Big Four view on M&A key trends: investor confidence is slowly returning

PwC deals leads speak to Rainmakers on the changing landscape

Hello Rainmakers,

Over the last year since we launched Rainmakers platform, a prevailing theme has been the rise of the insurgent advisory businesses, seeking to place a stake in a market that is being vacated by the Big Four accountancy firms.

That’s the theory at least.

In an exclusive interview, TheBusinessDesk.com spoke to Lucy Stapleton, Global and UK deals leader and Simon White, deals partner at PwC to provide an in-depth analysis of the current M&A environment across the UK and Europe, the impact of geopolitical and economic events, private equity dynamics, sector-specific trends and the transformative role of AI in dealmaking.

How has sentiment in the M&A market evolved over the past six months, particularly at the national and regional levels?

Lucy Stapleton: We’ve seen a marked shift in sentiment. Six months ago, the market was grappling with significant volatility driven by macroeconomic uncertainty, geopolitical tension, and interest rate hikes. Since then, sentiment has turned more positive—albeit cautiously so. The UK and continental Europe are increasingly seen as stable havens for capital, particularly as investors seek alternatives to the US, where trade policy and monetary tightening continue to create headwinds.

Simon White: From a regional perspective—especially here in the Midlands—the picture is improving. The automotive industry, which is a bellwether sector in the region, has felt the pressure of tariffs and supply chain disruption. However, overall transaction activity is recovering, and there’s more confidence in the pipeline than we saw late last year.