UK PE Take-Privates Hit 20% of Realised Deal Value in H1 2026 as LSE Delistings Outpace New Listings for Fourth Consecutive Year
The London Stock Exchange continues to lose ground as a venue for public capital. Delistings have exceeded new listings every year since 2022, with take-private transactions accounting for roughly 20% of realised deal value in UK private equity during the first half of 2026, up from approximately 13% in 2025. The domestic listing share of UK companies has fallen from 71% in 2019 to 46% in 2025, with firms increasingly choosing overseas venues or private exit routes. Secondary buyouts dominated deal activity, comprising six of the top ten UK PE transactions in H1 2026. The headline deal in that cohort was Macquarie Asset Management's acquisition of Energy Assets Group from a consortium of Asterion Industrial Partners, EDF Invest and Swiss Life Asset Managers. In the insurance distribution sub-sector, MarshBerry's August 2026 report described July as offering "proof of life" after a sluggish first half, though full-year 2026 deal volumes are expected to fall short of 2025 totals.
Why this matters
The structural shift from public to private markets in the UK has now persisted long enough to be a deal-flow trend rather than a cyclical blip. PE sponsors absorbing LSE-listed companies at scale compresses the pipeline of publicly traded targets and concentrates transactional risk in private hands. The potential October budget and a threatened capital gains tax change adds a near-term timing pressure that could accelerate seller decisions in Q3. For the insurance distribution sector specifically, a tax-driven autumn rush remains possible but unlikely to rescue 2026's overall deal count.
On the Ground
Take-private mandates activate public M&A, financing, and regulatory practices simultaneously, Rule 2.7 announcements, scheme of arrangement work, and FCA change-of-control filings all run in parallel. Secondary buyout volume creates sustained demand for funds, leveraged finance, and portfolio company due diligence work. A trainee on a take-private would assist with target company board materials, track regulatory timetables, and maintain the project management log across workstreams. The CGT threat compresses timelines, so clients will want rapid initial advice on deal structuring and tax treatment ahead of the October budget.
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