Key Takeaways from the Mergermarket M&A Forum UK 2025

The Mergermarket M&A Forum UK 2025 brought together over 600 corporate acquirers, private equity investors, investment banks, and legal advisors to examine the evolving global dealmaking landscape. 

The conference, co-sponsored by Freshfields, offered timely insights into the ways in which deal makers, advisors and market participants are navigating this uncertain environment, adapting in the face of evolving regulatory, economic and geo-political challenges and capitalising on opportunities. 

Freshfields M&A and Corporate Partner Kate Cooper participated in a panel discussion on investment in UK strategic sectors , alongside Matt Mullan (BAE Systems), Andy White (KPMG) and moderator Lucinda Guthrie (Mergermarket). 

Panellists noted the rise in defence sector M&A as European governments increase their defence budgets and the sector is now being recognised as investible from an ESG perspective if governed responsibly. 

The panel also discussed the UK Government’s upcoming review of the National Security Investment Act (NSIA) regime, against a backdrop of geopolitical developments which have focused attention on whether the regime needs updating to make sure welcome investment in strategic sectors is encouraged whilst threats to the UK’s national and economic security are avoided. 

“The Government is quite focussed now on reducing regulatory burdens to enhance investment into the UK and on marrying that up with having a strong and robust regime that looks at the deals that could be problematic and thinks about them in a more targeted, proportionate way. We've been closely involved in the debate on changes that could be made to make it a more streamlined and hopefully more predictable process.” – Kate Cooper

A consistent theme across the conference discussions was the need for dealmakers to  embrace flexibility, anticipate regulatory divergences and build resilient cross-border investment strategies. There was a roundtable discussion on the Government’s “strategic steer” to the CMA and the clear message that the UK wants to be seen as open for business. 

Other conversations focused on latest trends in the equity capital markets and private equity markets. Speakers noted that while IPO activity remains limited, deal pipelines appear steadily building toward 2026 – likely encouraged by the FCA’s reforms which aim to remove friction and restore London as a competitive listing venue. In private equity, there is a growing focus on adapting exit strategies, including an increasing trend in continuation vehicles - now 14% of exits - as a way to extend ownership of successful investments.  

As dealmakers prepare for the critical post-summer window, attendees reflected a sense of cautious optimism, centred on strengthening resilience, achieving greater regulatory clarity and pursuing strategic M&A opportunities. 

At Freshfields, we continue to support clients in navigating this evolving landscape in respect of cross-border transactions and regulatory strategy. Please reach out to your Freshfields contact or one of the presenters if you’d like to discuss any of these topics further.