White & Case public M&A update – Deal volume steady with strong pipeline of possible offers
Global law firm White & Case LLP has published its latest UK Public M&A market update looking at the 2026 highlights over the last couple of months (March-April 2026), and projections for the rest of year.
- Deal volume steady: seven firm offers in March-April taking YTD 2026 total to 13 (FY 2025: 56)
- Two £1bn+ offers: £10.3bn aggregate deal value (YTD 2026: £20.9bn; FY 2025: £38.2bn)
- Strong pipeline of possible offers: ten ongoing possible offers; £10.4bn aggregate deal value
- Financial services and industrials dominate: six firm offers; £10bn aggregate deal value
- Financial and strategic bidders both active: three PE bidders, three listed bidders, one private company
- European bidders active: three mainland European, two UK, one US and one Qatari bidder
Patrick Sarch, partner and head of UK Public M&A at global law firm White & Case LLP, said: “The financial services and industrials sectors have been most active, accounting for six of the seven firm offers announced in March and April. Both financial and strategic bidders were active, and, in a shift from last year, 50% of bids were made by mainland European bidders.”
“We continue to see strong competition for prime assets, with multiple bidders looking at the same targets.”
