M&A activity across the U.K.’s TMT sector has, so far, remained largely unaffected by the uncertainty from Britain’s impending referendum on its EU membership.
In fact, so far, “it has been business as usual in the U.K. M&A sector rather than the predicted pre-Brexit rush,” according to Daniel Domberger, partner at Livingstone Partners.
“Both values and volumes have remained strong, with a series of acquisitions of leading U.K. businesses by international players,” he said in an interview.
Despite a slight M&A decline in the U.K.’s TMT sector compared to a record breaking year in 2015, when blockbuster deals such as BT’s £12.5 billion acquisition of EE boosted average deal values.
Dealmakers argued that inbound M&A interest would ultimately prevail in the event of a Brexit due to the global nature of the TMT sectors, with the top players – particularly in telecoms – holding assets that span the globe.