<div class="gn-article"><div class="gn-hero gn-reveal"> <div class="gn-hero__image"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fa709d6be6ecf2ded4eeb3_mergers-feb-2026-banner-69b03de4a2ea7843882525.jpeg" alt=""></div> <div class="gn-hero__head"> <span class="gn-kicker"><span class="dot"></span>Intelligence</span> <h1 class="gn-title">Mergers &amp; Acquisitions: Round-Up: February 2026</h1> <div class="gn-meta"> <strong>The GO Network</strong> <span class="pip"></span> <span>1 March 2026</span> <span class="pip"></span> <span>7 min read</span> </div> </div> </div> <div class="gn-body"> <p class="gn-lede gn-reveal">If your clients operate in or around these sectors, this month's movements may signal fresh challenges, shifts in budget priorities, or new partnership opportunities. We'll be tracking investment and deal activity each month to help agencies stay commercially informed.</p> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#01</span> <h3 class="gn-list-item__title">Engie agrees £10.5bn acquisition of UK Power Networks</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Engie; UK Power Networks</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Energy / Infrastructure</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Engie agreed to acquire UK Power Networks from CK Infrastructure for an equity value of £10.5bn, giving the French utility control of one of Britain's largest electricity distribution networks. UK Power Networks serves London, the South East and the East of England, making it a strategically important UK asset at the centre of grid modernisation and electrification.</p> <p class="gn-reveal">For UK agencies, this is the kind of ownership change that can trigger significant work across corporate communications, stakeholder messaging, public affairs, employer brand and customer engagement.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205c6_69fcb1d1f3e37524174b84f7_engie-69b03de62c65d681803395.png" alt="Engie"></div> <figcaption>Engie · Published: February 2026 · Source: Engie</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#02</span> <h3 class="gn-list-item__title">Nuveen agrees £9.9bn take-private of Schroders</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Nuveen, LLC; Schroders plc</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Financial Services / Asset Management</span> <span class="gn-list-item__pill"><strong>Type:</strong> Take-Private</span> </div> <p class="gn-reveal">Nuveen agreed a recommended cash acquisition of Schroders worth approximately £9.9bn, taking one of the UK's best-known listed asset managers into private ownership. The deal creates a transatlantic active-management group with roughly $2.5tn in assets under management while retaining the Schroders brand and London as a major operating hub.</p> <p class="gn-reveal">For agencies, this points to likely demand in brand architecture, internal culture alignment, client communications and high-stakes investor and stakeholder messaging.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205ea_69fcb1d2fda8211fa388c636_nuveen-69b03de63512d066276204.jpeg" alt="Nuveen"></div> <figcaption>Nuveen · Published: February 2026 · Source: Nuveen</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#03</span> <h3 class="gn-list-item__title">NatWest agrees £2.7bn acquisition of Evelyn Partners</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> NatWest Group; Evelyn Partners</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Banking / Wealth Management</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">NatWest announced an agreement to acquire Evelyn Partners from its private equity owners for an enterprise value of £2.7bn. Evelyn is a major UK wealth manager, and NatWest said the combination would create a leading UK private banking and wealth management platform with about £127bn of assets under management and administration.</p> <p class="gn-reveal">For agencies, larger combined wealth businesses typically create work around customer proposition, trust messaging, CRM, adviser marketing and premium brand positioning.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205e7_69fcb1d29ee8acada791f680_natwest-69b03de63512d797911547.jpeg" alt="Natwest"></div> <figcaption>NatWest Group · Published: February 2026 · Source: NatWest Group</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#04</span> <h3 class="gn-list-item__title">nexfibre agrees £2bn acquisition of Substantial Group</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> nexfibre; Substantial Group; Netomnia; YouFibre; brsk</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Telecoms / Digital Infrastructure</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">nexfibre, backed by InfraVia, Liberty Global and Telefónica, agreed to acquire Substantial Group for £2bn through its existing fibre joint venture. Substantial owns Netomnia and retail broadband brands including YouFibre and brsk, and the transaction is designed to create a scaled challenger in UK full-fibre broadband.</p> <p class="gn-reveal">For agencies, this signals likely demand in proposition work, retail and performance marketing, local activation, brand consolidation and customer communications as fibre operators fight for share.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c01a476cbc93542704_69fcb1bbf3e37524174b7582_nexfibre-69ca99785f9c2334056448.webp" alt="nexfibre"></div> <figcaption>nexfibre · Published: February 2026 · Source: Liberty Global</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#05</span> <h3 class="gn-list-item__title">Radiant merges with London AI cloud business Ori Industries</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Radiant; Ori Industries</span> <span class="gn-list-item__pill"><strong>Sector:</strong> AI Infrastructure / Cloud Technology</span> <span class="gn-list-item__pill"><strong>Type:</strong> Merger</span> </div> <p class="gn-reveal">Brookfield-backed Radiant announced its merger with London-based Ori Industries, combining Ori's distributed AI infrastructure platform with Radiant's global infrastructure capabilities. Reuters later reported the combined business had been valued at about $1.3bn, underlining the strategic importance of AI infrastructure platforms with UK roots.