Take-private deals dominate UK M&A landscape in 2023

51% of firm offers

Take-private transactions comprised the majority of announced firm offers for UK M&A in 2023, according to Peel Hunt’s UK Takeover Trends Report.

Private equity had the largest proportion of firm offers, at 51%, a significant increase from 25% in 2022. Increasing regulatory burden on small listed companies coupled with limited liquidity and relevance for institutional investors has increased consideration of take-private approaches, according to the report. UK M&A fuelling 'relentless' de-equitisation drive Peel Hunt also noted that smaller deals continued to represent the majority of transactions in 2023, with just a small minority of announced firm offers exceeding £500m equity value. The overall value of deals has cons...