Record private equity bids drive UK takeover volumes to a 14-year high

A Morrisons worker. The supermarket chain was acquired for £7 billion this year by Clayton Dubilier & Rice
A Morrisons worker. The supermarket chain was acquired for £7 billion this year by Clayton Dubilier & Rice
ALAMY

A record number of bids for British companies by private equity firms has helped to propel UK takeover volumes to their highest level in 14 years and fuelled a boom in fees for investment bankers.

The availability of cheap debt financing and low stock market valuations that have left some listed businesses vulnerable have caused a surge in mergers and acquisition activity this year, with the overall value of all deals involving UK companies as either buyer or seller climbing by 10 per cent to $630.8 billion, the most since 2007, and the number of deals up 39 per cent to 6,926, according to data compiled by Refinitiv.

Fees for the financiers that work on deals have similarly surged, with Refinitv estimating that investment banks