Private equity take-private deals in the UK rise as IPO activity declines, with London listings dropping to 46% of UK businesses in 2025.
Private equity-backed UK companies are increasingly avoiding London IPOs, opting for take-private deals instead. Only eight UK-headquartered PE-backed firms went public in the past five years, with just two in 2024—neither in London. Delistings have outpaced new listings since 2022, with take-privates accounting for 20% of UK PE deal value in H1 2024, up from 13% in 2025.
The share of UK businesses listing domestically fell from 71% in 2019 to 46% in 2025, as firms favor foreign exchanges. Secondary buyouts dominate, making up six of the top 10 UK PE deals in H1, including Macquarie Asset Management’s $1.5 billion acquisition of Energy Asset Group.
Government efforts to boost London’s IPO market have yet to reverse the trend, leaving sponsors reliant on alternative exit routes like sponsor-to-sponsor transactions and corporate acquisitions.