Report Highlights

Highlights from our UK M&A Q3 2026 Valuation Indices, covering UK M&A transaction multiples for M&A deals completed in July – September 2026.

Deal Volumes

Following a strong first half of 2026, UK M&A activity moderated in Q3 amid ongoing geopolitical uncertainty and concerns over energy prices and inflationary pressures.

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

SECTOR-BASED INDICES

The Industrials & Business Support Services (“I&BSS”) sector remains the largest sector in our sample, representing 49% of all deals in Q1 2026. In this quarter, the proportion of deals in Technology, Media & Telecommunications (TMT), a sector typically associated with higher valuation multiples, increased significantly to 26%, while the lower proportion of deals in traditionally lower-multiple sectors such as Consumer contributed to an increase in the aggregate All Cap valuation multiple.

Graph 2: MarktoMarket All Cap Index Q3 2026 – % of Index Constituents by Sector 

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