Mergers and acquisitions play a critical role in driving industry growth. As in the first half of the year, the second half of 2025 saw continued momentum in photonics M&A activity across Europe and globally. Between July and December 2025, EPIC recorded a total of 142 M&A transactions in the photonics sector. The vast majority were acquisitions, with only five mergers taking place during this period. Forty-five of the acquiring companies were based in Europe, while just one European company was involved in a merger.
For the second half of 2025, these are the companies that were involved in mergers: Infleqtion (USA) and Churchill Capital (USA); Axcelis (USA) and Veeco Instruments (USA); Skyworks (USA) and Qorvo (USA); Radiant Vision Systems (USA) and Konica Minolta Sensing Americas (USA); and Cobham Satcom (Denmark) and Gatehouse Satcom (Denmark). Let’s discuss first the merger between Infeqtion and Churchill Capital. Neutral atom–based technology specialist Infleqtion (USA) merged with Churchill Capital (USA) in a transaction that will enable Infleqtion to go public and to facilitate its goal of commercializing quantum products. Next, is the merger between Axcelis, a provider of innovative, high-productivity solutions for the semiconductor industry, and Veeco Instruments, a leading manufacturer of semiconductor process equipment, wherein the combined company will become a leading semiconductor equipment company. The merger between Skyworks, a leading high-performance analog and mixed-signal semiconductors company, and Qorvo, a provider of connectivity and power solutions, will result to the combination of “complementary product and technology portfolios and world-class engineering capabilities, creating R&D scale to deliver innovative RF solutions.” The merger by Radiant Vision, a leading provider of imaging systems for scientific evaluation of light sources and displays, with its sister company Konica Minolta Sensing Americas will result to the formation of a new company and enable the offering of a “broader portfolio of solutions” that customers can procure from a single source. Lastly, there is the merger between Danish companies Cobham Satcom, a satellite communications technology specialist, and Gatehouse Satcom, a leader in advanced 5G NTN (Non-Terrestrial Networks) software, will result to the creation of a “global powerhouse in 5G satellite infrastructure.”
From July to December 2025, we noted ninety-five (95) non-European companies that were able to take part in M&As during this period, wherein four (4) of these were mergers, as discussed above. The majority of the companies involved in M&As in the second half of 2025 are based in the USA wherein seventy-seven (77) M&As were recorded (73 acquisitions and four mergers). We have likewise tracked fourteen (14) M&As spearheaded by acquiring companies based in Asia: three (3) for Japan; two (2) for Saudi Arabia, Taiwan, South Korea, and China, respectively; and one (1) each for Israel, Singapore, and Malaysia. The rest of the M&As were initiated by companies headquartered in Canada (3) and Australia (1).
At the forefront of the photonics M&As in the second half of 2025 are members of EPIC with headquarters spread across the world. All in all, fourteen (14) EPIC members have made significant acquisitions during the second semester of 2025, namely:
There were also other EPIC members not included above that were acquired wholly or partially. We start with EPIC members that were acquired wholly:
Below are the EPIC members involved in partial acquisition of their assets:
The graphic above shows the comparison of M&A activity in the second half of 2025 by acquirer origin. The chart shows European versus non-European acquirers, with stacked bars separating acquisitions and mergers, highlighting the dominant role of non-European companies and the prevalence of acquisitions over mergers.
Out of the forty-five (45) acquiring companies from Europe, the majority are based in Germany with a total of nine (9). Coming in next are French companies with six (6) acquisitions. Companies from United Kingdom are likewise active in M&As this semester with acquisitions totalling to five (5). Companies headquartered in The Netherlands and Spain also contributed to driving growth in the industry with four (4) acquisitions each. The other countries with recorded acquiring companies are Cyprus, Ireland, Sweden, and Switzerland with three (3) acquisitions each; Austria and Denmark with two (2) acquisitions each; and the Czech Republic and Luxembourg with one (1) apiece.
Let’s take a deeper look at the acquisitions spearheaded by European companies.
