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Mergers & Acquisitions Highlights for the First Semester of 2026 

September 3, 2026

During the first seven months of 2026, EPIC recorded more than 170 acquired or merged companies worldwide, including more than 100 in the USA and around 50 in Europe, with July being the strongest month so far.



During the first seven months of 2026, EPIC recorded more than 170 acquired or merged companies worldwide, including more than 100 in the USA and around 50 in Europe, with July being the strongest month so far.

If the current pace continues, the annual total could potentially set a new record, underlining the continued consolidation of the photonics industry and strong strategic demand for photonics technologies and capabilities.

From January to June 2026, EPIC has recorded a total of 153 M&As in photonics (142 acquisitions and 11 mergers). In the acquisitions for the first semester of this year, 45 of the acquiring companies are based in Europe; on the other hand, 97 of these acquiring companies are non-European companies, with the majority being based in the USA (80).  We also noted five (5) acquisitions by companies based in Asia: three (3) from Japan and one each for Hong Kong and India. The rest of the acquisitions were initiated by companies headquartered in Canada (6), Israel (5), and Australia (1). As to the mergers recorded for January to June 2026, companies from the USA participated in a total of nine (9) mergers, with seven (7) of these mergers being made between USA-based companies. Meanwhile, European companies took part in three (3) mergers, wherein two (2) of these were entered into between Europe-based companies. 

At the forefront of the photonics M&As in the first semester of 2026 are members of EPIC with headquarters spread across the world. All in all, twenty-four (24) EPIC members have made significant acquisitions from January to June 2026, namely the following: 

  • Nynomic (Germany) acquired a 49% stake from Image Engineering (Germany), also a member of EPIC. 
  • Jenoptik (Germany) acquired the Intelligent Transportation Systems business of FIMA (Lithuania). 
  • Flex (USA) acquired Electrical Power Products (USA). 

There are also EPIC members that were either acquired wholly or partially during the first semester of 2026. Advanced fiber optic-based technology specialist and long-time member of EPIC Luna Innovations (USA) was acquired in June by private equity firm TJC (USA). The following EPIC members were also acquired this semester: VPIphotonics (Germany) which was acquired by another EPIC member, Keysight Technologies (USA); Class 5 Photonics (Germany) which was acquired by another EPIC member, Light Conversion (Lithuania); Bay Photonics (United Kingdom), which was acquired by AMS Technologies (Germany), also an EPIC member; Emberion (Finland) which was acquired by a member of EPIC, Exosens (France); Polariton Technologies (Switzerland), which was acquired by Marvell Technology (USA); and Freedom Photonics (USA), which was acquired by Quantum Computing (USA). These acquisitions shall be further discussed below. 

Below are the EPIC members that were acquired partially: 

  • ASMPT (Singapore): its NEXX business was acquired by Applied Materials, also a member of EPIC. 
  • Synopsys (USA): its ARC Processor IP Solutions business was acquired by Global Foundries (USA). 
  • ams Osram (Austria): its Non-Optical Sensor business was acquired by Infineon (Germany), while its CMOS Image Sensor business was acquired by Indie Semiconductors (USA), also a member of EPIC. 

Highlighting the collaboration between members of EPIC are seven (7) M&As recorded this semester, which took place between the following members: 

The European Perspective

Out of the forty-five (45) acquiring companies from Europe, the majority are based in Germany with a total of fourteen (14). Coming in next are companies from France and the United Kingdom with eight (8) and seven (7) acquisitions, respectively. Companies from Sweden and Italy, on the other hand, recorded four (4) and three (3) acquisitions, respectively. Meanwhile, EPIC recorded two (2) acquisitions each made by companies based in Switzerland and Belgium. Lastly, rounding up the acquisitions by European companies for this semester are the acquisitions made by companies based in Cyprus, Lithuania, Poland, The Netherlands, and Spain (one acquisition apiece). 

