French Exit Market: IPOs, M&A, and Valuations
France’s tech exit market is maturing rapidly. While the 2022–2023 IPO window was largely closed, 2025–2026 is expected to see multiple marquee French tech listings, including potential IPOs from Doctolib, BlaBlaCar, and Contentsquare.
Recent Notable Exits
| Company | Type | Value |
|---|---|---|
| Criteo | IPO (NASDAQ) | $1.8B (at IPO) |
| Believe | IPO (Euronext) | €1.9B |
| OVHcloud | IPO (Euronext) | €3.5B |
| Luko | Acquisition (Allianz) | Undisclosed |
| Talend | Take-private (Qlik) | $2.4B |
M&A Trends
US strategic buyers are increasingly active acquirers of French tech companies, particularly in cybersecurity, AI infrastructure, and data analytics. Thoma Bravo, Vista Equity, and Permira have all completed significant French tech acquisitions. The R&D tax credit and JEI status sometimes complicate acquisition tax structuring, creating advisory opportunities.