From mobile networks to waste management, this week’s UK deal landscape delivered a string of decisive moves across key sectors. Between 2 and 6 June, six major transactions either completed or entered new stages, reflecting sustained investor appetite for infrastructure-heavy assets — with telecoms, renewables, logistics, and student housing all in play.
Below, we examine each of the week’s most significant developments.
Vodafone UK and Three UK — merger completed
Vodafone Group and CK Hutchison have formally completed the long-anticipated merger of their UK mobile businesses, creating a new entity known as VodafoneThree. The all-share deal, valued at £16.5 billion, sees Vodafone take a 51% stake in the joint venture, with CK Hutchison retaining the remaining 49%. VodafoneThree now becomes the largest mobile operator in the UK by customer base, with around 29 million users.
The Competition and Markets Authority cleared the deal in May, subject to a series of commitments — including £11 billion of network investment over the next decade. VodafoneThree will operate independently of its parent companies, with a remit to accelerate 5G rollout and improve service coverage nationally. The merger is expected to reshape the competitive dynamics of the UK mobile market.
Rosebank Industries — funding move for US acquisition
On Friday, Rosebank Industries plc confirmed a fully underwritten equity raise of approximately £1.14 billion, as it moves to finalise the acquisition of US-based Electrical Components International (ECI). The raise — priced at 300 pence per share — forms part of a wider funding package, which also includes new debt facilities. Rosebank stated that the total purchase price for ECI will fall below US$1.9 billion.
The cross-border deal represents a significant foray into North American manufacturing and adds to a growing list of UK-listed firms pursuing dollar-denominated earnings via international expansion. The acquisition, once closed, will position Rosebank as a major player in the global electrical components supply chain.
Unite Group — possible bid for Empiric Student Property
Unite Group plc, the UK’s largest provider of purpose-built student accommodation, submitted a non-binding proposal to acquire Empiric Student Property plc. The indicative terms comprise 30 pence in cash and 0.09 new Unite shares for each Empiric share — valuing the company at 107 pence per share, or around £705 million in total.
Empiric has granted Unite access to due diligence, though no firm offer has yet been made. Under Rule 2.6 of the Takeover Code, Unite has until 3 July 2025 to declare a formal intention to proceed or withdraw. If completed, the deal would increase Unite’s footprint to nearly 97,000 student beds across the UK, with greater exposure to high-demand Russell Group university locations.
TotalEnergies — acquisition of renewables pipeline from Low Carbon
TotalEnergies has signed a deal with Low Carbon to acquire a ready-to-build UK renewable energy portfolio comprising eight solar power projects (350 MW) and two co-located battery energy storage systems (85 MW). The 435 MW package is expected to generate around 350 GWh of electricity annually — enough to power roughly 100,000 UK homes — with commercial operation scheduled by 2028.
The acquisition is the latest development under a 2022 co-investment agreement between the companies and forms part of TotalEnergies’ broader push to scale up its European renewable footprint. Financial terms were not disclosed.
BCI / Macquarie — Renewi take-private completed
The consortium formed by British Columbia Investment Management Corporation (BCI) and Macquarie Asset Management has completed its acquisition of Renewi plc. The £707 million transaction, implemented by way of a court-approved scheme of arrangement, results in Renewi’s shares being delisted from both the London Stock Exchange and Euronext Amsterdam.
Under the terms of the deal, shareholders received 775 pence per share in cash. The deal marks a significant take-private transaction in the environmental services sector, adding Renewi’s circular economy and waste-to-product portfolio to the consortium’s infrastructure assets.
Blackstone — recommended offer for Warehouse REIT
Warehouse REIT has agreed to a £470 million takeover offer from funds advised by Blackstone. The deal, structured as a scheme of arrangement, offers shareholders 110.6 pence per share — inclusive of a 1.6 pence dividend — and represents a 34% premium to Warehouse REIT’s closing price before the start of the offer period.
The acquisition follows a prolonged period of underperformance and limited equity-raising ability for UK logistics REITs, amid persistent macroeconomic headwinds. Blackstone’s offer was unanimously recommended by the Warehouse REIT board.
This week’s M&A activity suggests a reassertion of confidence in long-term infrastructure assets, both operational and developmental. While VodafoneThree’s closing will dominate headlines due to its scale, the more instructive trend lies in cross-sector momentum: renewable generation, waste processing, logistics property and US industrials all featured prominently.
Notably, foreign investment continues to play a central role, with Canadian, American, French and Hong Kong capital active across multiple transactions. As macro conditions stabilise, strategic dealmaking appears to be returning to form — not through speculative bets, but through assets with real-world operational value.
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