HSA Advisory Founder and CEO, Himanshu Singh: UK M&A expected to surge in 2025

M&A activity is poised to pick up with UK and US elections resolved and interest rates falling, says HSA Advisory Founder and CEO, Himanshu Singh. “The outlook is cautiously positive for 2025 in terms of M&A. There is a rebound happening, although if you look at the numbers, activity is still well below historic averages,” he says.

Himanshu expects the deal market to get a boost with the changing political landscape. The private equity market is likely to lead the transaction market in 2025. “We may see a more supportive environment for mergers and acquisitions,” says Himanshu.

This excerpt from our 2025 UK&I M&A Outlook Report, which features insights from 8 top UK&I dealmakers, explores Himanshu’s perspective on the factors shaping M&A activity in the UK&I market. Himanshu discusses the impact of the Trump Presidency on UK&I dealmaking and the evolving role of AI. 

The impact of a Trump presidency

“I expect to see a lot of activity in the secondary market because limited partners need to return money to investors, but general partners are not ready because of the gap in valuations. This conundrum can be solved if secondaries come into picture,” he says. Investors have a particular appetite for transactions that give them exposure to the AI boom.

“Capital raising is flat, deals have dried up, investors are reluctant to put their money into motion. When it comes to AI, investors are more positive and I think that will be the case for at least a year or two,” Himanshu adds.

Navigating the current dealmaking environment

In terms of administering transactions, deal teams are spending more time on due diligence at the moment than they were when the market was more active. “Now money is less readily available and there are fewer investors in the market. At the same time, the number of companies and start-ups looking for investments has increased. Transactions that may have completed in four months are taking six to eight months to complete because of the widening gap between investors and companies,” says Himanshu.

Many deals are being done with earnout structures to get them across the line, especially when there is a valuation gap between buyers and sellers. Additionally, some investors now prefer to invest in a club with other private equity or venture capital firms, to manage risk.

The evolving role of AI in dealmaking

While AI-based technology is yet to play a significant role in administering deals in investment banking, Himanshu says it will increasingly help analysts or junior bankers create pitch books. “It could also be really useful when sourcing acquisition targets,” he adds.

Career advice for aspiring Investment Bankers

Himanshu says a career highlight so far has been starting his own investment banking boutique in 2023. “My advice for anyone working in the industry is that your work ethic goes a long way because it’s a rewarding industry, but it requires extremely hard work to be successful.”

Looking ahead

Himanshu’s insights offer valuable perspectives on the M&A landscape in the UK&I. To gain a deeper understanding of the key trends and predictions shaping the market, we encourage you to download the full M&A Outlook report. This comprehensive report features in-depth analysis to equip you with the knowledge you need of the current deal environment in the United Kingdom and Ireland to be able to capitalise on emerging opportunities.