It has been a challenging few years for the Scottish mergers and acquisitions (M&A) market.

High inflation, stagnant economic growth and rising unemployment have all contributed to a slowdown in activity.

Whilst such factors are still very much prevalent, recent reports suggest that the number of higher value M&A deals in Scotland in the first half of 2025 has increased and that there has also been a significant rise in 'outbound deals', whereby Scottish businesses are acquiring foreign businesses.

So, are we beginning to see the green shoots of a recovery in the Scottish M&A market, or is there still a bumpy road ahead?

An economy and deal-making are closely linked. A strong economy usually boosts M&A activity, with more affordable borrowing being available to assist investors with fu

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