Softcat buys GDT for $1bn as DNO goes all cash for Capricorn

A month ago, fund managers were at their most confident since January. 

According to S&P Global’s latest Investment Manager Index, their risk appetite fell in September to its lowest level since March. Half now expect US equities to lose value over the next 30 days, and 63% expect the Fed to raise rates this year rather than cut them. 

It also notes a marked difference between sectors. Energy investors remain bullish, while real estate is the least favoured by some distance. Our editorial looks at what drove the change and what it could mean for deal activity.

For now, UK dealmaking is holding up. Three deals stood out this week:

• Softcat agreed to acquire US IT solutions provider GDT for $1,050m (£785m), funded partly by a £350m placing. CEO Graham Charlton described it as a significant step for the group’s US capability.
• DNO revised its $396m offer for Capricorn Energy to an all-cash structure at $5.214 per share. Capricorn’s board will recommend it, about 10% above Genel‘s earlier offer.
• Zurich‘s takeover of Beazley received court sanction this week. Beazley shares are expected to be delisted on 2 October.

Thanks for reading, and connect with me on LinkedIn if you want to discuss how I can help with your next M&A deal.

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Weekly summary | 25-09-2026 

This week we tracked 21 transactions in the UK: 13 M&A deals and 8 fundraisings. Property was among the busiest sectors, with seven deals, a striking contrast with fund managers’ gloomy view of real estate. 

The biggest ticket was tech. Softcat agreed to buy US IT solutions provider GDT for $1,050m (£785m), part-funded by a £350m placing. It’s a bold bet on the US market at a time when many buyers are holding back.

Takeover battles moved on. DNO switched its $396m offer for Capricorn Energy to all cash, and Capricorn’s board will back it. Peel’s bid for Harworth became a mandatory offer at 177.5p after its stake reached 30%. And the court signed off Zurich’s takeover of Beazley, with delisting expected on 2 October.

Property kept moving, despite the headwinds. Daiwa House is taking a significant minority stake in Miller Homes from Apollo, Tritax bought London logistics assets for more than £130m, and Cheyne Capital provided a £121m loan for the refurbishment of 1 Poultry.

On the capital markets side, the signals were mixed. RAC shelved its London float in favour of a continuation vehicle. Yet Revolut is weighing a dual listing in New York and London, and cinema chain Vue is exploring a London IPO.

All this against a tough global backdrop. Preliminary LSEG data shows global M&A volume down 49% in Q3 on the previous quarter. The UK’s week suggests mid-sized deals are still getting done, even as megadeals dry up.

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Fund managers lose their nerve in September 

In August, fund managers were in their most confident mood since January. A month later, that confidence had gone.

S&P Global’s latest Investment Manager Index, which surveys around 300 institutional investors, shows risk appetite falling to its lowest level since March. Half of respondents now expect US equities to lose value over the next 30 days. Only 21% expect gains.

What changed? Two things, more or less at once:

• The Middle East. Renewed conflict broke out while the survey was in the field, between 3 and 10 September. By 21 September, most Gulf markets were still in the red.
• The Fed. In March, most managers expected rate cuts. Now 63% expect the Fed to raise rates by up to 50 basis points this year. Just 3% expect cuts.

Where the money is heading

Sector views have split sharply. Energy is the clear favourite, with a net 49% of managers bullish. Real estate sits at the other end, at minus 51%. Higher rates for longer are unwelcome news for anything that relies on cheap financing.

Why it matters for dealmakers

The mood could already be showing up in the numbers. Preliminary LSEG data puts global M&A volume in Q3 down 49% on the previous quarter, with deal count down 39%. Megadeals have all but disappeared: nine deals of $10bn or more so far this quarter, against 27 in Q2.

None of this means the market has shut. But with buyers rethinking their models, the deals that get done are likely to be the ones that still work if rates go up, not just if they come down.

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