Daniel Black
Hello,
BP’s pivot back to fossil fuels took another step this week after it struck a deal to sell its US onshore wind business to LS Power. The sale is part of a $20bn divestment programme aimed at boosting shareholder returns.
The UK oil major is also looking to offload its lubricants arm Castrol, though is struggling to find suitors willing to meet its $8bn valuation.
And in other news this week:
- Advent is to buy Reckitt’s Essential Home portfolio
- Deutsche Bank’s dealmaking fees dropped 29% in Q2
- Carlyle agreed to sell Calastone to SS&C Technologies
Thanks for reading, and connect with me on LinkedIn if you want to discuss how I can help with your next M&A deal.
Read the M&A Deal Trends Report 2025
For the first time in four years, the average time to close an M&A deal has decreased, according to analysis from Ideals VDR. This improvement is fueled by AI-driven transaction efficiencies and stronger capital flows, with North America leading the charge and IT & Services outpacing other sectors.
The key question? Whether this momentum can be sustained amid emerging challenges like geopolitical risks, tariffs, and intensive due diligence.
Discover the full analysis in the report.
Deal Tracker
Our weekly roundup of all the confirmed M&A deals in the UK.
Industry news
- Down in one: how private equity swallowed the BrewDog Unicorn
- UK borrowing rises more than expected in June to £20.7bn
- UK eases foreign investment scrutiny with focus on water, chips
- Law firms and banks turn to the courts to get M&A fees paid
- UK business activity slows as companies hit with rising costs
- Key wins from UK-India trade deal – investments, jobs, exports
The rumour mill
- One Rock emerges as lead bidder for BP’s Castrol as interest fades and valuations lower
- UK trading platform IG Group tops profit forecast on market volatility
- Accenture is set to acquire technology consultancy Maryville
- Janus Bidco is to buy Apax Global Alpha in a £795m deal
- Saipem and Subsea7 sign binding merger contract
- UK inks investment deals on £38 billion nuclear plant
- Citi, Barclays-backed Reckitt agrees $4.8bn sale of cleaning products unit to Advent
- BP offloads US onshore wind business as it pivots back to oil
- Carlyle agrees to sell Calastone to SS&C Technologies
- Mubadala, AXA IM Prime to buy stake in Arctos-backed Hayfin
- Caterer Compass seals €1.5bn acquisition from Bridgepoint
- Sullivan Street agrees deal to buy Senior’s aerostructures biz
- Mike Lynch estate and business partner must pay £740mn to HP Enterprise, court rules
- Billionaire Zara founder buys stake in UK port group from Brookfield
- Botswana pushes for controlling stake in De Beers
- CapVest in talks to acquire majority Stada stake in €10bn deal
- Advent to buy Reckitt’s Essential Home portfolio
- Perwyn is to acquire minority stake in French software platform SoftNext
- Brown and Brown to acquire private client and bloodstock broker
- BC Partners to sell NAVEX majority stake to Goldman Sachs Alternatives-consortium – Private Equity Wire
- BCI is to buy minority stake in Three Hills
Salaries and bonuses
Job moves
- Barclays hires Deutsche Numis co-CEO Ham in dealmaking push
- RBC Capital Markets hires Herrera to lead Benelux investment banking
- UBS promotes Mercier in top UK wealth role after earlier reshuffle
Market trends
Where did all the IPOs go?
European IPO markets had a gloomy H1, with exchanges raising just €4bn compared to €11.5bn in 2024 as geopolitical uncertainty and trade tariff fears spooked potential issuers.
London’s £109m slice of this pie looks particularly scarce, yet the capital’s broader equity market remained surprisingly active through demergers, primary capital raises and strategic relocations.
Anglo American’s platinum business demerger, Rosebank Industries’ £1.14bn capital raise, and Metlen Energy & Metals’ plan to shift its primary listing to London demonstrate how companies are bypassing traditional IPO routes to access public markets.
Britain boosts its share of PE fundraising
The UK and Ireland increased their share of PE fundraising in Europe to just under half, according to PitchBook. The news comes even as tighter regulations, heightened trade tensions and lackluster exits weigh on the market.
The countries collectively raised €26.7bn in the first half of the year. This accounted for 49% of the €54.2bn raised across the region, compared to 42% and 44.9% in 2023 and 2024, respectively.
M&A a likely exit option for European fintechs
Europe’s traditional banks are finally moving beyond the “buy, cooperate, or copy” paralysis that has defined their fintech strategy for years, according to Mergermarket. With 26 challenger banks eyeing IPOs but facing a clogged listing pipeline, M&A has become the only practical route for many neobanks still chasing unicorn valuations their sponsors desperately need.
The shift is stark: 1H25 saw just four deals worth €1.1bn compared to eight smaller bets the year prior, signaling banks are making fewer but bigger plays on more developed platforms.
UniCredit’s €370m acquisition of Aion Bank and Vodeno offers a glimpse of this dynamic.
PE cash still flowing for specialist consultancies
Despite deal value slipping to €1.4bn across 288 transactions so far in 2025, European PE’s appetite for specialist consulting remains robust, according to Mergermarket.
Several recent transactions have shown the ongoing appeal of specialist firms, even as generalist consultancies face difficult market conditions. In June KKR bought a 67% in IT consultancy Datagroup, AI expert Artefact has drawn sponsor bids from France, and in January Inflexion took a minority stake in the Dutch arm of accountancy group Baker Tilly.
IPOs
- London IPO hopeful Utmost said to weigh sale of pensions unit
- London’s biggest 2025 IPO rallies 33% after braving tariff storm
- BC Partners and Pollen Street revive Shawbrook Bank IPO
- CFC considers $6.5bn+ London IPO
Dealmaker spotlight
In our latest interview Charlie Thwaytes, co-founder of Thwaytes Capital, shared why M&A teams need to prioritize managing currency risk from the start.
He also explained how blockchain and AI are reshaping capital raising and highlighted the growing role of tokenized equity.
Read the article to learn more, and get in touch if you’d like to be featured in our newsletter.
