Private equity interest in UK-listed companies has risen in 2025 compared to previous years, although sponsors are increasingly shying away from private credit as a means of financing take-private offers, according to 9fin data analysis.

Year to date, buyout firms have put forward 25 firm offers for listed UK businesses, a 32% increase on last year’s volume and a 4% uptick on offers in 2023.

Strategic offers from corporates still make up the majority of offers however, accounting for more than half (59%) of the 61 offers put forward so far this year.

"Private equity and strategics have been very active. We're seeing a lot of ambition on the corporate side, in spite of macroeconomic conditions and geopolitics making bids increasingly complex and often more politicised on the regulatory front,” said Greg Mulley, a partner at HSF Kramer with public M&A expertise.

"Buyers and sellers have become far more adept at building wider risks into their dealmaking, which is sustaining transaction volume despite ongoing headwinds,” he added.

The first half of the year was particularly busy, with 42 firm offers made despite a wider decline in global M&A as tariff volatility and geopolitical uncertainty rocked markets.

H1 25 marked the strongest six-month period for UK takeovers in terms of volume in more than 15 years, according to a report from law firm Slaughter & May.

But while transaction volume is peaking, average deal values have slumped compared to last year’s impressive figures — this year has seen 11 transactions valued at over £1bn compared to 17 such deals in 2024 (be sure to check out our data and analysis of UK public M&A for 2023 and 2024 for the full rundown on activity in those years too).