This month, Experian released its highly anticipated report on Mergers and Acquisitions (M&A) for the first half of 2023. The report unveiled notable shifts in the legal advisory sector.
Leading the pack with an impressive volume of 18 deals, Clarion Solicitors secured the top spot in the rankings. Following closely, Schofield Sweeney clinched second place with an impressive tally of 16 deals. However, a significant development was the rise of Squire Patton Boggs, which leaped from fifth place in 2022 to third with a commendable 11 deals in H1 2023. Ward Hadaway also notched up 11 deals, demonstrating their prowess in the M&A arena.
Freeths, Gordons, and Shoosmiths made their mark by assisting in 10 deals each, solidifying their positions as key players in the legal advisory realm. The comprehensive list of the busiest 10 Legal Advisers also featured renowned names such as Mills & Reeve, Addleshaw Goddard, and DWF, showcasing their continued influence.
Of particular interest were the biggest M&A developments in Yorkshire & the Humber, with two standout deals occurring in Leeds. The £170m acquisition bid by 49ers Enterprises Leeds SPV LP from the USA for Leeds United Football Club made waves, alongside Pandox AB’s £53m deal for the iconic Queens Hotel in Leeds City Centre.
An industry in decline?
However, amidst the ongoing challenging economic conditions, the total number of recorded transactions witnessed a decline. Experian’s report indicated a decrease from 319 announced deals in 2022 to 263 transactions in H1 2023. Nevertheless, professional services maintained their prominent status within the industry rankings, accounting for an impressive 85 deals.
Notably, the region saw four deals that exceeded the £100 million threshold, underscoring the resilience of larger transactions despite the economic uncertainties.
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Josie Geistfeld
Josie Geistfeld is Editor of Yorkshire Legal News. She welcomes comments and questions.