Mergers and acquisitions: A question of readiness and the courage to evolve

At first glance, the surge in mergers and acquisitions across Malta over the past two years might suggest a maturing market finally finding its rhythm. But, as discussions at the recent M&A Summit hosted by Ganado Advocates revealed, dealmaking in Malta is evolving into something deeper, and resulting in a test of vision, discipline, and cultural alignment as much as financial ambition.

In his introductory address, Simon Schembri, Partner at Ganado, explained how 2024 and 2025 marked an unprecedented wave of M&A activity across the island’s key sectors, including aviation, pharmaceuticals, healthcare, digital and retail.

This scenario was the backdrop to Ganado’s M&A Summit, which brought together senior practitioners, CEOs, and financial advisers for a half-day of candid discussion. As it turned out, the discussion was not just about the size or spectacle of the deals, but about their substance.

“2024 opened with EasyJet’s acquisition of SR Technics Malta, followed by GO plc’s purchase of Klikk Finance, and Marsamxett Properties’ full takeover of Tigné Mall. Consolidation continued with the merger of ANCHOVY and NIU to form 9H Capital, and the creation of INV Holdings through a four-company joint venture in the pharma and health space.”

“This momentum was carried throughout 2025, when several global names began to take note and decided to invest in Malta,” referring to Goldman Sachs’ acquisition of Melita, Banka Creditas’ takeover of MeDirect, and Adalvo’s acquisition of EQT.

“Meanwhile, the local scene remained vibrant, with BMIT Technologies acquiring 56Bit and a significant stake in Malta Properties Company.”

A fireside chat with Norman Aquilina, CEO of Farsons Group conducted by Christina Scicluna, from Ganado’s corporate team, shifted the tone from deal mechanics to strategic depth. Mr Aquilina’s message was clear: mergers and acquisitions should not be driven solely by financial opportunity but by a shared sense of direction.

“The increase in M&As is encouraging,” he noted, “but there should be more M&As because ultimately, this is what drives the improvement in company cultures.”

He argued that a company’s financial bottom line, while essential, must not eclipse broader strategic considerations. The boardroom conversation, he said, needs to evolve beyond balance sheets to encompass long-term vision and purpose.

These remarks resonated with an audience that is well aware of Malta’s fast-changing corporate landscape, where growth by acquisition can just as easily become a source of cultural strain as of renewal.

The summit’s panels reinforced this sentiment. Stephanie Zarb Adami, Senior Associate at Ganado Advocates, led a discussion on “The Art of the Deal: Preparing for a Successful Sale” with Jonathan Shaw, Partner, Hatten M&A Advisory, Daniel Ganem CFO, Challenge Group and Lara Falzon, CEO, Yolo Group. Preparation, they agreed, is everything, particularly for smaller enterprises, where record-keeping and compliance often lag behind ambition.

“Readiness is crucial,” one panellist observed. “You never know when the right opportunity will come and you need to be ready when it does.”

Another theme that surfaced was emotional detachment. For many family-owned or founder-led businesses, selling is not merely a commercial decision but a personal reckoning. Yet as one speaker reminded the audience, “M&A is about achieving the best business outcome, not preserving sentiment.”

A second panel, moderated by Stuart Firman, Senior Associate at Ganado Advocates, and featuring Maria Magro, CEO of Carmelo Abela Marketing Ltd, Christian Sammut, CEO, BMIT Technologies and Graziella Bray, Company Secretary at APS, turned to the negotiation table itself.

Here, trust and communication emerged as the currency of successful dealmaking. Continuous dialogue with stakeholders, namely employees, clients, and investors alike, was described as essential to sustaining confidence through the uncertainty that accompanies most transactions.

“M&A needs to be based on mutual trust,” said one participant. “Communication should not be a one-off event but a continuous process. After all, the bottom line of any transaction is trust.”

As Partner George Bugeja noted in his closing remarks, the M&A landscape in Malta is becoming increasingly sophisticated, both in scale and character. The island’s corporate ecosystem, supported by financial expertise and a responsive regulatory framework, is positioning itself as a credible regional hub for transactions that blend local insight with international ambition.

The event’s most lasting impression may have been its tone: reflective rather than self-congratulatory: the market is often captivated by the size of a deal but, as most of the speakers reminded the audience, the real work starts after the papers have been signed, when people, purpose, and culture need to be aligned. Only then can the numbers lead to further long-term growth.

Disclaimer: This article was first published in “The Times of Malta” on 16/11/2025.