The Top M&A Deals And Their Key Legal Advisers 2025
Sell-side mandates were more fragmented, highlighting the strength of regional advisory ecosystems
Mergers and acquisitions (M&As)
There were 3,488 M&As in 2025, according to our data.
Overall, The Legal Adviser Power List reflects a structurally divided market when it comes to M&As. On the buy side, a small group of global firms dominated high-value mandates, particularly in cross-border, sponsor-led and regulated transactions.
By contrast, sell-side mandates were more fragmented, highlighting the strength of regional advisory ecosystems and the continued importance of local knowledge and long-term client relationships.
Looking ahead
The deals in this report show a market that has adjusted rather than slowed down. Capital is still available, but investors are more careful about where they deploy it. Deals have also become more complex as a greater share of transactions now take place in heavily regulated sectors and involve international buyers.
At the same time, financing structures are more bespoke and investors are carrying out more detailed due diligence, increasing the amount of legal and regulatory work required to complete a deal.
Looking ahead to 2026, advisers with specialist sector knowledge and a presence across regions are likely to remain best placed to work on the UK’s most significant deals.
Take a tour
Top M&A deals and key advisers: North
Assura
The deal: 1.60b
Assura is a UK healthcare property specialist focused on the ownership, development and management of GP surgeries and community healthcare facilities. Operating across both property and healthcare, the business generates stable, long-term income from NHS-backed leases that typically rise in line with inflation.
In September, Assura was acquired by Primary Health Properties in a £1.60b transaction, bringing together two of the UK’s most established healthcare property platforms.
Advisers
CMS
Side not disclosed
CMS advised on the deal, using its insight across real estate, healthcare and infrastructure. CMS UK generated £711m in turnover and £228m in operating profit in 2025, supported by a broad international platform. The firm shows sustained growth over multiple years and continues to act on large-scale, multi-jurisdictional transactions involving regulated assets and long-term investment structures.
Travers Smith
Side not disclosed
Travers Smith advised on the transaction, drawing on its longstanding strength in complex public and private M&A, particularly within real estate, infrastructure and regulated sectors. The firm has a reported £214m turnover in 2024, delivering £81.1m in operating profit. Classified as a 10% Scaleup using the Beauhurst Signals, Travers Smith continues to invest in innovation and capability, most notably through the spin-out of its AI platform, Jylo, into an independent technology venture.
The Co-operative Bank
The deal: 665m
The Co-operative Bank is a UK retail and commercial bank with a distinctive ethical positioning and a long operating history. In recent years, the bank has undergone significant ownership, governance and capital structure changes as it sought to stabilise performance and reposition itself within a rapidly changing UK banking market.
Coventry Building Society acquired The Co-operative Bank for £655m in 2025, marking one of the most notable UK banking transactions of the year.
Advisers
Freshfields Bruckhaus Deringer
Sell-side
Freshfields advised on the sell-side as part of its global banking and financial institutions practice. Operating in the UK through a long-established entity founded in 1999, the firm is a dominant adviser on complex, high-value and regulated transactions. Its involvement shows the technical and regulatory complexity of the deal, as well as the continued reliance on Freshfields for landmark UK financial services transactions.
Addleshaw Goddard
Buy-side
Addleshaw Goddard advised Coventry Building Society on the acquisition, continuing its strong run of mandates within banking and financial services M&A. Addleshaw Goddard has expanded rapidly over the past five years, demonstrating sustained growth with 11% revenue increase in its latest accounts. Recent activity includes double-digit revenue growth in Scotland and targeted senior hires across private equity and employment, underlining its ambition to compete at the top end of UK transactional work.
MPM Products
The deal: 400m
MPM Products is a pet food manufacturer that makes natural, high-quality pet nutrition products for domestic and international markets. The company has benefited from sustained growth in the premium pet care industry, driven in part by increased pet ownership during the pandemic.
In September, Swiss private markets firm Partners Group acquired MPM Products for £400m.
Advisers
White & Case
Sell-side
White & Case advised on the legal execution of the transaction, drawing on its international M&A and financing capabilities. The firm reported £377m turnover and £176m operating profit in 2023, with a strong focus on large-scale, cross-border strategic transactions.