</p> <p class="gn-reveal">For agencies, deals like this tend to create immediate demand for category storytelling, enterprise positioning, investor narrative, talent brand and B2B go-to-market support.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205cc_69fcb1d3fda8211fa388c68e_radiant-ori-industries-69b03de6ecb33382281558.webp" alt="Radiant; Ori Industries"></div> <figcaption>Radiant and Ori Industries · Published: February 2026 · Source: Reuters</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#06</span> <h3 class="gn-list-item__title">Verdane agrees £185.7m take-private of Augmentum Fintech</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Verdane Fund Manager AB; Augmentum Fintech plc</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Fintech / Investment</span> <span class="gn-list-item__pill"><strong>Type:</strong> Take-Private</span> </div> <p class="gn-reveal">Verdane made a recommended cash offer for Augmentum Fintech valuing the London-listed company at about £185.7m. Augmentum is a specialist fintech investment vehicle with exposure to European growth businesses, making the deal another notable public-to-private move involving a UK-listed fintech name.</p> <p class="gn-reveal">For agencies, the likely knock-on is in strategic repositioning, portfolio storytelling, B2B communications and reputation work as private ownership sharpens the growth narrative.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205e4_69fcb1d36389541cef26c40c_verdane-69b03de630d77750958483.png" alt="Verdane"></div> <figcaption>Verdane · Published: February 2026 · Source: HSF Kramer</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#07</span> <h3 class="gn-list-item__title">Optima Health agrees £100m acquisition of PAM Healthcare</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Optima Health; PAM Healthcare</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Healthcare</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Optima Health agreed to acquire PAM Healthcare for approximately £100m, marking a significant consolidation move in the UK occupational health and wellbeing market. PAM had expanded rapidly under LDC ownership, and the transaction materially increases Optima's scale in employer-focused health services.</p> <p class="gn-reveal">For agencies, this kind of deal can drive work around employer brand, integrated B2B marketing, proposition clarity and communications to corporate buyers and healthcare stakeholders.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205ef_69fcb1d4cb26a80bfb8bda54_optima-health-69b03de6365bd172751977.png" alt="Optima Health"></div> <figcaption>Optima Health · Published: February 2026 · Source: BusinessCloud</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#08</span> <h3 class="gn-list-item__title">Medica acquires Axon Diagnostics and MITIS Health</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Medica Group; Axon Diagnostics; MITIS Health</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Healthcare / Technology</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Medica agreed to acquire Axon Diagnostics and its sister company MITIS Health, expanding its diagnostic reporting capabilities and creating what the parties described as the UK's largest clinical reporting network. The enlarged platform is expected to support more than 2.5 million patients annually across a large majority of NHS trusts.</p> <p class="gn-reveal">For agencies, the combination creates clear opportunities in healthcare innovation storytelling, B2B medical technology positioning, stakeholder communications and NHS-facing thought leadership.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205e1_69fcb1d4fda8211fa388c84b_medica-group-69b03de6ecb33967094284.jpeg" alt="Medica Group"></div> <figcaption>Medica Group · Published: February 2026 · Source: Medical Device Network</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#09</span> <h3 class="gn-list-item__title">Peter Jones acquires American Golf</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Peter Jones; American Golf</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Retail / Sports</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Entrepreneur Peter Jones and his investment group acquired American Golf from Endless LLP in a completed sale announced in early February. American Golf is the UK's largest golf retailer, operating more than 80 stores across the UK and Ireland and employing more than 1,000 people.</p> <p class="gn-reveal">For agencies, a new ownership chapter at a major specialist retailer can create demand in brand refresh, ecommerce, retail activation, CRM and customer experience marketing.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205f3_69fcb1d54c7b7bfb3754d7db_american-golf-69b03de7afd3b998576772.jpeg" alt="American Golf"></div> <figcaption>American Golf · Published: February 2026 · Source: Golf Retailing</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#10</span> <h3 class="gn-list-item__title">Mark Furness backs £11.3m take-private of essensys</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Mark Furness; essensys plc</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Software / PropTech</span> <span class="gn-list-item__pill"><strong>Type:</strong> Take-Private</span> </div> <p class="gn-reveal">essensys agreed to be taken private in an £11.3m recommended cash offer by a vehicle backed by founder Mark Furness and concert-party investors. The company provides software to flexible workspace operators, and the bid is intended to give the business greater room to navigate a changing office market away from public market pressure.</p> <p class="gn-reveal">For agencies, that kind of reset can create briefs around proposition refinement, enterprise B2B messaging, sales enablement and long-term product narrative.