M&As in Germany 

Let’s take a look at the acquisitions made by German companies for this semester. Out of the fourteen (14) acquisitions in Germany, two (2) involved German companies as well. These are the following: 

  • Mahr acquired the remaining three percent of the shares of NanoFocus (Germany), which resulted in the latter becoming a wholly-owned subsidiary of Mahr. The acquisition will enable Mahr, a leading metrology specialist, “to continue expanding with dimensional optical metrology.” 
  • Nynomic, an EPIC member, acquired the remaining 49% stake in another EPIC member Image Engineering, a provider of testing and calibration solutions for cameras and multi-sensor systems. Nynomic acquired a 51% majority stake in the company last 2021. The acquisition will now result in the consolidation of Image Engineering into the Nynomic Group. 

The other acquisitions made by Germany-based companies are the following: 

  • Siemens acquired Canopus AI (France) to “bring AI-based metrology to semiconductor manufacturing.” 
  • Infineon acquired the non-optical sensor business of EPIC member ams Osram (Germany) in a strategic divestment of ams Osram that will enable Infineon to further develop the non-optical sensor business. For ams Osram, the transaction will enable it to focus on digital photonics. 
  • Scantinel acquired the assets of MicroVision (USA), which will “expand its long-range sensing in commercial vehicles and ADAS” and also “accelerate the commercial rollout of its FMCW lidar solutions.” 
  • Rheinmetall, the defense giant from Germany, acquired a 51% stake in DOK-ING  from Croatia and expanded its portfolio in the field of uncrewed and autonomous systems. 
  • HENSOLDT, a defense specialist from Germany, acquired Dutch optronics specialist NEDINSCO to strengthen its “technological capabilities in a strategically relevant segment”, secure “critical supply chains,” and expand “its industrial presence in Europe.” 
  • Jenoptik, a member of EPIC, acquired the Intelligent Transportation Systems business of FIMA (Lithuania), thereby expanding its presence in the Baltic region. 
  • AMS Technologies, an optical, thermal, power technologies and solutions provider, and an EPIC member as well, acquired another member of EPIC Bay Photonics (United Kingdom), a specialist in photonics assembly and packaging for quantum, sensing, and telecom innovations. With its acquisition of Bay Photonics, AMS Technologies significantly improved its “capabilities in photonics system design, integration, and manufacturing.” 
  • Merck, a member of EPIC, acquired the Chromatography Business of JSR Life Sciences (USA) to improve its downstream purification portfolio and enhance its scalable manufacturing and speeding therapy access. Merck also acquired Bio-Techne (USA) to expand its presence in the next-generation life sciences market and strengthen its position as a leading player in the full life science value chain. 
  • EOS, a leading provider of 3D printing solutions, expanded its industrial metal additive manufacturing through the acquisition of Metalpine (Austria), a specialist in high-quality metal powder. 
  • Circus acquired Kitchen Robotics (USA) to expand its IP portfolio and improve its market leadership. 
  • SFC Energy, an EPIC member, acquired a 15% stake in Oneberry Technologies (Singapore) to mark its entry into the AI-driven security solutions market and to likewise aid its expansion into the Asian market. 

M&As in France 

France follows Germany with the most acquisitions, ending with eight (8) transactions. The majority of these transactions were from EPIC members. Let’s examine the acquisitions made by French companies: 

  • Oxxius, a member of EPIC, acquired 89 North (USA), an advanced laser-based illumination and imaging systems company, to expand its laser combiner portfolio, among others. 
  • Quantum Surgical, a specialist in minimally invasive robotic-assisted cancer treatment technologies, acquired medical device company NeuWave Medical (USA) to “democratize robotic-assisted tumor ablation treatments to reduce cancer mortality.” 
  • Infinite Orbits, a leading GEO in-orbit servicing company, acquired autonomous space systems LMO (Luxembourg) to establish operational presence in Luxembourg and the United Kingdom-based Lúnasa, marking the establishment of its operations in the United Kingdom and representing a further step in its expansion in Europe. 
  • EssilorLuxottica, an EPIC member, acquired Faro (Italy) to advance high-precision technologies in eyewear manufacturing.  
  • SPIE, a member of EPIC, acquired turnkey cleanroom solutions provider BLOCK Group (Czech Republic) to improve its “position in industries with stringent technical requirements and higher value-added services.” 
  • Exosens, an EPIC member and provider of mission and performance-critical amplification, detection and imaging technology, acquired another member of EPIC and infrared sensors designer and manufacturer Emberion (Finland). The acquisition will enable Exosens to become a “leading provider of advanced imaging technologies across the full spectrum of light.” 
  • HEF Groupe, a member of EPIC, acquired Evaporated Coatings (USA), an advanced optical thin film coatings specialist, to improve its manufacturing footprint and technological capabilities in North America.   

