Public M&A activity was sporadic in 2024, slowing down over the Summer – a predictable consequence of elections in the UK and US – but then ramping up again in the final weeks of 2024. The total number of firm offers announced in 2024 for UK public companies listed on the Main Market or AIM was 56, just one down from a busy 2023.
Notably, 2024 saw a marked increase in high value firm and potential bids. 17 of 56 firm offers had a deal value in excess of £1 billion (30%), a significant increase from the four seen in 2023 (7%), including offers for household names such as Royal Mail, Hargreaves Lansdown, Virgin Money and Direct Line.
There was a fall in activity by private equity-backed bidders, representing 43% of the total number of firm offerors (compared with 63% in 2023), but, consistent with the wider market, deal values were notably higher, with eight (one-third) of PE-backed bids having a deal value in excess of £1 billion.
Real estate (notably UK REITs), financial, construction and industrials were amongst the most active sectors in 2024.
