The value of UK merger and acquisitions (M&A) more than doubled in the first half of 2026, reaching approximately £124bn. This figure represents a 107% increase year-on-year from £60bn in the same period of 2025, according to a new report from PwC.
This rise in value occurred despite a 13% decrease in the total number of deals, which dropped to 1,301. Foreign buyers reportedly capitalised on sluggish valuations to acquire some of Britain’s most valuable companies.
The top 10 transactions contributed nearly two-thirds of the total value. Notable deals included the £33.4bn sale of Unilever’s food division to McCormick, which significantly boosted the value of consumer markets deals by 486%. Other major takeovers included American investment firm Nuveen’s £10bn acquisition of Schroders and Swiss insurer Zurich’s £8bn bid for Beazley.
As of 1 September, announced acquisitions of UK-listed public companies totalled $132.5bn, nearly triple the $48.2bn recorded in the same period last year, according to figures from the London Stock Exchange Group. This trend has led to concerns about a potential exodus from the City market.