Daniel Black
This week’s news was dominated by the growing conflict in the Middle East. For the moment, global markets have been remarkably stable, though the uncertainty seems set to have a cooling effect on M&A activity.
Dealogic reports that IPOs will likely be paused in the short-term, but cites historical data to show that activity tends to rebound quickly after a global shock.
Other notable stories this week include:
- Nvidia backed another UK driverless startup in $103m round
- KCP agreed to buy luxury motor yachts brand Sunseeker
- Rosebank Industries will acquire two US manufacturing firms in a $3.05bn deal
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
- Ares to inject £115m into TalkTalk as potential bidders explore options
- Royal London funds boss eyes bolt-on deals in global growth push
- S4 Energy to buy 30-MW battery project in Northwest England
- Banijay to merge With All3Media to form TV Powerhouse
- Advent International explores bid for aerospace parts supplier Senior
- Ziff Davis to sell connectivity division to Accenture for $1.2bn
- CVC, Hartenberg-backed FutureLife to buy Herts & Essex Fertility Centre
- UK’s Rosebank Industries to acquire US firms in $3.05bn deal
- Nvidia backs another UK Driverless Startup in $103m round
- KCP agrees to buy luxury motor yachts brand Sunseeker
- UK aerospace supplier Senior receives takeover proposal from Tinicum-Blackstone
- EU Shortlists Swedish, UK Firms to Manage €5bn Tech Fund
- Zurich Insurance to acquire UK’s Beazley for $11bn
- Arcline Is Said to Enter Battle for UK Aerospace Firm Senior
- UK engineer Senior’s shares surge as takeover offers pour in
- Engie shares surge on $14bn UK power grid deal
Industry news
- Global firms, investors in share sale rush as Middle East conflict erupts
- Reeves faces hazardous fiscal picture even without Iran war
Salaries and bonuses
- Hedge fund Brevan Howard hiked graduate pay from £90k to £150k
- UniCredit’s top investment banker bonuses slide 19% to €299,000
Job moves
- UK alts manager Maven Capital appoints new MD
- Santander UK names Nicola Bannister as TSB CEO
- DC Advisory taps Alantra partner Parker for tech dealmaking
Market trends
Iran conflict clouds Europe’s IPO spring
US and Israeli strikes on Iran have introduced a risk variable that equity markets cannot simply price and move on from. Attacks on tankers in the Strait of Hormuz, compounded by insurers pulling or repricing coverage for vessels transiting the strait, threaten to inject a fresh stagflationary impulse into an already unsettled global economy.
For European issuers mid-way through IPO preparation, the instinct to pause is reasonable. Dealogic data shows that Russia’s 2022 invasion of Ukraine and Trump’s April Liberation Day tariffs both shut the IPO market sharply, yet strong issuance quarters followed in each case as sentiment recovered.
As of Monday’s close, the FTSE 100 was off less than 1% and the VDAX, while up 16% on the day, sat at a still-modest 21.6, suggesting markets are absorbing rather than capitulating. Issuers and advisers should continue preparation at pace. Windows open and close quickly, and the businesses that are ready to move when sentiment turns will be the ones that list.
EU&R deals on a downward curve
According to PwC, EMEA’s EU&R deal value has roughly halved since the 2021 peak. But the more instructive signal sits in the excluding-megadeals line, which has tracked consistently lower through the cycle, indicating that broad-based activity has been softening even as headline figures were periodically inflated by large one-off transactions.
Power and utilities has been the relative constant throughout, and with AI-driven power demand now reshaping capital allocation priorities across the value chain, the conditions for a volume recovery in 2026 are building.
The open question is whether it materialises as wider deal flow or remains concentrated in a smaller number of large consortium-led transactions.
Who sits atop the 2025 advisory rankings?
A final point worth marking: Congratulations to K3 Capital Group, Grant Thornton and BDO, who topped the UK and Ireland advisory rankings in PitchBook’s 2025 Annual Global League Tables.
IPOs
- Loveholidays poised to delay £1bn London IPO after Gulf travel chaos
- Medtronic Diabetes Unit MiniMed’s IPO Sparks Analyst Debate