Clifford Chance
Buy-side
Clifford Chance advised Partners Group on the acquisition, bringing its extensive experience in large-scale private equity and cross-border M&A. Clifford Chance reported £2.25b turnover and £872m operating profit in its latest accounts, employing more than 6,750 staff globally.
Top M&A deals and key advisers: East
Cooper Parry
The deal: 755m
Cooper Parry is a UK-based professional services firm offering accounting, tax, audit and advisory services. Over recent years, the firm has positioned itself as a challenger brand within the mid-market professional services landscape, targeting scale, sector specialisation and cross-selling opportunities.
US private equity firm Lee Equity acquired Cooper Parry for £755m in 2025, marking one of the largest UK professional services transactions of the year.
Advisers
Addleshaw Goddard
Side not disclosed
Addleshaw Goddard advised on the transaction, further cementing its position as a leading adviser on complex UK private equity deals.
This is the second time Addleshaw Goddard has appeared in the report.
DLA Piper
Side not disclosed
DLA Piper supported the deal, drawing on its global private equity and professional services expertise. The firm employs 3,953 staff globally and generated £1.5b turnover, delivering £498m operating profit. Classified as a Beauhurst 10% Scaleup and actively hiring, DLA Piper operates through an extensive international structure with 20 subsidiary entities and a significant presence across major financial centres.
Herbert Smith Freehills Kramer
Side not disclosed
Herbert Smith Freehills Kramer also advised on the transaction, bringing its experience in high-value M&A and complex corporate structures. The firm employs over 4,400 staff and reported £1.29b turnover in 2024, with £438m operating profit. Recent strategic developments include international expansion through mergers, the appointment of its first Global Chief AI Officer, and continued investment in US and European partner hires.
Eckoh
The deal: 169m
Eckoh is a payments security provider, serving regulated industries such as financial services, utilities and the public sector. The company works in a compliance-critical niche, allowing businesses to process secure payments while meeting the UK’s stringent regulatory and data protection requirements.
Bridgepoint Development Capital acquired Eckoh for £169m, making the company private and positioning it for further investment in product development and international expansion.
Advisers
Mills & Reeve
Sell-side
Mills & Reeve acted for the sell-side, drawing on its strong mid-market M&A and technology sector expertise. The firm employs over 1,150 staff and generated £171m turnover in its latest accounts, with £62.2m operating profit.
Cleary Gottlieb Steen & Hamilton
Buy-side
Cleary Gottlieb advised Bridgepoint Development Capital on the acquisition, reflecting the firm’s growing involvement in technology-based private equity transactions. The firm has recently strengthened its in-house technology capabilities through a strategic AI acquisition, with multiple reports in March 2025 highlighting its investment in legal tech to support complex, data-intensive deals.
Fairfax Meadow
The deal: 54.0m
Fairfax Meadow is a UK food distribution business supplying meat products to hospitality, catering and foodservice customers nationwide. Its established market position and national footprint made it an attractive acquisition target for global food distribution groups seeking UK exposure.
US-listed food distribution giant Sysco acquired Fairfax Meadow for £54.0m, expanding its presence in the UK hospitality supply chain.
Advisers
Taylor Wessing
Sell-side
Taylor Wessing advised on the sale, applying its experience across food, retail and supply chain transactions. The firm employs over 1,000 staff and reported £245m turnover, with £95.3m operating profit and £135m net assets. Classified as a Beauhurst 10% Scaleup, Taylor Wessing has shown consistent growth and continues to expand its leadership team through targeted partner appointments. Recent developments include a planned merger with Winston & Strawn and the announcement of record global revenues of €619m.
Top M&A deals and key advisers: South
Oxford Ionics
The deal: 1.08b
Oxford Ionics, a deep tech quantum computing company, is a spinout of the University of Oxford, specialising in trapped-ion quantum processors. The business has positioned itself at the forefront of quantum hardware development, using academic research to build scalable, high-fidelity quantum systems.
In a landmark transaction for the UK deep-tech ecosystem, Oxford Ionics was acquired by US-listed quantum computing company IonQ for £1.08b.
Advisers
Hogan Lovells
Sell-side
Hogan Lovells advised on the sell-side, using on its extensive experience in technology, life sciences and cross-border M&A. The firm employs over 3,355 staff globally and reported £1.23b turnover in 2024, delivering £488m in operating profit. Hogan Lovells has a broad international reach, operating through 23 subsidiary entities.
