Marcus Bokkerink ousted from CMA chair, paving way for UK M&A resurgence

The UK mergers and acquisitions (M&A) sector is projected to rebound in 2025 following a major shake-up at the Competition and Market Authority (CMA), according to a Bain & Company report that highlights a strong threefold increase in private equity dealmaking over the past year. The report details a $133 billion total M&A market in 2024, a 38% increase from the previous year, driven by large mergers such as International Paper with DS Smith and Carlsberg with Britvic. However, outbound strategic deal value declined by 31%. The report anticipates further strengthening of M&A activity due to undervaluation of UK-listed companies. The recent government-mandated ousting of CMA chair Marcus Bokkerink underscores a shift in regulatory focus towards facilitating growth rather than being a perceived obstacle, manifesting in reduced uncertainty and streamlined processes for dealmaking. Doug Gurr, a former Amazon executive, has been appointed the new CMA chairman. Despite regulatory changes, the CMA is not expected to be overly lenient but may adopt a less interventionist stance on complex cases if economic benefits are evident.