United Kingdom: M&A/Private Equity

Members of our structured finance team, including Priya Taneja, Stuart Axford, Martin Sharkey, Giacomo Bertolissi and Amber Chak, attended Global ABS 2026 in Barcelona.

The CMA's merger outcomes data for 2025/26 reveals a continued evolution toward more targeted and proportionate enforcement, with Phase 1 decisions at an all-time low while unconditional clearances rise significantly. Despite fewer formal investigations, the authority maintains robust scrutiny through record-high Briefing Paper submissions, demonstrating selective intervention in transactions that genuinely raise competition concerns.

In the private credit space, side letters remain crucial for tailoring fund terms to the regulatory, tax, operational and policy needs of investors. They are a key feature of private credit fund negotiations...