Daniel Black
Hello,
Just last week I was reporting on the death of London’s IPO market, and then three come along at once. Listings from The Beauty Tech Group, Princes Group, and Shawbrook Group could be proof that there’s life in the old dog yet.
And in other news this week:
- Anglo American started arbitration against Peabody over a collapsed deal
- Tottenham Hotspurs’ owners insisted the club isn’t for sale
- European IPOs are experiencing a renaissance
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 confirmed M&A deals in the UK.
The rumour mill
- Anglo American defends due diligence on $50bn merger as Teck cuts copper forecasts
- Anglo American starts arbitration process against Peabody over collapsed deal
- Ardian acquires €2.5bn Irish utility Energia in bet on AI boom
- Duke Street has agreed to acquire McAvoy from Blantyre Capital
- Tottenham Hotspur gets £100m investment from Lewis Family
- SmartSearch acquires Credas to accelerate UK growth in digital compliance
- Sintana Energy to acquire Challenger Energy in all-share deal valued at £44.7m
- Spreadex to sell Sporting Index unit to ease competition concerns, UK regulator says
- LED-mask maker Beauty Tech’s shares rise 6% in London debut
- HSBC to buy out Hang Seng unit for $14 bn in Hong Kong bet
- SmartSearch to acquire Credas for £77.8m
Industry news
- Indian market eyes UK FTA talks during Starmer visit aiming to increase trade
- London Stock Exchange Group Rebuffs Euronext Interest
- Oxane targets $45tn ‘Private Credit+’ market
- AstraZeneca’s stamp duty loophole risks pushing UK share trading to New York
Salaries and bonuses
Job moves
Market trends
European IPOs find unlikely lifeline in US chaos
While London struggles through its worst IPO performance in three decades, continental Europe is experiencing an unexpected renaissance.
Dealogic reports that ECM bankers are seeing surging interest from US hedge funds seeking alternatives to uncertain domestic markets, which have been stung by US government shutdown drama and a string of disappointing US listings. Klarna, StubHub, and Gemini Space Station are all trading below offer price, which could drive institutional capital back across the Atlantic.
However, the author notes that some European investors believe this “hot money” tourism may prove fickle when American political winds shift.
Is European VC fundraising promising a recovery?
On the other hand, European venture capital is limping toward its bleakest year in decade. Just €6.9bn has been raised across 87 funds through September, which is less than half of 2024’s already depressed totals, PitchBook reported.
Yet the past fortnight has delivered a dozen fund launches and closes that suggest the worst may finally be over. Notion Capital’s $130m third growth fund, Concept Ventures’ $88m second vehicle, and Serena’s €200m first close all landed within days of each other.
Global PE uncertainty clears in Q3
Private equity is charging toward a strong year-end as headwinds from Q2’s uncertainties flip into tailwinds. Deal value is staying elevated thanks to mega-scale transactions, with the $55bn Electronic Arts take-private headlining a resurgent Q3.
PitchBook’s PE First Look also highlighted regional differences in raised capital across Europe and it’s not pretty for UK&I. UK & Ireland PE fundraising has collapsed to €36.1bn through September 2025, down 40% from last year’s €60bn and marking the region’s worst performance since 2017.
Fundraising
IPOs
- London’s IPO drought breaks with test from trio of UK firms
- Lender Shawbrook’s London IPO said to target about £400 million
- Canned tuna firm Princes said to seek £400 million in London IPO
