Bids for UK-listed companies have reached $132.9bn (£100bn) so far in 2026, up 175% year on year, generating more than £1.2bn in fees for investment banks, law firms and accountants. EQT's £10.6bn takeover of Intertek alone is expected to produce more than £370m.
The figures, reported by the Guardian, show how far the balance of the UK equity market has moved from new listings to take-privates and trade sales. In the first half of 2026, only seven companies floated in London, raising a combined £577m.
The Intertek effect
The largest single fee pool comes from EQT's £10.6bn acquisition of testing and inspection group Intertek. The Swedish private equity firm was advised by Morgan Stanley, Barclays and Deutsche Bank. Intertek's board used Goldman Sachs, JP Morgan Cazenove and PJT Partners.
JP Morgan leads the adviser league table for UK deals this year, with 14 mandates worth $89.4bn (£67.6bn). Slaughter and May leads among law firms.
Partner pay
The deal flow shows up in partner pay. Average profit per partner is about £2.5m at Linklaters, £2.3m at Clifford Chance and £2.2m at A&O Shearman. At boutique bank Evercore, senior managing directors in London averaged about £2m, and the highest-paid individual received £16.2m.
Since the UK removed the cap on bankers' bonuses in late 2023, Goldman Sachs has allowed bonuses of up to 25 times annual salary.
Political pushback
Unions have used the figures to push for higher taxes on the sector. GMB national secretary Charlotte Brumpton-Childs said brokers were being paid "huge sums" while other workers struggled. TUC general secretary Paul Nowak argued that banks able to afford large payouts could afford to pay more tax.
Banks already pay corporation tax at 28%, against the standard 25%, plus a separate surcharge on their balance sheets. Average wage growth slowed to 3.9% in July.
Why it matters for growth companies
The boom is a mixed signal for UK venture-backed companies and their investors. On one side, active buyers such as private equity firms, strategic acquirers and infrastructure funds are paying premiums for UK assets. That supports M&A as the main exit route for venture capital while the IPO window stays narrow.
On the other side, every take-private shrinks the London market that later-stage scale-ups would list into. The scale of this year's bids also suggests private buyers are willing to pay more for UK companies than public markets have been.
The Budget is approaching, and the Bank of England has signalled that rate rises are increasingly likely. Both could affect financing costs for leveraged buyers. The question for founders and their backers is whether that pipeline includes buyers for venture-backed businesses, not just mature listed companies.
Original source: The Guardian
