Scottish dealmaking has shown some promising signs of recovery in early 2026, with high-profile transactions and increased activity. But what exactly is driving this rebound, and what challenges remain? Below, we explore the latest trends, key deals, and what buyers and sellers are doing in this evolving market.
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What are the recent signs of recovery in Scottish dealmaking?
Since mid-April 2026, Scottish dealmaking has started to pick up, driven by major transactions like NatWest's acquisition of Evelyn Partners and AG Barr's strategic purchases. These high-profile deals have increased market visibility and confidence, signaling a cautious but positive shift in activity levels.
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Which major transactions have taken place recently?
Notable recent deals include NatWest's £32.7 billion acquisition of Evelyn Partners and several acquisitions by AG Barr. These transactions highlight the renewed interest from private equity and international buyers targeting strategic assets in Scotland.
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Why is dealmaking still cautious despite signs of recovery?
Deal activity remains cautious due to ongoing economic pressures like rising costs and inflation. Buyers are conducting deeper due diligence, extending deal timelines, and focusing on the strongest, best-prepared businesses to mitigate risks in a more disciplined market environment.
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How are buyers and sellers approaching the market now?
Buyers are being more selective, targeting only high-quality assets with clear strategic value. Sellers are also more cautious, often requiring longer negotiations and thorough due diligence to close deals, reflecting a more disciplined and competitive landscape.
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What challenges are affecting Scottish dealmaking in 2026?
Challenges include extended deal timelines due to deeper diligence, economic uncertainties, and cautious buyer sentiment. These factors make it harder for mid-market businesses to complete transactions, with only the most prepared and differentiated companies securing deals.
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Is the Scottish deal market expected to grow further?
While signs of recovery are promising, growth will likely depend on economic stability and continued confidence among buyers. The market is becoming more disciplined, with a focus on quality over quantity, which could lead to a more sustainable recovery in the longer term.