Moore Kingston Smith’s transaction services update – H1 2025

Deal volumes dip amid global uncertainty, but the UK has reasons to be optimistic

The transaction services team at Moore Kingston Smith continues to act as a trusted adviser for strategic acquirers in our core sectors. The first six months of 2025 saw the team advise on 13 completed deals, and several undisclosed live deals at various stages of completion, as well as establishing a strong pipeline for H2 2025.

Activity in the UK M&A market in H1 saw several high-profile deals despite deal volumes falling. We continued to see the UK attract overseas investment with cross-border M&A on the rise – An opportunity we identified in H2 2024.

Global macroeconomic and political uncertainty continue to weigh heavy on investment decisions. Capital is being deployed slowly and underlying asset performance is too weak to realise value. The UK is no different. Low GDP growth, high taxes and weak business confidence remain.

However, some indicators give us quiet optimism. The US, EU and Indian trade deals reengages the UK with global markets. The value of the sterling is stable, albeit appreciating against the US. Interest rate expectations are being fulfilled with the Bank of England making two cuts so far in 2025. Converting these positives into M&A activity will be both the challenge and the determinant of H2 2025.

As we reported in H2 2024, trade and private equity (PE) buyers are cautious but remain open to high-quality strategic investments. This sentiment has continued through H1 2025. However, we have seen notable PE activity in technology, media and telecoms (TMT). The expansion of artificial intelligence capabilities and digital transformation is at the forefront of acquisition strategy within this sector.

Moore Kingston Smith’s transaction services highlights

H1’s completed deals concentrated in sectors where Moore Kingston Smith has significant expertise including media & marketing, IT services and renewables.

PE and PE-backed

Trade