Despite plenty of deals, Irish M&A valuations have fallen. While deal completion timelines drifted in 2023 the M&A market in Ireland remained very active, according to research carried out by Renatus. Consolidators continued to deploy capital and vendors continued to bring assets to the market. However, vendors who transacted did so in a market that has fundamentally changed. While there are exceptions to every rule, enterprise valuations have declined to accommodate two factors: The increased cost of borrowing. Improvements in the risk-free rate. Here’s why. The cost of borrowing  This has been covered ad nauseam by other commentators so I’ll keep…