Firms in UK secure deals worth £30bn
The value of merger and acquisition (M&A) activity involving British firms jumped in the second quarter, thanks to a surge in overseas takeovers by UK businesses.
Data released by the Office for National Statistics (ONS) showed that UK companies took part in 155 successful deals worth a total of £30bn in the second quarter, compared to £16.5bn worth of deals in the first three months of the year.
Overseas takeovers by British firms accounted for 24 of those deals, totalling £18.3bn between April and June.
It marked the biggest value for outbound M&A transactions since the start of 2011 when the total reached £19.8bn, but the most recent figures were aided by Reckitt Benckiser's recent $21.2bn takeover of American baby formula maker Mead Johnson Nutrition. There were 44 British takeovers by foreign firms worth a total of £2.9bn.