The M&A Review details that Scotland recorded a total of 106 deals valued at £891 million by the end of Q3 2025, compared to 103 deals worth £3.48bn during the same period last year.

While the overall value has decreased, this is largely due to the absence of two exceptional mega deals announced in the previous year, rather than a decline in underlying market activity.

Smaller deals saw a 14 per cent reduction, from 57 last year to 49 this year, and mid-size deals declined from 31 to 13, reflecting a more selective investment environment.

Burness Paull took second place with 13 deals, followed by Harper Macleod and Bellwether Green, each with 13 deals. DWF finished off the top five with 12 deals, followed by Morton Fraser Macroberts with 11 and Addleshaw Goddard with 10. The top ten was rounded off with TLT, CMS and Vialex on nine, eight and seven deals respectively.

Large deals in Scotland showed strong growth, increasing by 83 per cent from six to 11, indicating continued appetite for high-value opportunities. Cross-border investment remains robust, with the US emerging as the most active international investor.

A notable transaction included the agreed acquisition of the North American Transmission and Distribution Engineering business of Aberdeen-based John Wood Group, a provider of engineering and technical services to the energy and industrial sectors.

Acquisition activity in the region also rose by 13 per cent, with 253 deals completed compared to 224 last year, highlighting sustained interest in Scottish businesses and a healthy level of deal-making overall.

At the close of Q3 2025, Scotland saw several notable transactions that reflect continued investor confidence in the region’s sectors. The £900m acquisition of Glasgow-based SP Smart Meter Assets by Macquarie Specialised Asset & Finance, stands out as the largest completed deal, finalised in September. 

In June, Apollo Global Management completed a £770m secondary buy-out of Aberdeen-headquartered OEG Energy, provider of core services across the offshore energy ecosystem, further underscoring interest in energy and infrastructure services.

Additionally, Edinburgh-based GoFibre Holdings, provider of ultra-fast full fibre broadband services across Scotland and the North of England, successfully closed a £125m funding round, supported by a £45m debt facility from the Scottish National Investment Bank and £80m from Hamburg Commercial Bank.

London-based Curve UK, which offers a financial app integrating multiple credit and debit cards into a single platform, is in advanced discussions to be acquired by Lloyds Banking Group in Edinburgh, with the potential transaction valued at approximately £120m.

Greencoat UK Wind, a London-based investor in operational UK wind farms, has entered into an agreement to sell a 32.65 per cent stake in both the Andershaw Wind Farm in Douglas and Bishopthorpe in London.