M&As in the United Kingdom 

Out of the seven (7) acquisitions by companies headquartered in the United Kingdom, six (6) transactions resulted in acquisitions of European companies and three of these involved companies based in the United Kingdom as well. The sole acquisition of a non-European company by a United Kingdom-based corporation is that by Blippar which acquired Australian company Platar as part of its strategy in building industry-focused Augmented Reality (AR) products. The acquisition will help Blippar to bring together “powerful technology with deep sector expertise” and deliver scalable AR solutions for the global market.  

Let’s examine the rest of the acquisitions made by companies headquartered in the United Kingdom: 

  • SDI Group, manufacturer of specialist products for use in lab equipment, industrial and scientific sensors and industrial and scientific products, acquired PRP Optoelectronics (United Kingdom), developer of custom high-performance microLEDs, LED light engines and monolithic LEDs. The acquisition is expected to expand SDI’s footprint in the aerospace and defense sector. 
  • VertiGIS, a geospatial solutions company, acquired advanced Location Master Data Management (LMDM) software provider 1Spatial (United Kingdom) to “power the next generation of intelligent, insight-driven geospatial networks.” 
  • E.ON, a member of EPIC, acquired OVO (United Kingdom), a leading energy supplier, to strengthen its position in the United Kingdom’s energy market. 
  • AP Technologies, a catheter and medical tubing manufacturer, acquired laser micromachining specialist Blueacre Technology (Ireland) to extend its “catheter platform into the laser-processed metallic components used in next-generation minimally invasive devices.” 
  • Phenna Group acquired Belgium-based V2i and Optrion. V2i is an engineering specialist, while Optrion is an optical metrology expert. With the acquisition, Phenna will improve its Industrials Division and broaden its capabilities in advanced testing and precision measurement. 

M&As in Sweden 

Companies based in Sweden were involved in four (4) acquisitions. First, EPIC member Mycronic acquired ETZ (Germany), a supplier of test probes for the PCB Test business line of Mycronic’s Global Technologies division. With the acquisition, ETZ will become part of the PCB Test business line of Micronic’s Global Technologies division. Next, investment organization EQT acquired satellite deployment technology and launch mission company Exolaunch (Germany) to support the latter’s next phase of growth. Lastly, Hexagon, one of the leading measurement & positioning technologies specialists in the world, made two acquisitions this semester. The first is its acquisition of non-destructive testing solutions provider Waygate Technologies (Germany), which will help Hexagon expand into the non-destructive testing market. Also, Hexagon acquired ITRES (Canada), a high-performance airborne hyperspectral and thermal imaging systems company, to strengthen its advanced airborne mapping capabilities. 

M&As in Italy 

Three (3)  M&As involving Italian companies were observed this semester. Two (2) of which were made by the same company, Leonardo, a leading defense and aerospace company. In January, Leonardo acquired weather radar instruments developer and manufacturer Enterprise Electronics (USA) to enhance its capabilities in the meteorological business. Later, Leonardo acquired in March the Defence Business IDV and ASTRA brands of Italy-based Iveco Group to help it become a leading fully integrated Original Equipment Manufacturer (OEM) in the land defense field. Lastly, advanced additive manufacturer ROBOZE, a developer of advanced production platforms for mission-critical industries, acquired key assets from Dimanex (The Netherlands) to “build the Physical AI Layer for distributed manufacturing.”  

Other M&As in Europe 

Two (2) acquisitions were recorded from companies headquartered in Switzerland. SEALSQ, a leading post-quantum semiconductor and cybersecurity solutions company, acquired photonics-based quantum interconnection solutions specialist Miraex (also from Switzerland) in a transaction that “closes the quantum interconnect layer of SEALSQ’s Quantum Sovereign Vertical Stack.” Another acquisition by a company based in Switzerland was made by ABB, one of the leaders in electrification and automation, which bought Specialtrasfo (Italy) to support industrial electrification and enable its Motion business area to incorporate specialized transformers to existing motors. 

