\u00d6sszess\u00e9g\u00e9ben ugyan a 2025\u2011\u00f6s rekord\u00e9v megism\u00e9tl\u00e9se kev\u00e9ss\u00e9 val\u00f3sz\u00edn\u0171, a struktur\u00e1lis trendek alapj\u00e1n 2026-ban is er\u0151s, dinamikus \u00e9s strat\u00e9giai jelent\u0151s\u00e9g\u0171 tranzakci\u00f3s k\u00f6rnyezetre lehet sz\u00e1m\u00edtani.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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A t\u00e9m\u00e1r\u00f3l hallgassa meg a besz\u00e9lget\u00e9st itt<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Szerz\u0151k: Posztl Andr\u00e1s, Kovaloczy \u00c1ron<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\"Posztl\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\tPosztl Andr\u00e1s\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tIrodavezet\u0151 Partner,

T\u00e1rsas\u00e1gi Jogi \u00e9s M&A Partner\n\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t

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\n\t\t\t\t\t\t\tPosztl Andr\u00e1s \t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\nAndr\u00e1s a budapesti iroda irodavezet\u0151 partnere, valamint partner a t\u00e1rsas\u00e1gi jogi \u00e9s M&A csoportban. Sz\u00e9lesk\u00f6r\u0171 tapasztalattal rendelkezik nemzetk\u00f6zi, illetve hazai M&A tranzakci\u00f3kkal, t\u0151zsdei \u00e9s mag\u00e1nt\u0151ke-befektet\u00e9ssel kapcsolatos jog\u00fcgyletek ter\u00e9n k\u00fcl\u00f6n\u00f6s tekintettel az energiajog, illetve m\u00e9diajog \u00e1gazatokra. \n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\"profile-aron-kovaloczy\"\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\tKovaloczy \u00c1ron\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\u00dcgyvezet\u0151,

DLA Piper Business Advisory\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t

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\n\t\t\t\t\t\t\tKovaloczy \u00c1ron\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\u00c1ron a DLA Piper Business Advisory Kft. alap\u00edt\u00f3 tagja \u00e9s \u00fcgyvezet\u0151je. Nagy tapasztalattal rendelkezik end-to-end M&A tan\u00e1csad\u00e1s (piac felm\u00e9r\u00e9s, c\u00e9lpont keres\u00e9s, akviz\u00edci\u00f3s strat\u00e9gia kialak\u00edt\u00e1sa, tranzakci\u00f3 v\u00e9grehajt\u00e1sa), \u00fczlet\u00e9rt\u00e9kel\u00e9s, p\u00e9nz\u00fcgyi modellez\u00e9s, finansz\u00edroz\u00e1si, \u00e9s egy\u00e9b tranzakci\u00f3s tan\u00e1csad\u00e1s ter\u00fclet\u00e9n az energetika \u00e9s infrastrukt\u00fara, az eg\u00e9szs\u00e9g\u00fcgy \u00e9s gy\u00f3gyszeripar szektorokban. \t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\tK\u00e9rd\u00e9se van? Keressen minket bizalommal!<\/b>\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tKapcsolatfelv\u00e9tel\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\tK\u00f6vesse LinkedIn oldalunkat!<\/b>\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tDLA Piper Hungary\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\tAj\u00e1nljuk figyelm\u00e9be kor\u00e1bbi podcast sorozataink \u00e9s ezek \u00f6sszefoglal\u00f3it:\t\t\t\t\t<\/h2>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\t\t\tMeghallgatom >>\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

A v\u00e1llalati felv\u00e1s\u00e1rl\u00e1sok \u00e9s egyes\u00fcl\u00e9sek piaca tov\u00e1bbra is \u00e9rz\u00e9kenyen reag\u00e1l a geopolitikai \u00e9s makrogazdas\u00e1gi k\u00f6rnyezet v\u00e1ltoz\u00e1saira. A 2025\u2011\u00f6s \u00e9v a bizonytalans\u00e1gok ellen\u00e9re \u2013 r\u00e9szben \u00e9ppen azok hat\u00e1s\u00e1ra \u2013 az elm\u00falt \u00e9vtized egyik leger\u0151sebb id\u0151szaka volt: a glob\u00e1lis M&A\u2011volumen 41%-kal, 4,81 ezer milli\u00e1rd doll\u00e1rra n\u0151tt, amely minden id\u0151k m\u00e1sodik legmagasabb \u00e9rt\u00e9ke. <\/p>\n","protected":false},"author":1,"featured_media":7340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[389],"tags":[1340,1667,1333,1668,1487,1669],"coauthors":[705],"class_list":["post-7332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macorporate","tag-ai","tag-geopolitikai-bizonytalansag","tag-ma-piaci-trendek","tag-nagy-volumenu-tranzakciok","tag-technologiai-szektor","tag-vedelmi-ipar"],"yoast_head":"\nMerre \u00e1ramlik a t\u0151ke? Rekordszint\u0171 felv\u00e1s\u00e1rl\u00e1si hull\u00e1m form\u00e1lja az M&A\u2011piacot<\/title>\n<meta name=\"description\" content=\"A 2025\u2011\u00f6s \u00e9v a bizonytalans\u00e1gok ellen\u00e9re \u2013 r\u00e9szben \u00e9ppen azok hat\u00e1s\u00e1ra \u2013 az elm\u00falt \u00e9vtized egyik leger\u0151sebb id\u0151szaka volt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/02\/merre-aramlik-a-toke-rekordszintu-felvasarlasi-hullam-formalja-az-ma\u2011piacot\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merre \u00e1ramlik a t\u0151ke? 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