The M&A Review details that Scotland recorded 256 deals in H1 2025, with a total value of approximately £3.6 billion. While this represents a 13% decrease in value compared to the same period last year, there were several encouraging trends. Notably, the number of larger deals rose significantly, increasing by 75% from four to seven transactions. Smaller deals continued to form the majority of activity, with 35 deals recorded – a modest decline of 7.9% from 38 in H1 2024.

BDO took second place with nine deals, followed by Azets with eight. K3 Capital Group and Johnston Carmichael each advised on six deals. Grant Thornton was next with five deals, followed by Dains Corporate Finance with four. EY, PwC, and Altius Group rounded out the top 10 with three deals apiece.

Although no mega deals were reported in the first half of 2025, the market saw a shift in deal composition, with medium-sized deals totalling nine, compared to 21 in the previous year. This evolving landscape suggests a recalibration in deal sizes, with continued investor interest across a range of transaction types.

Scotland’s most prominent transaction in H1 was the £900m acquisition of SP Smart Meter Assets, a Glasgow-based provider of smart meter services, by Australia-based Macquarie Specialised Asset and Finance, a division of Macquarie Group, from Iberdrola, the Spanish gas and electricity group. The acquisition is subject to customary and regulatory clearances and is expected to complete in Q3 2025.

Another notable transaction was the acquisition by Glasgow-based MITIE Group, a provider of building and support services, of Marlowe, a London-based provider of business-critical services to the security sector, for £366m.