• The total value of completed UK mergers and acquisitions (M&A) was broadly unchanged in Quarter 3 (July to Sept) 2025, but the number of completed domestic M&A deals decreased to its lowest level since 2017.

• The provisional combined number of M&A deals involving a change in majority share ownership was 456 during Quarter 3 2025; this was a modest reduction of 75 from Quarter 2 (Apr to June) 2025 (531).

• There were an estimated 190 acquisitions involving a change in majority control in July 2025, followed by a fall to 131 in August before increasing to 135 during September 2025.

• The value of domestic M&A (UK companies acquiring other UK companies) increased – during Quarter 3 2025 IT was £5.3 billion, which was £1.9 billion higher than in Quarter 2 2025 (£3.4 billion), despite the low number of M&A deals.

• The value of outward M&A (UK companies acquiring foreign companies) increased TO £3.4 billion in Quarter 3 2025, £0.2 billion higher than in the previous quarter (£3.2 billion).

• Inward M&A (foreign companies acquiring UK companies) during Quarter 3 2025 was £7.9 billion, £1.8 billion less than the value in Quarter 2 2025 (£9.7 billion).

Commenting, Patrick Sarch, Partner and Head of UK Public M&A at global law firm White & Case LLP, said: “This data broadly reflects what we have seen across UK Public M&A with fewer firm offers announced over the summer, but deal values being higher – overall resulting in a strong year for the market. The low number of domestic M&A deals likely reflects the wider caution seen across the UK and global economy, especially later in the year.

“Nonetheless, despite uncertainties in the global and domestic economic environment, UK Public M&A activity has proved very robust. After a slow start to 2025, takeover activity roared back in Q2 2025 and this momentum continued through the summer. However, announcements of new takeovers have slowed a bit in the Autumn as Budget chaos has caused boards and investment committees to see how markets react.

“A major feature of the market has been a huge spike in stakebuilding by bidders. Sometimes this has taken the form of building a toe-hold long in advance of a deal, while in other cases a significant stake has been acquired immediately before the offer is announced. There have also been several deals where bidders have bought out shareholders and taken a major stake during the competitive phase of an offer in order to win the day and close out the opposition.

“Looking ahead, appetite for prime targets remains strong and we expect more deals to come to market before the year end and at the start of 2026, with a combination of private equity and strategic corporate bidders, from the US and more globally, looking to make offers for UK targets. With significant levels of appetite across the spectrum of buyers, coupled with attractive valuations compared with international comparators, the UK remains a very attractive market for deals and we expect 2026 to be even stronger than 2025.”