Key facts
- The value of UK merger and acquisition deals more than doubled in the first half of 2026.
- Total deal value reached £124bn, up 107% year-on-year.
- The number of deals decreased by 13% to 1,301.
- Unilever's £33.4bn sale of its food division to McCormick was the largest deal.
- Announced acquisitions of UK-listed public companies topped $132.5bn as of September 1, nearly triple the previous year's figure.
The value of UK merger and acquisition deals more than doubled in the first half of 2026, reaching £124bn as foreign buyers capitalized on sluggish valuations to acquire some of Britain's most valuable companies. This represents a 107% year-on-year increase from £60bn in the same period of 2025, according to a report by PwC.
Despite the surge in deal value, the total number of transactions dropped by 13% to 1,301. The top 10 transactions accounted for nearly two-thirds of the total value, with significant deals including Unilever’s £33.4bn sale of its food division to McCormick, which boosted consumer markets deals by 486%. Other major transactions involved American investment firm Nuveen’s £10bn bid for Schroders, Swiss insurer Zurich’s £8bn offer for Beazley, and US food manufacturer Ingredion’s £2.7bn play for Tate and Lyle.
As of September 1, announced acquisitions of UK-listed public companies had surpassed $132.5bn, nearly tripling the $48.2bn recorded in the same period last year. The recent trend of foreign buyers targeting UK firms has raised concerns, particularly after three London-listed companies accepted bids in the week prior to September 8. Takeovers of FTSE 250 firms Bodycote and Gamma Communications, along with energy company Capricorn, collectively exceeded £3bn, prompting calls for action from officials. Charles Hall, head of research at Peel Hunt, emphasized the need for the UK to "play to win" amidst increasing competition for companies, capital, and talent.