United Kingdom: M&A/Private Equity

The UK's Competition and Markets Authority has published revised guidance on assessing merger efficiencies, marking a significant shift toward greater receptivity to efficiency-based arguments in merger reviews. The new provisions introduce more flexible evidentiary standards, recognize the potential role of behavioral remedies in securing efficiencies, and encourage parties to advance efficiency claims earlier in the review process without implying acceptance of competitive concerns.

The U.K.'s Energy Savings Opportunity Scheme (ESOS) Phase 4 brings mandatory energy assessment requirements for large businesses, with critical compliance deadlines approaching in 2026 and 2027. Understanding qualification criteria, new reporting obligations, and enforcement consequences is essential for organizations that may fall within scope, including those affected by recent structural changes or M&A activity.

In this episode of Life Of A Dealmaker, host Tarun sits down with John Messer, Founder and Managing Partner of Copilot Capital, a European private equity firm specializing in B2B software investments. The conversation explores Messer's journey in building and leading a focused investment firm in the competitive European tech landscape.

Acquiring or merging with a UK business can trigger complex immigration requirements that many business owners overlook. Understanding whether you need to relocate key personnel, transfer existing sponsored workers...

Why a surge in voluntary possible offer announcements is reshaping the dynamics of UK public takeovers — and what target boards need to know.

The National Security and Investment Act 2021 (NSIA) came into force on 4 January 2022, creating a standalone regime giving the UK Government broad powers to scrutinise – and potentially intervene in – acquisitions and investments on the grounds of protecting national security. Nearly five years on, the NSIA regime is well established. It replaced the national security aspects of the UK Government’s intervention powers under the Enterprise Act 2002 and operates alongside the UK merger control regime.

AlixPartners' H1 2026 Global Consumer & Retail deal trends report examines a shifting M&A landscape where dealmakers prioritize strategic value over transaction volume. The analysis reveals how large-cap transactions and corporate carve-outs are reshaping the sector, with particular focus on Food & Beverage leadership and renewed lender confidence in consumer businesses as a hedge against tech volatility.

This newsletter examines pivotal competition law developments across the UK and EU, including the CJEU's landmark €4.125bn fine against Google for Android-related abuses, the UK Court of Appeal's significant ruling on distribution system restrictions, and the implications of Andy Burnham's premiership for UK competition policy.

A shareholders’ agreement is a private contract explaining how a company is run and how its shareholders deal with one another. In a UK funding round, it usually sits alongside a subscription agreement, which records the investment itself, and the company’s articles of association under the Companies Act 2006.