First, we examine the acquisitions made by German companies. It is curious to note that out of the nine (9) M&As by Germany-based companies, six (6) of these involved acquisitions of German companies as well. These are the following:
Rounding up the M&As of Germany-based companies are the following acquisitions:
Out of the six (6) acquisitions of companies based in France, three (3) involved French companies as well. These are the following:
Below are the acquisitions made by French companies involving key players outside of France:
EPIC member Exosens also made another acquisition this semester involving NVLS (Spain), specialist in man-portable night vision and thermal devices. The acquisition is expected to broaden Exosens’night vision capabilities and expand its addressable market. EPIC member EssilorLuxottica acquired Automation & Robotics (Belgium) to improve “high-performance solutions in ophthalmic manufacturing.” During the same period, it acquired Belgian company Signifeye to advance its “med-tech trajectory” and accelerate its goal to “pioneer the most advanced, integrated and expert-driven medical model, capable of addressing the full continuum of need, from prevention and early detection to specialized clinical management.”
In the United Kingdom, there are five (5) headed by companies based in the country. Three (3) of these involved acquisitions of companies based in the United Kingdom as well.
We start with transactions involving United Kingdom companies:
The other acquisitions headed by United Kingdom-based companies are the following:
Wayve, a specialist in Embodied AI for autonomous driving, acquired German startup Quality Match “to strengthen data quality and safety for AI driving systems.”
Companies headquartered in The Netherlands also contributed to driving growth in the industry with four (4) acquisitions, namely:
In Spain, there were four (4) M&As recorded for the second semester of 2025 and all of these involved acquisitions of Spanish companies. Three of these were made by defense and aerospace giant Indra which first acquired Aertec Defence & Aerial Systems, an unmanned aerial systems specialist, to “strengthen its position in the unmanned aerial systems market.” Indra then made two acquisitions by the end of the year. One of these involves 24.8% of Fyla, an EPIC member and Spanish ultrafast lasers specialist, in a transaction which also comes with significant investment from the latter’s venture capital arm Indraventures. The other acquisition by Indra is that of Wake Engineering’s unmanned systems (UAS) technology, which was made after an agreement with CPS Group.
The other company based in Spain that made an acquisition in the second half of 2025 is Quantum, which acquired BCN3D to “accelerate light industrial 3D printing” and to also secure its long-term growth.
Sweden recorded a total of three (3) M&As initiated by two local companies with international reach: Hexagon and Rohde & Schwarz. Technology company Rohde & Schwarz acquired an undisclosed stake in Orbint (Germany) for signal intelligence reconnaissance from space. Hexagon, a measurement & positioning technologies specialist, acquired Inertial Sense (USA), a known provider of tactical-grade global navigation solutions and inertial navigation systems (GNSS+INS) in an acquisition expected to strengthen the breadth of Hexagon’s positioning portfolio. Hexagon also acquired Germany-based IconPro and the latter’s industrial AI capabilities in order to improve asset monitoring.
Three (3) acquisitions were made by Swiss companies in the second semester of 2025. Eye care specialist Alcon acquired LumiThera (USA) to expand “photobiomodulation office-based treatment in approved markets, underscoring its commitment to people living with retinal diseases.” EPIC member STMicroelectronics acquired the MEMS sensor business of NXP (The Netherlands) to strengthen its position in the sensors market. The acquisition is also seen to complement and expand its MEMS sensors technology and product portfolio. Lastly, there’s the acquisition by HOERBIGER (a global technology company based in Switzerland) of Physik Instrumente, a member of EPIC and a precision motion and positioning technologies specialist from Germany. The transaction is seen as an advancement of PI’s “entrepreneurial ambitions in innovation and sustainable growth”; on the other hand, for HOERBIGER, the acquisition “will accelerate its transformation by providing the opportunity to expand into new growth markets.”
Theon, a developer and manufacturer of customizable night vision, thermal imaging systems and Electro-Optical ISR systems for military and security, made three acquisitions for the second half of 2025. All of these accounted for the acquisitions for Cyprus.
