U.S. investors announced 220 deals involving German targets from Jan. 1 through Nov. 15, 2025, leading foreign buyers in PwC’s tally by both deal count and disclosed value.
PwC put the disclosed value of those deals at €36.7 billion. They accounted for 20.4% of foreign-investor deal announcements and 35.5% of their disclosed value. Private equity firms participated in 141 of the U.S.-linked deals. The figures cover all industries and include minority investments and transactions that had not closed. Industrial manufacturing recorded 313 foreign-buyer deals from all countries, the highest count of any sector.
Separately, KfW Research surveyed more than 13,000 small and midsize businesses from mid-February to mid-June 2025. It found 57% of owners were 55 or older and estimated that 545,000 businesses wanted to arrange a succession by the end of 2029. Among firms planning to close, 47% said no one in the family was interested in taking over. The estimate covers businesses across the economy and does not show how many might be acquired by U.S. investors.
A later transaction offers a separate example of U.S. interest in German industrial assets. In August 2026, the owner families of German fan and motor maker ebm-papst agreed to transfer their shares to Madison Air in a proposed deal with a €5.1 billion enterprise value. Madison said it would gain airflow technology and access to European markets. ebm-papst CEO Dr. Klaus Geißdörfer said his company expected better access to the U.S. market. The companies plan to keep ebm-papst’s headquarters, research operations and manufacturing in Mulfingen.
U.S. investment flows tell a different story from the deal tally. The German Economic Institute, analyzing Bundesbank data, calculated that U.S. direct investment inflows into Germany fell nearly 44% to €11.8 billion in 2025, while total foreign direct investment inflows rose to about €86 billion. The flow measure tracks investment entering the country; PwC counts announced transactions.
The ebm-papst agreement remains subject to regulatory approvals and other closing conditions. The companies expect it to close around the end of 2026.
