UK M&A deals of the week: 31 May 2025

Japanese insurer Dai-ichi Life has agreed to take a 15% stake in M&G, becoming the UK fund manager’s largest shareholder in a partnership that both sides expect to generate $8 billion in net flows over five years. While financial terms were not disclosed, M&G confirmed Dai-ichi would also gain board representation as part of the long-term distribution and co-investment pact.

The deal reflects a broader pattern of Japanese financial institutions targeting undervalued UK asset managers, drawn by cheap valuations and access to high-margin private markets product. With London-listed managers trading well below US multiples, strategic stakes are becoming a preferred route to cross-border growth — avoiding the capital drag and regulatory hurdles of full takeovers.

RedBird Capital has reached an in-principle agreement to acquire Telegraph Media Group for around £500 million. The deal, which includes The Daily Telegraph, Sunday Telegraph and The Spectator, would give the US private equity firm a prominent foothold in British media — though finalisation is subject to a UK media plurality review and potential legislative changes limiting foreign state-linked investment.

The acquisition is the latest in a series of high-profile media purchases by private capital, as investors seek to modernise legacy titles through subscriptions, data analytics and international expansion. The Telegraph’s wealthy subscriber base and conservative readership offer RedBird potential for monetisation far beyond print.

However, a change in ownership involving foreign private equity and Middle Eastern capital could raise concerns about editorial independence and foreign influence — especially in the post-election period, where media ownership remains a sensitive topic.

The UK’s Competition and Markets Authority has cleared the $3.1 billion all-share merger between Luxembourg’s SES and US-based Intelsat, removing a key obstacle to the satellite industry’s biggest consolidation in years. The merged group will command more than 100 satellites and over $4 billion in annual revenue, positioning itself to compete more effectively with low-earth orbit challengers like SpaceX’s Starlink.

The CMA’s approval signals that regulators may view GEO consolidation as beneficial to competition — especially as traditional satellite operators invest heavily in new capabilities to keep pace with private space entrants. Eyes now turn to the EU and US decisions, expected in June.

Quantum cybersecurity firm Arqit Quantum has acquired the technology IP and engineering team of Belfast-based Ampliphae, a specialist in encryption-risk analytics. The deal, announced 27 May, adds an “Encryption Intelligence” layer to Arqit’s offering — enabling organisations to discover and inventory all encryption methods used across their networks, including legacy and quantum-vulnerable ciphers.

As governments and enterprises prepare for the threat of quantum decryption — expected to render many current encryption methods obsolete — the ability to audit and remediate encryption exposure has become a strategic priority.

The deal positions Arqit to deliver a full-spectrum solution as UK regulators (NCSC) and international bodies (NIST) ramp up post-quantum guidance and spur businesses to prepare. For Ampliphae, it marks a typical exit path for UK cyber start-ups: transferring deep IP to a global platform ahead of widespread commercial adoption.

FTSE 250 data firm GlobalData has extended the deadline for Intermediate Capital Group (ICG) to make a formal takeover offer, granting the private equity house until 11 June. Rival suitor KKR has dropped out of contention.

The move keeps one of the largest current UK take-private options in play. With a resilient subscription model and 30%+ margins, GlobalData epitomises the mid-cap London-listed firms attracting sponsor attention. The UK’s public-private valuation gap, with many listed B2B firms trading at significant discounts to global peers, remains a powerful draw for PE buyers, despite higher funding costs and more selective deal appetite.

Payments group IFX has agreed to acquire AIM-listed FX and hedging specialist Argentex for just £3 million, following a period of liquidity strain at the latter. The rescue deal includes £6.5 million in bridge financing and will see IFX absorb Argentex’s FCA-regulated client book and licences.

The transaction highlights deepening pressures in UK fintech, where a generation of niche firms, particularly in cross-border payments and alternative lending, now face consolidation or collapse. While valuations remain under pressure, regulated platforms with real customer books continue to offer strategic value to acquirers with stronger balance sheets.