The first of these is the acquisition of Germany-based Kappa Optronics, one of the known aviation and land optronics specialists. The acquisition shall improve Theon’s electro-optic platform-based products global footprint. Next, is the acquisition by Theon of 9.8% of the share capital of EPIC member and France-based EXOSENS, thereby making Theon the second largest shareholder in EXOSENS after Groupe HLD. Lastly, Theon also acquired a 49% stake from the Scotland-based subsidiary of another EPIC member Kopin (USA) as part of its strategic investment in Kopin. The acquisition will serve as the “foundation for a new European joint venture acting as the global (non-US) conduit for the production and distribution of AR-enabled systems co-developed between KOPIN and THEON and microLED display production”.
During the second half of the year 2025, three (3) acquisitions were recorded in Ireland. First is the acquisition by an EPIC Member X-Celeprint from American X Display Company, “its manufacturing intellectual property and equipment assets”, particularly the latter’s next-generation production tool capability for heterogeneous integration using Micro-transfer Print (MTP). Next, Accenture (Ireland) acquired SYSTEMA (Germany) to help in its effort to drive manufacturing automation for its semiconductor clients. Lastly, Activ8 Energies, the leading solar panel provider in Ireland, acquired United Kingdom’s Low Carbon Energy in an acquisition seen to help expansion across the United Kingdom renewables sector.
Companies from Austria, Denmark, Czech Republic, and Luxembourg also made acquisitions in photonics for the second half of 2025. Also, there is one recorded merger in Europe between Danish companies Cobham Satcom and Gatehouse Satcom. The merger is seen as a significant industry transition to “standardized 5G-based connectivity across commercial, government, defense, and emerging direct-to-device markets.”
Let us now tackle the acquisitions in Europe. For Denmark, two acquisitions were recorded. First is the acquisition by FOSS of EPIC member and spectrometer specialist Wasatch Photonics (USA), accelerating its investments in photonics and optical technologies. This acquisition is one of the biggest acquisitions in the history of FOSS. Second, is the acquisition by Terma, an aerospace, defense and security solutions provider of OSL Technology (United Kingdom), a counter-drone security and safety systems specialist. This acquisition is a “major step in Terma’s strategy to build market-leading capabilities in Counter-Unmanned Aircraft Systems (C-UAS) and critical-infrastructure protection.”
Likewise, two acquisitions were made by companies based in Austria. First, SBO acquired United Kingdom-based 3D Additive Manufacturing, which acquisition will enhance SBO’s delivery of “cutting-edge additive manufacturing solutions.” Second, Tridonic acquired lighting control system specialist NovaLight, which is a division of Switzerland-based Novaccess, to pave the way forward for innovative “future-proof technologies.”
The remaining acquisitions in Europe were made by companies based in the Czech Republic and Luxembourg. For Czech Republic, the lone acquisition was made by Tescan, an advanced imaging systems manufacturer, acquired FemtoInnovations (USA) and created its Laser Technology Business Unit (LT BU) at the University of Connecticut (UConn) Tech Park. The acquisition likewise expanded Tescan’s semiconductor, biomedical device manufacturing, and advanced research market portfolio. For Luxembourg, the acquisition was made by OrbitsIQ Global, which acquired UNIO Enterprise (Germany), a connectivity software pioneer; the acquisition serves OrbitsIQ’s goal to “integrate satellite and terrestrial networks with mobile assets anywhere in the world.
In the second semester of 2025, we have recorded several companies that have been active in acquisitions. US-based companies top the list with seven companies recording two or more acquisitions. In Europe, multiple acquisitions were secured by companies in Cyprus, Germany, Spain, Sweden, and France.
Let’s take a deeper look on the companies involved in multiple M&As from July to December 2025:
Anzu Partners (USA): Anzu Partners, an investment firm focused on clean technology, industrial innovation, and life sciences, led the way with four (4) acquisitions in July. Anzu Partners acquired AIDRO, an Italian hydraulics company known for using additive manufacturing (3D printing) to develop innovative fluid power solutions. They also acquired EnvisionTec, a German company and global leader in industrial 3D printing, to provide financial support and stability for EnvisionTec’s operations. Lastly, Anzu Partners acquired ExOne, a company with operations in Japan (ExOne KK) and Germany (ExOne GmbH), a pioneer and global leader in binder jet 3D printing.
