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KKR pips Advent in £4.7bn battle for Spectris

UK 5 min read
Author
Daniel Black

Hello,

It’s been a week of U-turns in the UK. Not only did the government put more pressure on public finances by caving on its proposed welfare reforms, but Spectris switched suitors to KKR only a week after announcing a takeover deal with Advent.

KKR’s £4.7bn offer is a 96% premium on the company’s share price before takeover interest became public.

And in other news:

  • The bidding war for BP’s Castrol unit is heating up
  • The CMA signed off Aviva’s £3.7bn Direct Line takeover
  • Santander is buying TSB for £2.65bn

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

Dealmaker spotlight

This week we spoke with Bethany Winsby, a Senior M&A Consultant at Deloitte.

Bethany shared her unique career journey, insights into mid-market deal origination, and why soft skills matter in M&A.

Read the article to find out more, and get in touch if you’d like to be profiled in our newsletter.


Deal Tracker

Our weekly roundup of all the confirmed M&A deals in the UK.

TransactionSectorsBuyerBuyer’s advisorsSeller’s advisors
01

Low Carbon sold 500-MW Gate Burton solar-storage project to EDF

Energy

EDF

02

IPS acquired Naval Supplier Oldham Seals Group

Industrial

IPS

03

ICG sold its investment in Kee Safety

Industrial

04

Aviva acquired Direct Line

Insurance

Aviva

05

Graphite Capital sold its stake in Empowering Learning Group to THI Investments

TMT

06

Valsoft Corp acquired collectionHQ

TMT

Valsoft Corp

Industry news

The rumour mill

Salaries and bonuses 

Job moves

Market trends

No headroom for Chancellor Reeves

In a fairly dramatic week for the Labour government, the Financial Times reports that the UK’s fiscal landscape has reached a critical juncture. Chancellor Rachel Reeves faces a potential £25bn shortfall following welfare reform U-turns and weakening growth forecasts. 

Where previous chancellors maintained robust safety buffers, Reeves now has to operate with minimal headroom that renders public finances vulnerable to minor economic shocks. 

With major revenue raisers now off the table due to manifesto commitments, Reeves faces what one ally describes as “no palatable options”. As a result the government is eyeing stealth taxes, from frozen thresholds that could raise £9.2bn to targeting businesses and the wealthy with precision strikes.

US buyers aiming to “do a Wrexham”

US investors are treating European football clubs like sleeping giants waiting to be awakened, completing 11 deals so far in 2025 and targeting legacy clubs with untapped commercial potential. 

According to Mergermarket, American capital is flowing into strategic acquisitions, from Rangers FC’s £20m injection by 49ers Enterprises to multi-club ownership models. While UEFA’s financial fair-play rules create regulatory hurdles, US investors are adapting by pivoting toward women’s clubs and undercapitalized assets where valuations remain modest but growth potential is substantial. 

Uncertainty ahead for European healthcare M&A 

European healthcare dealmakers are navigating a tale of two halves in 2025. The industry has seen an impressive 87% surge in deal volume, reaching €31.8bn year to date, however it faces cooling momentum as Trump’s tariff uncertainties cast shadows over the sector. 

Mergermarket reports the pharmaceuticals segment continues to dominate, accounting for 42% of total healthcare volume and posting its highest activity levels since the pandemic. 

Private equity firms are adapting to uncertainty with longer lead times and more strategic positioning, evidenced by sponsor buyout deals jumping 276% to €29.6bn this year. 

Goldman retain its crown

And finally, congratulations to Goldman Sachs for maintaining its dominance in the UK M&A advisory market during the first half of 2025, securing $58bn in deal volumes despite a 43.3% YoY decrease.

The Mergermarket ranking also saw Barclays climbing from sixth to third position and PJT Partners surging from 47th to 13th place. 

Fundraising 

IPOs