United Kingdom: M&A/Private Equity

Veranova Bidco LP v Johnson Matthey Plc [2026] EWHC 1021 (Comm) addresses a question that M&A lawyers have been watching closely: can you stitch together the knowledge of multiple executives to build a case of corporate fraud? The High Court says no, and every buyer, seller, and M&A lawyer should take note.

The Government's draft legislation for a new Securities Transfer Tax (STT), published on 13 July 2026, was a bit of a landmark. Tax advisers will tell you, with a mix of shame and pride, that we still occasionally have to refer to nineteenth century legislation. The Stamp Act 1891 remains the foundation of stamp duty payable on share sales. The whole law in this area is a patchwork of bits of legislation spanning more than a century.

When a sustainability data platform attracted venture capital interest, the founders believed their growth trajectory spoke for itself. But as due diligence uncovered gaps in share structure, unsigned contracts, and unassigned intellectual property, what seemed like a straightforward investment began to unravel. This case study examines how hidden operational issues can transform investor confidence into doubt...

HMRC has released new technical guidance on inheritance tax changes affecting pension benefits, including information-sharing protocols between personal representatives and pension scheme administrators. The guidance provides draft templates for withholding and payment notices, clarifies response deadlines, and outlines HMRC's implementation timeline through spring 2027.

As widely anticipated, the Bank of England voted last week to hold Bank Rate at 3.75%. Whilst markets had expected the decision, it is noticeable that the Monetary Policy Committee (MPC) moved from a 7-2 decision, to a 6-3 one, with three members favouring a 0.25% increase. The move demonstrates the continued uncertainty around the UK’s inflationary environment, particularly in light of geopolitical tension, tariffs and trade disruption and political change, and their combined impact on global energy prices and the wider economic outlook.

Cross-border private M&A in the mid-market between the UK and the US is common, but UK buyers, particularly those acquiring a US target for the first time, should be aware of meaningful differences in deal practice, regulatory requirements, and legal frameworks.

The key takeaway for companies active in the mining and metals space is that geopolitical competition over access to critical minerals is reshaping the regulatory landscape for M&A.

The Investment Security Unit, which assesses transactions for national security risks, moves into expanded business department in Government reorganisation...

LONDON, July 29, 2026 – Proskauer advised the financing sources in connection with an agreement by Platinum Equity to create Peranel, a 50/50 joint venture with Nestlé for its waters and premium beverages business. The transaction assigns Peranel an enterprise value of $5.6 billion (€4.9 billion).