Key Takeaways
- • Foreign buyers have driven UK M&A activity to $192 billion year-to-date in 2026, positioning Britain for one of its strongest acquisition years on record, with only one prior year exceeding current volumes since 1980.
- • Inbound transactions have reached a record $165 billion, with US bidders accounting for more than half of all overseas acquirers targeting UK companies, reflecting sustained appetite for British assets among international strategic and financial buyers.
- • Swedish buyout firm EQT's proposed £9.4 billion acquisition of Intertek represents the largest UK private equity takeover since the 2007 Alliance Boots deal, exemplifying the scale of current dealmaking activity alongside high-profile approaches for Schroders, Unilever's food division, and Tate & Lyle.
- • Relatively low UK equity valuations continue to drive cross-border M&A, with the FTSE 100 trading at a persistent discount to European and US markets, making British-listed businesses structurally more attractive to overseas acquirers.
- • The UK's established regulatory framework and reputation as a predictable takeover market have reinforced dealmaker confidence, supporting large-scale strategic transactions capable of materially reshaping target businesses.
Summary
Cross-border acquisition activity targeting UK-listed companies has accelerated significantly in 2026, with announced deal volumes reaching $192 billion year-to-date according to Reuters reporting. This trajectory positions the UK for one of its strongest years for mergers and acquisitions on record, with current activity levels approaching the full-year figure recorded in 2025 and having been exceeded only once since records began in 1980.
Foreign buyers have dominated this surge, with inbound transactions totaling $165 billion year-to-date—described as a record level for the period. US bidders have represented more than half of all overseas acquirers targeting UK companies, underscoring sustained American appetite for British assets. A series of high-profile approaches has fueled the momentum, including takeover interest in Intertek, Schroders, and Unilever's food division, while Ingredion agreed an offer for Tate & Lyle last week.
The most prominent transaction is Swedish buyout firm EQT's proposed £9.4 billion acquisition of Intertek, which would rank as the largest UK private equity takeover since the 2007 buyout of Alliance Boots according to LSEG data. Dealmakers attribute sustained foreign interest to relatively low UK equity valuations, with the FTSE 100 trading at a discount to both European and US markets, making British-listed businesses increasingly attractive to strategic and financial buyers. Dominic Ross, partner at Clifford Chance, noted that dealmakers are continuing to pursue large-scale strategic transactions capable of materially reshaping businesses.
Beyond valuation, the UK's established regulatory framework and reputation as a predictable takeover market have contributed materially to the uptick in cross-border activity, reinforcing dealmaker confidence during a period of significant capital deployment by overseas acquirers.
Foreign buyers have dominated this surge, with inbound transactions totaling $165 billion year-to-date—described as a record level for the period. US bidders have represented more than half of all overseas acquirers targeting UK companies, underscoring sustained American appetite for British assets. A series of high-profile approaches has fueled the momentum, including takeover interest in Intertek, Schroders, and Unilever's food division, while Ingredion agreed an offer for Tate & Lyle last week.
The most prominent transaction is Swedish buyout firm EQT's proposed £9.4 billion acquisition of Intertek, which would rank as the largest UK private equity takeover since the 2007 buyout of Alliance Boots according to LSEG data. Dealmakers attribute sustained foreign interest to relatively low UK equity valuations, with the FTSE 100 trading at a discount to both European and US markets, making British-listed businesses increasingly attractive to strategic and financial buyers. Dominic Ross, partner at Clifford Chance, noted that dealmakers are continuing to pursue large-scale strategic transactions capable of materially reshaping businesses.
Beyond valuation, the UK's established regulatory framework and reputation as a predictable takeover market have contributed materially to the uptick in cross-border activity, reinforcing dealmaker confidence during a period of significant capital deployment by overseas acquirers.
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