The United Kingdom’s dealmaking landscape witnessed a remarkable resurgence in 2024, with transaction values surging by a third to reach £324.2 billion compared to the previous year’s figures, according to data from the London Stock Exchange Group.
The financial sector emerged as the primary driver of this growth, dominated by significant moves including Nationwide Building Society’s £2.9 billion acquisition of Virgin Money UK and Coventry Building Society’s £780 million purchase of the Co-operative Bank. The insurance sector saw notable activity with FTSE 100 insurer Aviva’s £3.7 billion takeover of Direct Line, whilst investment platform giant Hargreaves Lansdown agreed to a £5.4 billion buyout by private equity consortia led by CVC Capital Partners.
Property sector consolidation played a crucial role, highlighted by Barratt’s £2.5 billion acquisition of rival housebuilder Redrow. The surge in merger and acquisition activity has provided a welcome boost to City investment bankers, who experienced a significant downturn following the record-breaking £654 billion deal value achieved in 2021.
The largest transaction of 2024 was recorded in the education sector, with Nord Anglia Education being acquired by a consortium including Swedish private equity firm EQT in a deal valued at £14.5 billion, including debt. Goldman Sachs maintained its position at the summit of LSEG’s league table for UK target advisers, measured by total transaction value.
This robust recovery signals renewed confidence in the British market, following a particularly challenging 2023 when deal values had plummeted to their lowest levels since 2009, primarily due to geopolitical tensions and inflationary pressures.
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