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205cf_69fcb1d5fa942b98b582ffbb_essensys-plc-69b03de7ad886651363141.jpeg" alt="essensys plc"></div> <figcaption>essensys plc · Published: February 2026 · Source: London Stock Exchange</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#11</span> <h3 class="gn-list-item__title">Scottish Friendly and OneFamily propose merger to create mutual giant</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Scottish Friendly; OneFamily</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Financial Services / Mutuals</span> <span class="gn-list-item__pill"><strong>Type:</strong> Merger</span> </div> <p class="gn-reveal">Scottish Friendly and OneFamily announced a formal proposal to merge, creating one of the UK's largest mutual life assurers with 2.3 million members. The enlarged group said it would retain the Scottish Friendly, OneFamily and Beagle Street brands, with the merger expected to take effect in early 2027 subject to regulatory approval.</p> <p class="gn-reveal">For agencies, a merger like this creates a clear need for member-focused communications, brand portfolio management, proposition alignment and careful stakeholder messaging around mutual value.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205c9_69fcb1d6238d517845d7633b_scottish-friendly-69b03de7ab2fe430699437.png" alt="Scottish Friendly"></div> <figcaption>Scottish Friendly · Published: February 2026 · Source: OneFamily</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#12</span> <h3 class="gn-list-item__title">Dains acquires HURST to enter the North West</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Dains; HURST</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Professional Services</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Private equity-backed Dains acquired HURST, a 120-strong North West accountancy and advisory firm, as part of its ongoing buy-and-build strategy. The transaction marked Dains' first move into the region and its sixth acquisition since receiving investment from IK Partners.</p> <p class="gn-reveal">For agencies, continued consolidation in professional services often creates demand in employer branding, internal communications, regional market positioning and post-deal client messaging.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205da_69fcb1d6c2f1d7c2c721253e_dains-69b03de7ad886954472672.jpeg" alt="Dains"></div> <figcaption>Dains · Published: February 2026 · Source: Insider Media</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#13</span> <h3 class="gn-list-item__title">OEP-backed Bidco advances £251m acquisition of Kitwave</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> OEP Capital Advisors; Kitwave Group</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Wholesale / Distribution</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">OEP-backed Kite UK Bidco advanced its recommended £251m cash acquisition of Kitwave, with shareholders approving the scheme in February. Kitwave is a UK wholesaler serving convenience retail, foodservice and vending channels, giving the deal strong relevance to route-to-market and distribution strategy.</p> <p class="gn-reveal">For agencies, wholesale consolidation of this kind can prompt work around trade marketing, channel communications, employer brand and customer-facing commercial positioning.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205dd_69fcb1d71a476cbc9354352c_kitwave-group-69b03de7af065361334707.jpeg" alt="Kitwave Group"></div> <figcaption>Kitwave Group · Published: February 2026 · Source: London Stock Exchange</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#14</span> <h3 class="gn-list-item__title">BasePoint-backed Bidco advances £543m takeover of International Personal Finance</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> BasePoint Capital; International Personal Finance plc</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Consumer Finance</span> <span class="gn-list-item__pill"><strong>Type:</strong> Take-Private</span> </div> <p class="gn-reveal">BasePoint-backed Bidco progressed its recommended cash acquisition of International Personal Finance, valuing the Leeds-based lender at about £543m. The deal would take a UK-listed specialist lender out of the public markets and place a consumer finance platform serving underbanked customers into private ownership.</p> <p class="gn-reveal">For agencies, transactions like this tend to create work around trust messaging, digital customer journeys, stakeholder communications and repositioning in regulated categories.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205d2_69fcb1d745317e8ddc9f96eb_international-personal-finance-69b03de6324a4757634899.jpeg" alt="International Personal Finance"></div> <figcaption>International Personal Finance · Published: February 2026 · Source: The Times</figcaption> </figure> </div> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <div class="gn-list-item gn-reveal"> <div class="gn-list-item__head"> <span class="gn-list-item__num">#15</span> <h3 class="gn-list-item__title">Dauch completes acquisition of Dowlais Group</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brands:</strong> Dauch Corporation; Dowlais Group</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Manufacturing / Automotive</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> </div> <p class="gn-reveal">Dauch Corporation completed its acquisition of Dowlais Group on 3 February, bringing GKN Automotive and GKN Powder Metallurgy into the combined group. The closing marked the completion of a major cross-border deal involving a UK-listed industrial business and another notable exit from the London market.</p> <p class="gn-reveal">For agencies, industrial combinations of this scale can generate work across integration communications, employer brand, B2B positioning and customer reassurance during transition.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1d9c9bd61c55a0205d5_69fcb1d8341e22c6faa9e59c_dowlais-group-69b03de63162f758145798.jpeg" alt="Dowlais Group"></div> <figcaption>Dowlais Group · Published: February 2026 · Source: London Stock Exchange</figcaption> </figure> </div> </div></div>