M&A activity in the UK surged this week, with deals announced or advanced across aerospace, energy, logistics, consultancy, and advertising. Cross-border buyers remained prominent, with Canadian and American companies targeting strategic mid-cap acquisitions. At the same time, the UK’s competition regulator took a firmer stance on merger control, reflecting growing scrutiny of global consolidation and domestic market impact.
Together, the week’s five major deals represented a combined value of nearly $16 billion — a sharp rebound from earlier June quiet spells and a reminder that inbound interest in UK assets remains resilient despite political and economic uncertainty.
Omnicom and Interpublic face UK probe —
On Monday, the UK’s Competition and Markets Authority (CMA) launched a Phase 1 investigation into the proposed $13.25 billion all-stock merger between US-based advertising giants Omnicom and Interpublic Group. The deal, originally announced in May, would create the world’s largest advertising conglomerate — and raises concerns about reduced market competition in the UK.
The CMA confirmed it is assessing whether the merger would “substantially lessen competition” across UK advertising and marketing services. Third-party comments have been invited, and the initial review deadline is set for 13 August 2025. A Phase 2 inquiry remains possible if early concerns are upheld.
Eaton moves on Ultra PCS —
Power management company Eaton announced it will acquire Cheltenham-based Ultra PCS, a specialist in aerospace controls technology, for $1.55 billion. The firm is currently part of Cobham Ultra Group, and the deal marks a major extension of Eaton’s presence in defence and aviation components.
The transaction is subject to regulatory approvals, including from UK and US competition authorities, and is expected to complete in the first half of 2026. Covington & Burling advised Eaton on the deal, which expands its aerospace portfolio amid rising demand for mission-critical control systems.
WSP targets UK climate consultancy —
Canadian engineering giant WSP Global announced a recommended offer to acquire UK consultancy Ricardo plc in a deal worth approximately £363 million (c. $670 million). The offer represents a 28.4% premium on Ricardo’s share price and has been unanimously supported by Ricardo’s board.
The deal will proceed via a UK court-sanctioned scheme of arrangement, with completion expected in Q4 2025. WSP described the acquisition as a strategic move to expand its environmental, transport, and clean energy services. The deal marks WSP’s latest in a string of targeted UK buyouts over the past five years.
GXO wins green light for Wincanton —
On Thursday, GXO Logistics confirmed that the CMA has cleared its £762 million takeover of UK-based logistics provider Wincanton, subject to divestment of a small number of grocery distribution contracts. These concessions address concerns over reduced competition in the UK grocery supply chain.
With regulatory approvals now secured, GXO will begin integration of Wincanton’s warehousing and transport operations in Q3 2025. The deal strengthens GXO’s position in the UK contract logistics market, particularly in e-commerce and fulfilment services. It also prompted GXO to raise its full-year 2025 earnings guidance.
EnQuest nears $84m Vietnam close —
UK oil and gas firm EnQuest announced it expects to complete its $84 million acquisition of a 53% stake in the Chim Sáo and Dua oilfields in Vietnam from Harbour Energy “within the next month or two”. The fields are both producing and mark EnQuest’s expansion beyond the North Sea.
CEO Amjad Bseisu confirmed that the deal is nearing final sign-off. It will give EnQuest operated control over two cash-generating Southeast Asian assets and aligns with the company’s strategy to geographically diversify its upstream portfolio while maintaining capital discipline.
This week’s developments reflect a widening pattern in the UK M&A landscape. Strategic cross-border buyers remain confident in UK infrastructure and consultancy assets — but increasingly face regulatory caution, especially in cases with potential competition impacts. The CMA’s dual role in probing and clearing high-profile deals (Omnicom–Interpublic and GXO–Wincanton) reinforces this duality: deal appetite remains healthy, but the bar for approval is rising.
Stay ahead of the curve with Business Quarter’s weekly M&A briefing, a concise, authoritative roundup of the biggest deals, strategic plays, and market-moving partnerships.
Sign up now to get each week’s summary straight to your inbox.
Your message has been sent