Likewise, two (2) acquisitions were made by companies headquartered in Belgium. Amnovis acquired the additive manufacturing activities of Westconn Precision Technologies (USA) to expand its market and geographical footprint. In another notable deal, Schréder, a leading sustainable and smart lighting solutions provider, acquired low-power urban sensing and edge AI specialist EdgeMachines (Australia) to aid in its goal of delivering smarter urban services and enhancing city life. 

Rounding out the European transactions were lone acquisitions from the following companies headquartered in Cyprus, Lithuania, Poland, Spain, and the Netherlands:  

  • Theon (Cyprus), a member of EPIC and a leading defense and space manufacturing company, acquired SAS Stéropès (France), which is the holding company of SAS HGH Systèmes Infrarouges (HGH) and a designer, developer and manufacturer of electro-optical and infrared solutions. The acquisition will widen Theon’s Multi-Domain ISR (Platform Electro-Optics) product portfolio and its counter-drone (C-UAS) solutions. 
  • Light Conversion (Lithuania), ultrafast technology leader and member of EPIC,      acquired Class 5 Photonics, a laser system manufacturer based in Germany and another EPIC member, in a transaction expected to strengthen the market positions of both companies. VIGO Photonics (Poland), a member of EPIC, acquired USA-based InfraRed Associates in a strategic acquisition that marked VIGO’s global expansion strategy and improved its “ability to serve the defense and high-tech sectors.” 
  • Indra (Spain), a leading defense and aerospace company, acquired the modular unmanned air traffic management platform assets of Altitude Angel (United Kingdom) in a strategic acquisition that will “strengthen its position in the air traffic business, positioning itself as a global benchmark in the growing UTM (Unmanned Traffic Management) segment.”  
  • NMi Group (The Netherlands),  an Advisory, Testing, Inspection, Certification and Calibration (ATICC) services provider, acquired  testing and analytical laboratory company TechnoLab (Germany) in order to broaden its sector footprint, among others.  

Companies with multiple M&As

During the first semester of this year, EPIC noted several companies with multiple acquisitions from around the world, the majority of which were made by companies from the USA.  In Europe, companies from Italy, France, Switzerland, Sweden, and Germany also made multiple M&As.  

Let’s examine the transactions made by companies with multiple acquisitions from January to June 2026.

US-based companies with multiple M&As 

York Space Systems (USA): The space and defense company acquired ALL.SPACE (United Kingdom), a provider of advanced satellite communications terminals and multi-network connectivity solutions, to improve its capability for assured, multi-domain communications for critical missions. York Space Systems also acquired Orbion Space Technology (USA) and strengthened its portfolio with the addition of the latter’s flight-proven electric propulsion systems. Lastly, York Space Systems (USA) also acquired Solestial (USA), a solar energy company, and secured critical space solar capabilities. 

Amazon (USA): The US-based technology giant acquired in March humanoid robotics manufacturer Fauna Robotics (USA) as well as physical AI and robotics developer Rivr (Switzerland) to fuel its mission to build “General Physical AI through doorstep delivery, bringing robotics and AI closer to real-world deployment at scale.” Amazon also acquired satellite communication solutions provider Globalstar (USA) for $10.8 billion as it expands its Amazon Leo satellite network and adds “direct-to-device (D2D) services to its low Earth orbit satellite network.” 

Quantum Computing (USA): The quantum optics and integrated photonics technology company acquired Freedom Photonics (USA), an EPIC member, in a deal that will boost the technology roadmap of Quantum Computing and advance its bid to become a “vertically integrated, domestic provider of photonics and quantum platforms.” In another transaction, Quantum Computing acquired NuCrypt (USA) to advance the commercialization of quantum communications. Lastly, Quantum Computing acquired advanced packaging foundry company NHanced Semiconductors (USA) to enable its  transition into scalable commercial production. 

Marvell Technology (USA): The data infrastructure semiconductor solutions provider acquired XConn Technologies (USA), an advanced PCIe and CXL switching silicon specialist, to expand its switching portfolio and augment its Ultra Accelerator Link (“UALink”) scale-up switch team. In another deal, Marvell Technology acquired high-speed, low-power plasmonics-based silicon photonics devices developer and EPIC member Polariton Technologies (Switzerland) to advance its optical performance scaling to 3.2T and beyond. 

