Kenya and UK M&A markets see surge in transaction value

In the first half of 2026, both the Kenyan and UK mergers and acquisitions (M&A) markets experienced significant surges in transaction value, despite a decrease in the total number of deals.

In Kenya, M&A value rose by 670.5% to USD 1.4 billion, compared to USD 187 million in the same period of 2025. This growth was driven by three major transactions representing 91% of the total value: Nedbank’s proposed USD 855 million acquisition of a 66% stake in NCBA Group, Absa Group’s USD 238 million tender offer for Absa Bank Kenya, and USD 215 million in equity financing for electric-mobility company Spiro.

In the United Kingdom, M&A value more than doubled to £124 billion in the first half of 2026, up from £60 billion in 2025. While the number of transactions fell by 13% to 1,301, foreign buyers drove the value increase by targeting lower valuations. A primary driver was Unilever’s £33.4 billion sale of its food division to McCormick. Other notable deals included Nuveen’s £10 billion acquisition of Schroders and Zurich’s £8 billion bid for Beazley.