Will Pearce discusses U.K. private M&A with City & Financial Global in “C&F Talks” series
Davis Polk partner and Europe practice co-head Will Pearce discussed how U.K. private M&A has been shaped in 2026 with City & Financial Global as part of its “C&F Talks” series. In the interview, Will shares his thoughts on the market so far in 2026; examines how buyers and sellers are using earn-outs, deferred consideration and rollover equity to overcome their valuation differences; and considers whether increased regulatory clarity is driving greater deal certainty in the market.
Will noted that while deal volumes have rebounded to the highs seen in 2021, the nature of that activity has changed. “The big difference is during the highs of 2021 there was a large volume of smaller or mid-market deals, and for the first nine months of this year, the deals are a lot bigger and the deal count is maybe down by 15-20%,” he said.
The interview touches on some of the themes that will be discussed at City & Financial Global’s M&A Summit on November 16, 2026, which Will is chairing.