Paul, Weiss, Rifkind, Wharton & Garrison
Sell-side
Paul, Weiss supported the transaction on the sell-side, advising on US elements of the deal. The firm operates in the UK as an Overseas Entity, registered in November 2022, and is internationally recognised for its corporate, restructuring and litigation practices.
Alliance Pharmaceuticals
The deal: Undisclosed
Alliance Pharmaceuticals is a specialty pharmaceutical company with a portfolio of niche prescription medicines and consumer healthcare products sold across international markets. The business has built a diversified product base through targeted acquisitions and licensing.
In May 2025, Alliance Pharmaceuticals was acquired by Aegros Bidco, marking a significant exit within the UK specialty pharma sector.
Advisers
Slaughter and May
Sell-side
Slaughter and May advised on the sell-side, using its long-standing expertise in public company M&A and life sciences transactions. As one of the UK’s five magic circle law firms, Slaughter and May operates with a focused partnership model and advises on many of the country’s most complex and strategically significant transactions.
Loungers
The deal: 354m
Loungers is a UK casual dining group running the Lounge and Cosy Club brands. The business has differentiated itself through an all-day dining model, locally tailored sites, and broad customer appeal, allowing it to expand rapidly across the UK.
Private equity firm Fortress acquired Loungers for £354m, taking the business private and providing a platform for further strategic investment.
Advisers
Jones Day
Sell-side
Jones Day advised on the sell-side, applying its global private equity and consumer sector expertise. The firm operates as a fully integrated international law practice with a significant UK presence and is regularly instructed on high-value sponsor-led transactions.
Top M&A deals and key advisers: West
Blakemans
The deal: 32.0m
Blakemans is a long-established UK food manufacturer specialising in sausages and meat products supplied to both retail and foodservice customers. Operating within the highly competitive protein and convenience food markets, the business has built a strong regional brand and loyal customer base.
In a strategic bolt-on acquisition, Cranswick Country Foods acquired Blakemans for £32.0m.
Advisers
Knights
Side not disclosed
Knights advised on the transaction, continuing its expansion as a consolidator within the UK legal services market. Knights operates as a publicly listed legal services provider with over 1,350 employees and £161m in turnover. The firm has grown rapidly through acquisition, operating a network of 24 subsidiary legal firms across England and Wales, including recent purchases such as Birkett Long.
Trakm8
The deal: 7.76m
Trakm8 is a telematics and fleet management technology company providing data-driven solutions to improve vehicle efficiency, safety and compliance. The company serves a broad customer base across logistics, utilities and commercial fleet operators, operating within an industry driven by regulatory compliance, cost optimisation, and digital transformation.
Trakm8 was acquired by Brillian UK for £7.76m, representing a small-cap technology transaction within the UK’s fleet management and telematics space.
Advisers
Wansbroughs
Sell-side
Wansbroughs advised on the sell-side, bringing its expertise in mid-market corporate transactions. With turnover growth from £7.01m over three years and a headcount increase to 88 employees, Wansbroughs continues to strengthen its position as a fast-growing law firm.
Fox Williams
Buy-side
Fox Williams advised Brillian UK on the acquisition, using its strength in technology-led M&As. The firm reported £40.7m turnover with £20.6m operating profit in its latest accounts, having grown steadily from £28.1m turnover in 2020. Fox Williams has achieved 20% Scaleup, reflecting consistent financial performance and growth.
Phoenix Gas Services
The deal: Undisclosed
Phoenix Gas Services operates gas distribution infrastructure across Northern Ireland, supplying residential and commercial customers. The business plays a critical role in regional energy infrastructure, benefiting from regulated revenues and long-term demand for essential utilities.
In January 2025, Phoenix Gas Services was acquired by GIL Investments, reflecting continued investor appetite for regulated energy infrastructure assets.
Advisers
George Green
Side not disclosed
George Green advised on the transaction, drawing on its experience in corporate and infrastructure-related matters. The firm reported total assets of £4.44m as of March 2024, up from £3.77m the previous year.
