The UK M&A market announced 357 deals in May 2026, according to Mark to Market's latest barometer published mid-June. That's consistent with the steady momentum seen through the first half of the year, and suggests the market hasn't stalled despite broader economic uncertainty.
The headline transaction was Vodafone's £13.85 billion acquisition of VodafoneThree. Below that, activity at the smaller end of the market remained steady. The figures include both reported transactions and an estimated provision for deals completed but not yet disclosed, capturing the full picture of what's actually happening rather than just what makes the press.
For anyone operating in trade supply, electrical wholesale or distribution, the takeaway is straightforward. Deal flow is holding up. Motivated sellers are still coming to market, and financing remains accessible for the right opportunities. That combination keeps acquirers active and means well-prepared businesses are finding buyers.
Three factors seem to be sustaining this momentum. Lending conditions have improved compared to the tighter period of 2023 and early 2024. Succession-driven opportunities continue to come through as owner demographics push more businesses toward exit. And buyer confidence in targeted sectors, particularly where there's consolidation logic or supply chain resilience, remains intact.
None of this suggests a frenzied market. Buyers are still careful, due diligence still matters, and weak businesses still struggle to find the right home. But for owner-managed businesses with steady performance, clean numbers and a credible story, the environment is workable.
The May figures won't predict what happens in Q3 or Q4, but they do confirm that the market isn't waiting for perfect conditions. Transactions are getting done, and the businesses that benefit are the ones that treat exit as a process rather than an event.