Daniel Black
Hello,
Summer’s officially over in the UK and we have the weather to prove it. That means we’re back with news on all the big deals and M&A drama, which this week includes some of the bigger stories from August.
Hitting the headlines this week:
- TDR Capital and Bain are eyeing bids for Costa Coffee
- Aon will divest majority of NFP’s wealth business for $2.7bn
- The CMA will probe Primary Health’s Assura takeover
Thanks for reading, and connect with me on LinkedIn if you want to discuss how I can help with your next M&A deal.
Deal Tracker
Our weekly roundup of all the confirmed M&A deals in the UK.
Industry news
- British Business Bank mobilises new capital to scale UK growth companies
- London gets what it asked for with Dan Loeb’s hedge fund fight
- Big companies tell investment banks to stop leaking their UK takeover deals
- Asset managers defy M&A slowdown
The rumour mill
- Revolut debuts buyback in latest move to stay private for longer
- Shell explores sale of stake in Australia’s largest LNG plant
- Bain Capital is to buy Jensten Group from Livingbridge
- Primary Health’s $2.4bn Assura takeover gets UK regulatory probe
- Foresight funds agree sale of 50-MW battery in Scotland
- Evelyn Partners to kick off sale process next month
- Anglo American to sell remaining stake in Valterra
- Oxford University spinout OrganOx is to be acquired by Terumo for a record $1.5bn
- Aon signs $2.7bn deal to divest majority of NFP’s wealth business
- ExxonMobil explores sale of European chemicals plants
- Aberdeen sells financial planning business to Ascot Lloyd
- Aon to sell wealth unit back to Madison Dearborn after a year
- Soho House agrees $2.7bn take-private deal
- Wood Group recommends £216m offer from Sidara
- Jared Kushner’s Affinity to take 8% stake in UK lender OakNorth
- US group’s acquisition of top UK wealth managers heralds new consolidation push
- Centrica to buy National Grid’s LNG terminal in £1.5bn deal
- KKR to launch £7bn Viridor sale next month
- UK fintechs explore buying US banks to speed up push for licences
- Asda owner TDR Capital and Bain Capital among suitors circling Coca-Cola’s Costa Coffee
- Mike Ashley’s Frasers Group bets on mini golf and trampolining
- Evelyn Partners to target NatWest and RBC as potential buyers
- EG Group to sell Australian business for £530m in debt-reduction drive
- Botswana appoints Lazard to advise on De Beers transaction
- Peabody pulls out of $3.8bn Anglo American coal deal
- Unite agrees to buy rival student landlord Empiric in £723m deal
- MHA hunts for acquisitions as revenue jumps 45%
Salaries and bonuses
- A&O Shearman partners take home £2mn in first year post merger
- Trading giant DRW boosts pay and headcount in London
Job moves
- The Bank of London appoints Aris Asimakis as chief risk and compliance officer
- NatWest’s chief data and analytics officer Zachery Anderson set to depart
- Michelman & Robinson swoops on rivals for London build-out
- Barclays’ former head of European dealmaking Marsh to leave the bank
- Royal London Asset Management CIO Piers Hillier to exit
- Barclays’ Africa dealmaking boss Hart to depart
- Citi promotes London trio in European equities push
- RBC Capital Markets moves New York dealmaker Kretschmer to London
- Citigroup hires JPMorgan dealmaker Nayyar to co-head European technology
- BancTrust’s finance chief departs ahead of further London job cuts
- HSBC’s UK ECM head Fagan moves to City broker Shore Capital
- HSBC shakes up leadership of fintech venture less than a year after launch
- Lloyds Banking Group plans staff cuts in cull of underperformers
- Deutsche Bank wants more UK private bankers
- Deutsche Bank bolsters UK wealth arm with Citi and JPMorgan hires
Market trends
Recruitment deals continue to fall
Data from Moore Kingston Smith shows that M&A activity in the UK’s recruitment sector declined to a modest nine deals in Q2, continuing a downward trend that began in Q3 2024.
Trade buyers dominate with 78% market share, as private equity interest retreats to 22% due to a more selective investment approach, with many opting to run continuation funds rather than pursue new acquisitions.
The analysis shows that sector distribution has been relatively even despite the low level of activity.
Europeans set their sights on US expansion
There’s evidence that Trump’s trade policies are redrawing the investment map, with H1 experiencing a slight 3.9% YoY increase in transatlantic dealmaking, according to PitchBook.
Analysis shows that European firms participated in 416 North American deals worth $113.2bn in H1. This was apparently motivated by a need to drive growth in new markets and reduce exposure to tariffs, as well as the EU’s commitment to invest $600bn in the US economy by 2028.
A prime example of a European firm scaling up its US footprint is Ferrero Group‘s $3.1 billion take‑private of WK Kellogg, thereby increasing its North American manufacturing capacity.
With the dollar sliding from near parity to €0.86 in July (a level it has held throughout summer) it’s also worth noting that North American assets remain more of a bargain than in previous years.
Smaller deals gaining prominence?
The number of small M&A deals in the UK saw a 5% increase in H1, as momentum shifted away from higher value transactions. This observation is based on Dealsuite data, which reveals a 9% drop in deals above £10m while sub-£5m transactions jumped by 11%.
Grant Thornton tops list for UK M&A advisors
And lastly, congratulations to Grant Thornton for securing the pedestal in the UK M&A Advisors category for PitchBook’s Q2 2025 Global League Tables.
With 44 completed deals it’s almost twice as far ahead of its closest rivals: BDO (26) and Redwoods Dowling Kerr (22).
IPOs
- Coutts CIO says UK can still compete with US for listings
- Bank rally puts Shawbrook’s IPO ambitions in reach
- London’s IPO drought: why City bankers are pivoting
- Rolls-Royce denies report of IPO plans for small nuclear reactor unit
