In lower to upper mid-market mergers and acquisitions, specifically within the €25M to €250M enterprise value (EV) corridor, the headline purchase price is frequently a vanity metric. While boardrooms, press releases, and founder networks celebrate the headline valuation, the actual net economic proceeds delivered to selling shareholders at closing (and across post-closing settlement periods) are governed by a complex matrix of legal risk allocation, working capital mechanics

The European healthcare technology (HealthTech) and medical technology (MedTech) landscape enters 2026 at a profound inflection point, characterised by a transition from the speculative fragmentation of the early 2020s to a disciplined era of "industrial maturity." Following a period of post-pandemic recalibration in 2024 and a tentative recovery in 2025, the market is poised for a robust, albeit structurally transformed, resurgence in mergers and acquisitions (M&A). The