INVESTMENT BANKING | MACRO SHIFTS
UK public M&A: five questions clients are asking in 2026
Download the 2026 UK public M&A trends report
Key takeaways:
- Year-to-date public M&A is at levels not seen since 2018, with many $5bn-plus transactions driving outperformance versus the rest of Europe despite economic and geopolitical uncertainty.
- Activity is being driven by both corporate and private equity buyers, as acquirers target high-quality UK-listed businesses with strong market positions, resilient operating models and long-term growth potential.
- Overseas interest in UK-listed companies has accelerated significantly, with inbound UK public M&A increasing from $38bn to $77bn year-on-year as international buyers seek access to high-quality assets.
- Buyer conviction is reshaping deal tactics, with an increase in unsolicited public takeover approaches and repeated public pressure campaigns ("bear hugs"), creating more competitive and complex M&A situations for boards and shareholders.
- As buyers adopt more assertive approaches, preparedness has become a strategic imperative for UK boards. A well-defined view of valuation, shareholder perspectives and available strategic options is essential in today's market
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