Q3 2024 UK public markets update: Rule 2.7 Announcements

Industry

Continued investor appetite for UK assets across diverse sectors.

27.11.24

Max Edgson

Product Consultant, Atticus

Following a robust first half of 2024, the UK’s public M&A scene maintained its pace with a steady stream of Rule 2.7 Announcements throughout Q3. As anticipated, the appetite for UK assets remains strong across sectors, with Atticus standing out as the trusted platform for listed companies and advisors seeking precise and efficient document verification.

July 2024

July witnessed a surge in public M&A activity, with several notable firm offers announced. A significant highlight was the £3.3 billion acquisition of Britvic plc by Carlsberg A/S, following initial offers and negotiations earlier in the year. This transaction underscores the continued interest in the UK beverage sector.

Additionally, Bellway plc announced a possible £650 million offer for Crest Nicholson Holdings plc, with a deadline set for August 8 to announce a firm intention.

August 2024

August maintained the momentum with several firm offers. Notably, Gran Tierra Energy announced a recommended offer for i3 Energy plc, aiming to expand its portfolio in the UK energy sector. This strategic move highlights the attractiveness of UK energy assets to international investors.

In the financial services sector, a consortium comprising CVC, Nordic Capital, and the Abu Dhabi Investment Authority made a £5.4 billion bid for Hargreaves Lansdown plc, reflecting continued interest in UK financial platforms.

September 2024

September saw continued activity, with Starwood Capital Group’s £673.5 million offer for Balanced Commercial Property Trust Limited. This acquisition reflects ongoing interest in the UK real estate investment trust sector, particularly from private equity firms seeking to capitalise on undervalued assets.

In the technology sector, EQT Group announced a £2.1 billion takeover of Keywords Studios Plc, indicating robust activity in the UK’s tech industry.

So what?

The third quarter of 2024 demonstrated sustained resilience in the UK public M&A market, with significant transactions across various sectors, including beverages, energy, financial services, real estate, and technology. This trend indicates a robust appetite for UK assets, despite broader economic uncertainties.

As deal-making remains vigorous, stakeholders across industries are increasingly turning to legal technology solutions to navigate potential risks efficiently. To discover how our platform can help streamline your M&A documentation processes, request a demo with one of our experts.

This note provides a general summary of some of the marquee deals seen in the UK market (including transactions where Atticus may not have been utilised).