United Kingdom: M&A/Private Equity

The EU Commission has published for consultation its long-awaited draft revised EU merger guidelines. This is the first update since the original guidelines were adopted more than two decades ago.

In April 2026, there were four Rule 2.7 announcements made across the UK public M&A market and six further possible offers / sale processes announced.

Following a joint consultation by the Financial Conduct Authority and the Bank of England, Q&A 4.14 was finalised and added to the UK EMIR Reporting Q&As.

The Privy Council has delivered a landmark judgment clarifying the role of fiduciary protectors in trust structures, determining that protectors with consent powers have broad discretionary authority rather than a narrow oversight function. This decision has profound implications for trust administration, potentially requiring protectors to undertake the same rigorous decision-making process as trustees themselves, raising questions about cost, practicality, and the risk of deadlock in trust governance.

In hospitality, investors are buying brand and reputation, not just bricks and mortar. Intangible assets are the deal drivers in this industry. Branded hotels, for example, achieve a higher transaction price...

The European Union (EU) is recalibrating its merger-control regime to respond to structural economic shifts driven by digitalization, decarbonization, and intensifying global competition.

A consortium of investment funds advised by Tinicum and Blackstone has launched a £1.275 billion recommended offer for FTSE 250-listed Senior plc, an international engineering solutions provider serving aerospace, defence, and energy markets. This high-profile public-to-private transaction highlights continued private equity interest in UK listed companies with strong fundamentals and long-term growth potential in the defence and aerospace sector.

Macfarlanes offers a distinctive approach to serving private capital managers by integrating top-tier legal expertise with complementary non-legal services. This combination creates a comprehensive solution designed specifically for the unique needs of private capital firms.

The transactional risk market entered 2026 from a position of strength. Even against a backdrop of uneven deal volume, persistent macroeconomic uncertainty and geopolitical volatility...