Top M&A deals and key advisers: London
Nord Anglia Education
The deal: Undisclosed
Nord Anglia Education is a global international schools group operating premium private schools across Europe, Asia, the Americas and the Middle East. The business serves an internationally mobile student base and benefits from long-term structural demand for high-quality private education, particularly among expatriate and high-net-worth families.
In March 2025, Nord Anglia Education was acquired by EQT Private Capital Asia, marking a significant transaction within the global education market.
Advisers
Latham & Watkins
Side not disclosed
Latham & Watkins advised on the transaction, reinforcing its position as a leading adviser on large-scale, cross-border private equity deals. The firm operates in the UK through Latham & Watkins (London) LLP, a recently registered overseas entity. Despite its short UK operating history, the entity has already seen notable leadership changes, with four director departures and three new appointments.
Pension Insurance Corporation
The deal: 5.70b
Pension Insurance Corporation is a specialist UK insurer providing pension risk transfer solutions for defined benefit pension schemes. The company plays a critical role in the UK pensions market, helping corporates de-risk legacy pension liabilities.
PIC was acquired by Bermuda-based insurance group Athora for £5.70b, representing one of the largest UK insurance transactions in recent years.
Advisers
Herbert Smith Freehills Kramer
Sell-side
Herbert Smith Freehills Kramer acted on the sell-side, bringing its expertise in high-value, regulated M&A.
This marks the second appearance of Herbert Smith Freehills Kramer in this report.
A&O Shearman
Buy-side
A&O Shearman advised Athora on the acquisition. Operating through A&O Shearman (Legal Advisers) Limited, the firm forms part of the Allen Overy Shearman Sterling group structure.
Sidley Austin
Buy-side
Sidley Austin supported the buy-side by advising on regulatory and transactional matters. The firm operates in the UK as an Overseas Entity registered in February 2023 and has recently expanded its London and New York teams through multiple senior appointments.
Direct Line Group
The deal: 3.70b
Direct Line Group is a UK-listed insurance group offering motor, home and commercial insurance products. The business has been a long-standing fixture of the UK consumer insurance market, with strong brand recognition and a broad retail customer base.
In July 2025, Direct Line Group was acquired by Aviva for £3.70b, representing a major consolidation move within the UK insurance market.
Advisers
Clifford Chance
Buy-side
Clifford Chance advised Aviva on the acquisition, continuing its prominent role in large-scale insurance and financial services M&A.
This marks the second appearance of Clifford Chance in this report.
Top M&A deals and key advisers: Scotland
AGS Airports
The deal: 1.53b
AGS Airports operates Aberdeen, Glasgow and Southampton airports, forming a critical component of the UK’s regional aviation infrastructure. The business connects domestic and international passengers and supports Scotland’s regional economic development through trade, tourism and employment.
In January, German infrastructure group AviAlliance acquired AGS Airports for £1.53b, marking one of the largest UK airport transactions in recent years.
Advisers
ERS Shepherd and Wedderburn
Side not disclosed
Shepherd and Wedderburn advised on the transaction, drawing on its deep expertise in infrastructure, transport, energy and complex corporate transactions involving Scottish assets. One of Scotland’s leading full-service law firms, it employs over 500 people and reported turnover of £71.4m in 2024, with profits rising 12% to £29.2m.
Rangers Football Club
The deal: 75.0m
Rangers FC, based in Glasgow, is one of Scotland’s most historic and internationally recognised sports organisations. Competing consistently at the top of Scottish football and regularly participating in European competitions, the club generates revenue across broadcasting, matchday operations, commercial partnerships and global merchandise sales.
Rangers FC was acquired by the San Francisco 49ers for £75.0m, bringing US sports ownership expertise into one of the UK’s iconic football brands. The transaction reflects growing cross-border investment into European football clubs, driven by commercial, media, and brand opportunities.
Advisers
A&O Shearman
Sell-side
A&O Shearman advised on the sell-side, applying its experience in high-profile transactions involving regulated entities and globally recognised brands.
This marks the second appearance of A&O Shearman in this report.
Latham & Watkins
Buy-side
Latham & Watkins advised the San Francisco 49ers on the acquisition. The firm continues to be a go-to adviser for strategic and private equity investors pursuing high-value, cross-border acquisitions.
