The M&A Review details that the firm was followed in second place by Harper Macleod with 20 deals. Third place went to Bellwether Green with 18 deals and fourth and fifth to Morton Fraser MacRoberts and Addleshaw Goddard, both of whom advised on 17 deals each.

In total, there were 557 announced transactions in Scotland in 2025, representing a 4.7 per cent rise in overall deal volume compared with 2024. While the total disclosed value of £6.8 billion was three per cent lower than the previous year, the report notes this was primarily due to a reduction in the number of mega deals rather than a dip in underlying market health.

“Overall, the 2025 figures highlight a healthy level of deal making activity, underpinned by growth in volumes and stable performance across the upper end of the market,” the report states.

The year was headlined by the £1.3bn acquisition of Dundee-based Smiths Interconnect Group by US-based Molex, reflecting sustained international confidence in Scotland’s high-value manufacturing capabilities. Other significant activity included the £900 million acquisition of SP Smart Meter Assets by Macquarie and a £770m secondary buy-out of OEG Energy Group led by Apollo Global Management.

Speaking of Macdonald Henderson’s success, David Beveridge, managing director, told Scottish Legal News: “Firstly, the MH corporate team is exceptionally strong right now – in the shape of Laura McKnight, Cameron Broome, Emily Glen-Hencher, Darya Burton and Eva Fraser, we’ve got a core of established and rising stars, each able to lead, negotiate and conclude corporate transactions in the seven-eight figures bracket, ably supported by first class technology and our firm’s practice areas, particularly property and private client.

“Secondly, the Scottish small to mid-cap deal market has seen unprecedented levels of activity in the last 24 months. Succession is accelerating across Scotland’s mid-market. A significant cohort of founders are approaching transition points, forcing long-delayed decisions on ownership and control. Strategic acquirers from Europe and the North America continue to target profitable, well-run Scottish businesses with export capability and technical depth. (Spring) capital gains tax changes are repeatedly compressing timelines and pulling transactions forward. Subject to global/geopolitical headwinds, we don’t see this context changing in the coming year.

“We’re grateful to our clients, contacts and friends in business for their unwavering support, energy and resilience.”