Report Highlights

Highlights from our UK M&A Q3 2025 Valuation Indices, covering UK M&A transaction multiples for M&A deals completed in July – September 2025.

Deal Volumes

Deal activity in Q3 2025 totalled 1,332 transactions, representing a 9% decline from Q2 2025 but remaining broadly consistent with the same period last year.

Graph 1: UK M&A Deal Volumes: Last 5 Quarters

SECTOR-BASED INDICES

The Industrials & Business Support Services (“I&BSS”) sector remains the largest contributor to our sample, representing 36% of all deals in Q3 2025. In this quarter, we recorded a higher share of deal completions in Healthcare and Financial Services, whilst the proportion of Technology, Media & Communications (“TMT”) deals fell slightly compared to last quarter. A lower incidence of deals in traditionally higher-multiple sectors (such as TMT) within our sample will, all other things being equal, have the effect of driving the aggregate All Cap multiple lower.

Graph 2: MarktoMarket All Cap Index Q3 2025 – % of Index Constituents by Sector 

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