Value of UK deals rockets as buyers pounce on FTSE 100 firms
The value of UK merger and acquisitions more than doubled in the first half of 2026 as foreign buyers capitalised on sluggish valuations to pick off some of Britain’s most valuable companies.
Takeovers worth some £124bn were struck in the first six months of the year, up 107 per cent year-on-year from £60bn in the same period of 2025, according to a new report from PwC.
This was despite the total number of deals dropping 13 per cent to 1,301. The top 10 transactions made up nearly two-thirds of the total value, with takeovers of Unilever’s food division, Schroders, Beazley topping the list.
“More capital chasing fewer deals has become the defining feature of UK M&A,” the report said.
Unilever’s £33.4bn sale of its food division to Mccormick towered above the pack, and helped lift the value of consumer markets deals by 486 per cent.
The merger was revealed in April but quickly faced shareholder backlash from Unilever shareholders over concerns the process was being “rushed”.
Fears of City market exodus
The London Stock Exchange has faced a flurry of takeovers that have stripped the market of some of its biggest names in recent years.
American investment firm Nuveen’s £10bn swoop for Schroders shocked the City after the asset manager’s chief had previously rebuffed speculation of a sale.
Swiss insurer Zurich’s £8bn bid for Beazley and US food manufacturers Ingredion’s £2.7bn play for Tate and Lyle are also both set to lead to delistings.
As of 1 September, announced acquisitions of UK-listed public companies topped $132.5bn, according to figures from the London Stock Exchange Group. This was nearly triple the $48.2bn in the same period last year.
Last Wednesday, a trio of London-listed firms all accepted bids from foreign buyers, sparking rallying calls for action from officials.
Takeovers of FTSE 250 firms Bodycote and Gamma Communications, as well as energy company Capricorn, topped £3bn helping extend the record raid on the City.
“There is increasing competition for companies, capital and talent and we need to play to win. Complacency is not a viable option,” Charles Hall, head of research at Peel Hunt, told Morning Wire following the news.