NUBURU (USA): A global leader in high-performance blue laser technology, NUBURU secured three (3) acquisitions in August, October, and December of 2025. First is the phased acquisition of Tekne, an Italian specialist in the design, production & installation of industrial military vehicles, in an acquisition that helps NUBURU advance its defense and security hub strategy with Tekne’s deployed Tactical Bubble systems and defense vehicle expertise. NUBURU likewise acquired Orbit (Italy), a software company “specializing in operational resilience, business continuity, and crisis management for mission-critical organizations”, to expand its defense and security hub. Lastly, NUBURU acquired the Italian and laser-engineering company, Lyocon, for the expansion of its “European engineering footprint” and to facilitate its transformation into a “vertically integrated Defense & Security Technology Hub spanning lasers, RF systems, mobility platforms, and software-enabled defense architectures”.
WABTEC (USA): WABTEC, a US-based leader in rail equipment, systems, digital solutions, and value-added services for freight and transit, secured two strategic acquisitions in July. First is the acquisition of the Inspection Technologies Division of fellow US-based Evident Industrial, which is known for Non-Destructive Testing, Remote Visual Inspection & Analytical Instruments solutions for mission-critical assets. This acquisition helps accelerate the growth of Wabtec and meet the increasing demand for advanced diagnostic technologies. Second, Wabtec also acquired Austria’s Frauscher Sensor Technology, a leader in train detection, wayside object control solutions and axle counting systems, which acquisition will accelerate the growth of Wabtec and will improve its Digital Intelligence business.
Serve Robotics (USA): Serve Robotics, a leading autonomous sidewalk delivery company, made two acquisitions for the second semester of 2025. First is the acquisition of Voysys (Sweden) which will enhance its capabilities and support the growth of its autonomous delivery robots. Second is the acquisition of Vayu Robotics (USA), a “pioneer in urban robot navigation using large-scale AI models”, which acquisition will enhance Serve Robotics leadership and redefine the future of autonomous delivery.
Ionq (USA): Ionq, a quantum computing and networking company, made two acquisitions for the second half of 2025. First is the acquisition of a quantum sensor company Vector Atomic (USA), to expand Ionq into quantum sensing and strengthen its quantum technology portfolio. Next is the acquisition of an optical communications infrastructure company Skyloom (USA), which acquisition will lead to the acceleration of worldwide quantum networking and sensing infrastructure.
Qualcomm (USA): Qualcomm, a US-based intelligent computing company, completed two acquisitions in the second semester of this year. First is the acquisition of the Italian open-source hardware and software company Arduino, which will help to accelerate developers’ access to its leading edge computing and AI. Next is the acquisition of Ventana Micro Systems (USA). This acquisition helps strengthen Qualcomm’s CPU capabilities by integrating Ventana’s expertise in RISC-V ISA development.
Voyager Technologies (USA): Voyager Technologies, a US-based defense and space technology company, secured two acquisitions during the second semester of 2025. First is the acquisition of ExoTerra (USA), a leading developer of cutting-edge electric propulsion system, to accelerate delivery across defense and commercial markets. Next is the acquisition of ElectroMagnetic Systems (USA), a developer of AI and machine learning-based automated target recognition software and intelligence analytics for space-based radar systems to expand Voyager’sofferings with cutting-edge machine learning and AI.
For the second semester of 2025, there are five European companies with multiple acquisitions. These are the following: Theon (Cyprus); Zeiss (Germany); Indra (Spain); Exosen (France); Hexagon (Sweden); and EssilorLuxottica (France). Four of these companies are members of EPIC: Theon, Zeiss, Exosens, and EssilorLuxottica. Theon leads the pack with three acquisitions and is followed by Zeiss, Exosens, Hexagon, Indra, and EssilorLuxottica with two acquisitions each. Details of the acquisitions of the said companies have been discussed above.
