- Deal volume steady: 26 firm offers (H1 2025: 37; H2 2025: 19)
- Deal values increase: £36 billion aggregate deal value (H1 2025: £23.1 billion; H2 2025: £15.1 billion)
- Top five transactions accounted for around 90% of total deal value, however, approximately two-thirds of deals in the sub-£250 million range
- European bidders active: involved in 35% of firm offers (FY 2025: 7%)
- Financial services and industrials dominate: 12 firm offers combined; £30.8bn aggregate deal value
- Seven firm offers for financial services; £19.8bn
- Listed bidders active: 54% firm offers by listed bidders; 27% PE; 12% unlisted strategics; 8% private individuals
- Strong pipeline of possible offers: nine ongoing possible offers; £18.6 billion aggregate deal value
Commenting, Patrick Sarch, Head of UK Public M&A at global law firm White & Case LLP, said:
“The UK public M&A market in H1 2026 has been notably skewed, with a few marquee deals at the top end and a long tail of smaller deals at the other, with the mid market conspicuously underpopulated. One of the standout features from H1 2026 has been the resurgence of interest from Continental European bidders who do not want to miss the opportunity to acquire world-class UK-listed companies that offer global revenue profiles, strong cash generation and established governance standards at lower valuations.
“Until the persistent disconnect between the underlying quality of UK businesses and the prices at which they trade closes, the UK public markets will remain a highly attractive hunting ground for overseas bidders and many will chase the same assets. The change of PM and the prospect of a new Chancellor are unlikely to narrow that valuation gap and instead introduce more uncertainty for domestic buyers, which may well deliver a competitive advantage to international acquirers who are less exposed to UK and sterling financing risks. This could accelerate the flow of UK listed companies being taken private by overseas acquirers, particularly those that provide AI and digital transformation capabilities, and businesses in the financial services, defence and industrials sectors.”
