UK Public M&A market update: September – October 2026

Patrick Sarch

Partner | London

Services

Mergers & Acquisitions, Capital Markets, Financial Institutions, Consumer & Retail, Shareholder Activism, Aerospace & Defense

Partner | Head of UK Public M&A

The big ticket M&A frenzy that we witnessed over the summer carried through into early September, culminating in four firm offers totalling £4 billion announced in a single week. US bidders drove much of this activity, and private equity was especially prominent at the top end of the market.

How our predictions are shaping up 

Five days – M&A activity front-loaded

Seven firm offers were announced in September and October with an aggregate deal value of £5 billion. Activity was concentrated during the first week of September with four firm offers with an aggregate deal value of £4 billion announced over five days.

Overseas bidders dominate larger transactions

Overseas bidders have been active in 2026 – particularly on larger transactions – with all but one of the £1 billion+ transactions announced in YTD 2026 involving an overseas bidder. US bidders have led the charge (involved in 18 firm offers; £47.8 billion), with PE bidders being particularly active. Continental European bidders have also been prominent (involved in 12 firm offers; £22.9 billion), with most of this activity involving strategic bidders.

Predictions for the rest of 2026

The White & Case US Public M&A team's outlook for the remainder of the year

Leading Global Public M&A team

Recognized across the leading M&A league tables and award programs

Representative experience 

• Wells Fargo Securities, as lead financial adviser to Schroders plc, on the £9.9 billion offer by Nuveen, LLC.
• The lenders to a consortium comprising EQT and other co investors on their £9.3 billion offer for Intertek.
• Deliveroo plc on the £2.9 billion offer by DoorDash, Inc.
• BasePoint Capital on the £571 million offer for International Personal Finance plc.
• Dar Al Handasah Consultants Shair and Partners Holdings Ltd on its £216 million offer for John Wood Group PLC.
• Oppenheimer Europe, as financial adviser to Corpay, Inc., on its £1.8 billion offer for Alpha Group International.
• The lenders to the ADIA, CVC Capital Partners and Nordic Capital consortium on their £5.4 billion offer for Hargreaves Lansdown plc.
• One of the co-investors to Brookfield on its £2.2 billion offer for Network International Holdings Plc.
   

¹ 2026 figures reflect firm offers for Main Market and AIM companies publicly announced to 31 October 2026.

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