Macdonald Henderson leads latest Experian M&A results with 13 deals

Macdonald Henderson leads latest Experian M&A results with 13 deals

Macdonald Henderson is the top legal adviser in Scotland with 13 deals so far this year, the latest Experian M&A report shows.

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 per cent 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 per cent from four to seven transactions. Smaller deals continued to form the majority of activity, with 35 deals recorded – a modest decline of 7.9 per cent from 38 in H1 2024.

DWF took second place with eight deals, followed by Burness Paull and Harper Macleod each with seven. The next four firms in the rankings all had six deals: TLT, Bellwether Green, Morton Fraser MacRoberts and Aberdein Considine. Shoosmiths and Pinsent Masons rounded out the top 10 with five 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, provider of building and support services, of Marlowe, a London-based provider of business critical services to the security sector.

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