This marks the second appearance of Latham & Watkins in this report.
Pitreavie
The deal: 14.0m
Pitreavie is a Scottish property and development business active across residential, commercial and mixed-use real estate. The company has benefited from Scotland’s urban regeneration initiatives and sustained demand for housing and commercial space.
In January 2025, Macfarlane Group acquired Pitreavie for £14.0m, strengthening its presence in Scotland’s property sector.
Advisers
Burness Paull
Sell-side
Burness Paull advised on the sell-side, leveraging its strong corporate and real estate credentials. Headquartered in Edinburgh, with an additional Glasgow office, the firm employs 604 staff and generated £60.1m in turnover. The firm’s operation of four subsidiaries, including Burness Paull Leeds, demonstrates its commercial growth and geographic expansion beyond Scotland.
Wright Johnston & Mackenzie
Buy-side
Wright Johnston & Mackenzie advised the buyer, drawing on its full-service Scottish platform spanning corporate, commercial, real estate, litigation, energy and financial services law. Based in Aberdeen with offices in Edinburgh and Glasgow, WJM has grown steadily, increasing turnover from £11.5m in 2020 to £15.3m in 2024, with operating profit rising to £4.90m. Recent partner appointments and 12 new hires in late 2025 signal an active growth strategy across its Scottish offices.
Top M&A deals and key advisers: Wales
Verona Pharma
The deal: Undisclosed
Verona Pharma is a clinical-stage biopharma company headquartered in Wales and listed in the US. The company focuses on developing innovative therapies for respiratory diseases, most notably chronic obstructive pulmonary disease (COPD). With an advanced clinical pipeline and a strong international investor base, Verona Pharma has emerged as one of the most prominent life sciences businesses with Welsh roots.
In October, global pharmaceutical company MSD acquired Verona Pharma, representing a major exit for the Welsh life sciences ecosystem.
Advisers
Freshfields
Sell-side
Freshfields advised on the sell-side, drawing on its deep expertise in life sciences and healthcare M&A.
This marks the second appearance of Freshfields in this report.
Latham & Watkins
Buy-side
Latham & Watkins advised MSD on the acquisition, continuing its consistent presence on high-value biotech and pharmaceutical transactions. The firm’s repeated involvement across regions reflects its technical depth in cross-border life sciences M&A.
This marks the third appearance of Latham & Watkins in this report.
Zip World
The deal: 100m
Zip World is a Welsh adventure tourism business best known for operating zip lines and outdoor attractions across North Wales. The company has played a huge role in repurposing former industrial sites into large-scale visitor destinations, contributing significantly to regional tourism and local economic regeneration.
In January 2025, Zip World was acquired by Dolphin Capital for £100m.
Advisers
Blake Morgan
Sell-side
Blake Morgan advised on the sell-side, leveraging its strength in Welsh corporate transactions and leisure sector expertise. The firm employs 626 staff and generated £62.6m in turnover, delivering £19.4m in operating profit. Classified as a Beauhurst 10% Scaleup, Blake Morgan has received multiple accolades, including Welsh team recognition in Chambers 2026 and Law Firm of the Year at the Solent Deals Awards 2024.
Fladgate
Buy-side
Fladgate advised Dolphin Capital on the acquisition, continuing its strong run in mid-market private equity transactions. The firm has grown rapidly, achieving 10% Scaleup status with turnover rising from £51.7m in 2021 to £88.8m in 2025. Operating profit remains consistently above 50% (£45.6m), and strategic hiring across technology and innovation functions shows ongoing investment in capability expansion.
Intelligent Ultrasound Group
The deal: 45.0m
Intelligent Ultrasound Group is a medical technology company specialising in AI-driven ultrasound training and diagnostic software. Its products are used by healthcare profes- sionals worldwide, positioning the business at the intersection of healthcare delivery, medi- cal education and artificial intelligence.
Intelligent Ultrasound Group was ac- quired by Swedish medical technology company Surgical Science for £45.0m.
Advisers
Baker McKenzie
Buy-side
Baker McKenzie advised Surgical Science on the acquisition, drawing on its global expertise in life sciences, medical technology and cross-border M&A. The firm employs 738 staff in the UK and reported £355m turnover with £143.4m operating profit in its latest accounts, maintaining profit margins of around 40%. With steady growth from £252m turnover in 2020 and a complex international partnership structure, Baker McKenzie plays a central role in major cross-border healthcare and technology transactions.