Minitab (USA): The software company acquired Scytec (USA) to “expand real-time manufacturing data collection for operational excellence” and Effex Solution (Belgium) to obtain design catalog and artificial intelligence capabilities for the advancement of modern experimental design. 

IonQ (USA): The quantum computing and networking specialist acquired semiconductor company SkyWater Technology (USA) to accelerate its quantum computing roadmap. IonQ also acquired  Seed Innovations (USA) and its machine learning and cloud architecture expertise. 

Rocket Lab (USA): The launch services and space systems specialist acquired Optical Support (USA) in a strategic transaction to secure its “position as a disruptive vertically integrated prime contractor enabling critical defense programs including the Space Development Agency’s Proliferated Warfighter Space Architecture (PWSA).” In a subsequent acquisition, Rocket Lab acquired Iridium Communications (USA) in a landmark deal that resulted in the creation of a fully vertically integrated space powerhouse. 

Intuitive Machines (USA): The space technology company acquired deep space communications provider Goonhilly Earth Station (United Kingdom) and COMSAT (USA) to expand its global ground station resources and capacity.  

Credo Technology (USA): The high-speed connectivity solutions provider acquired CoMira (USA) in a transaction that will result in the integration of CoMira’s high-performance IP technologies vital for the advancement of connectivity solutions for AI infrastructure. Credo also acquired Silicon Photonics technology leader DustPhotonics (Israel) for $750 million, thereby expanding its range into silicon photonics and next-generation optical connectivity. 

European companies with multiple M&As 

Infinite Orbits (France): The leading in-orbit servicing company acquired LMO (Luxembourg) and Lúnasa (United Kingdom), establishing operational presence both in Luxembourg and the United Kingdom for the advancement of its European expansion. 

Hexagon (Sweden): The measurement and positioning technologies specialist acquired non-destructive testing solutions provider Waygate Technologies (Germany) to expand into the non-destructive testing market. Hexagon also acquired ITRES (Canada), a high-performance airborne hyperspectral and thermal imaging systems company, to strengthen its advanced airborne mapping capabilities. 

Merck (Germany): The EPIC member acquired the Chromatography Business of JSR Life Sciences (USA) to improve its downstream purification portfolio and enhance its scalable manufacturing and speeding therapy access. In another deal, Merck acquired Bio-Techne (USA) to expand its presence in the next-generation life sciences market and strengthen its position as a leading player in the full life science value chain. 

Phenna Group (United Kingdom): The Testing, Inspection, Certification and Compliance (TICC) specialist made two acquisitions of Belgium-based Optrion and V2i to improve its Industrials Division and broaden its capabilities in advanced testing and precision measurement. 

Terra Quantum (Switzerland): The quantum technology company and Mountain Lake Acquisition (USA) executed a strategic business combination agreement valued at $3.25 billion whereby the new entity will be listed publicly. Next, there’s the business combination transaction between Terra Quantum and Axiom Intelligence Acquisition Corp 1 (United Kingdom), a publicly traded special purpose acquisition company, with a $3.5 billion equity valuation. With this merger, Terra Quantum will become a publicly listed company. This is the second straight month wherein Terra Quantum entered into a business combination agreement, the first one being the transaction with Mountain Lake Acquisition last April.

Multiple M&As of other companies across the globe 

Horiba (Japan): EPIC member Horiba acquired Pristine Deeptech Private Limited (India) and enhanced its capabilities for analytical and measurement solutions for advanced materials. Horiba also acquired Australian Scientific Pty. Limited (Australia) in a transaction that will help in its early launch and business expansion after the establishment of its Australian subsidiary. 

InnovMetric (Canada): The 3D metrology software solutions provider acquired the Intellectual Property of Digisens (France), strengthening its expertise in computed tomography (CT) data processing. In another transaction, InnovMetric acquired its strategic partner and 3D coordinate metrology specialist Duwe-3d (Germany) in a transaction that will improve the expertise of InnovMetric’s European division as well as expand its technical services offering. 

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