Top M&A deals and key advisers: Northern Ireland
FD Technologies
The deal: Undisclosed
FD Technologies, formerly First Derivatives, is a Northern Ireland-founded technology group providing data analytics, software and con- sulting services to banks, asset managers and trading firms globally.
In July 2024, FD Technologies was acquired by US private equity firm TA Associates.
Advisers
Willkie Farr & Gallagher
Sell-side
Willkie Farr & Gallagher advised on the sell-side, bringing its strong sponsor-side private equity M&A expertise to the transaction. The firm is widely recognised for advising on complex, high-value private equity deals. Willkie Farr & Gallagher LLP operates as a recently established overseas entity, incorporated in December 2022, and serves as the UK arm of the US firm.
Arthur Cox
Buy-side
Arthur Cox advised on the buy-side, contributing expertise in cross-border structuring and Irish corporate law. As one of Northern Ireland’s leading law firms, Arthur Cox is frequently instructed on complex international transactions involving Irish and UK assets, particularly in financial services and technology sectors.
Latham & Watkins
Buy-side
Latham & Watkins also advised TA Associates on the acquisition, reinforcing its position as a leading adviser on high-value private equity transactions.
This marks the Fourth appearance of Latham & Watkins in this report.
MetaCompliance
The deal: Undisclosed
MetaCompliance is a regulatory tech company headquartered in Northern Ireland, providing governance, compliance and cyber risk solutions to organisations worldwide. Operating in a rapidly expanding industry and driven by increasing regulatory complexity and data protection requirements, the business has built a SaaS platform that serves clients globally.
MetaCompliance was acquired by French private equity firm Keensight Capital.
Advisers
Mayer Brown
Buy-side
Mayer Brown advised on the buy-side, drawing on its international M&A and private equity structuring expertise. The firm employs 425 staff in the UK and reported £163m turnover in 2024. It was recently recognised at the 2025 Global Americas Derivatives Awards, and appointed Ken Wainstein to lead its global investigations practice.
Simpson Thacher & Bartlett
Buy-side
Simpson Thacher & Bartlett also advised on the acquisition, leveraging its core strength in private equity buyouts. Operating in London as an Overseas Entity, the firm continues to expand its international platform. Its ongoing activity includes new partner appointments in energy law and advisory roles on major debt and financing transactions.
Simmons & Simmons
Other
Simmons & Simmons advised on elements of the transaction, bringing its specialist expertise in technology, SaaS and regulatory matters. The firm has expanded internationally through strategic acquisitions and new operating models, including a legal partnership structure in Ireland.
New Life Teeth
The deal: Undisclosed
New Life Teeth is a UK dental healthcare provider operating specialist dental clinics delivering advanced dental treatments.
In March, New Life Teeth was acquired by us-based investments firm 57 stars.
Advisers
Carson McDowell
Sell-side
Carson McDowell advised on the sell-side, leveraging its experience in healthcare and mid-market M&A. The firm employs 157 staff across Belfast and reported £21.3m in turnover, delivering an operating margin of 46.5% and net assets of £11.2m.
Tughans
Buy-side
Tughans advised 57 Stars on the acquisition, drawing on its full-service Northern Irish platform and healthcare sector experience. The firm reported £12.8m turnover and £3.84m operating profit in 2024, employing 89 staff and holding £4.4m in cash reserves.Simpson Thacher & Bartlett also advised on the acquisition, leveraging its core strength in private equity buyouts. Operating in London as an Overseas Entity, the firm continues to expand its international platform. Its ongoing activity includes new partner appointments in energy law and advisory roles on major debt and financing transactions.
Key takeaways
- Latham & Watkins dominates by frequency, appearing four times in our report, reflecting its strength in cross-border PE and life sciences M&A.
- Herbert Smith Freehills Kramer shows depth in insurance, pensions and regulated assets.
- A long tail of regional firms reflects strong local advisory ecosystems, particularly in Scotland, Wales and Northern Ireland.
- Buy-side mandates skew towards large international firms, while sell-side mandates show greater regional firm diversity.
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