<div class="gn-article"><div class="gn-hero gn-reveal"> <div class="gn-hero__image"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fa709fe9ef66451d64e52f_boots-68ac6c539ee13445322945.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: July 2025</h1> <div class="gn-meta"> <strong>The GO Network</strong> <span class="pip"></span> <span>1 August 2025</span> <span class="pip"></span> <span>5 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">Ulta Beauty enters UK with Space NK acquisition</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Ulta Beauty; Space NK</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Beauty Retail</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 12 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Reuters</span> </div> <p class="gn-reveal">U.S. cosmetics retailer Ulta Beauty announced its entry into Britain by purchasing Space NK, a high-end beauty chain with 83 UK and Ireland stores. Financial terms were not disclosed, but reports valued the deal well above <strong>£300 million</strong>. Ulta plans to leverage Space NK's premium beauty offerings and customer base as a springboard for international expansion.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3b9_69fcb1c10a7b35485c17d513_compress-aime-generated-1752146996497-jpg-689237ea68761872276444.jpeg" alt="Ulta Beauty acquires Space NK"></div> <figcaption>Ulta Beauty acquires Space NK, a high-end beauty chain with 83 UK and Ireland stores.</figcaption> </figure> </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">Compass Group's record £1.3 billion deal for Vermaat</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Compass Group; Vermaat Groep</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Catering; Hospitality</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 4 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Reuters</span> </div> <p class="gn-reveal">Compass Group is making its biggest-ever acquisition with a £1.3 billion deal to buy Vermaat, a high-end hospitality company based in the Netherlands. The move expands Compass's reach across Europe's premium foodservice scene, giving the UK catering giant a stronger presence in airports, museums, and luxury retail.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3b6_69fcb1c1c36b6056709a0841_7ii5vv64k5jvzjugseowfhwlle-689237ea70736368621030.avif" alt="Compass Group acquires Vermaat"></div> <figcaption>Compass Group's £1.3 billion acquisition of Vermaat expands its European premium foodservice presence.</figcaption> </figure> </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">Santander to acquire TSB for £2.65 billion</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Banco Santander; TSB (Sabadell)</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Banking &amp; Financial Services</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 10 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Reuters</span> </div> <p class="gn-reveal">Spain's Banco Santander agreed to buy TSB from Sabadell for <strong>£2.65 billion</strong> in cash, with a possible uplift to ~£2.9 billion. The deal would make Santander the UK's 3rd-largest bank by current accounts, adding 5 million UK customers.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3a3_69fcb1c2c36b6056709a08b9_11007ff85ce1-tsb-689237ea7378b011108348.webp" alt="Santander acquires TSB"></div> <figcaption>Banco Santander's £2.65 billion acquisition of TSB would make it the UK's 3rd-largest bank by current accounts.</figcaption> </figure> </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">Müller buys kefir brand Biotiful to boost wellness push</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Müller; Biotiful Gut Health</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Food &amp; Drink / Functional Nutrition</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 18 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Business Quarter</span> </div> <p class="gn-reveal">Dairy giant Müller has acquired Biotiful Gut Health, the UK's leading kefir brand, as part of a shift toward wellness-oriented products. With 70% market share in kefir and growing consumer demand for gut health, Biotiful gives Müller a valuable foothold in the fast-growing functional foods space.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3a9_69fcb1c2341e22c6faa9e068_355456-biotifulguthealth-895115-crop-689237ea687d1283171457.jpeg" alt="Müller acquires Biotiful Gut Health"></div> <figcaption>Müller acquires Biotiful Gut Health, the UK's leading kefir brand, as part of a shift toward wellness-oriented products.</figcaption> </figure> </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">Brookfield bets £2.4 billion on UK's Just Group</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Brookfield (BWS); Just Group</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Insurance &amp; Pensions</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 8 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Reuters</span> </div> <p class="gn-reveal">Canadian investment group Brookfield is buying UK retirement specialist Just Group in a £2.4 billion deal. The move gives Brookfield a bigger footprint in the UK's pensions and retirement income space, at a time when demand for secure income solutions is rising.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3ac_69fcb1c3fda8211fa388bff4_ftcms-2c115cf0-b395-4056-a3de-27052a40488e-689237ea70c57705885246.avif" alt="Brookfield acquires Just Group"></div> <figcaption>Brookfield's £2.4 billion acquisition of Just Group expands its footprint in the UK's pensions and retirement income space.</figcaption> </figure> </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">£1.79 billion Assura merger reshapes UK healthcare REITs</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Assura; Primary Health Properties (PHP)</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Property / Healthcare Infrastructure</span> <span class="gn-list-item__pill"><strong>Type:</strong> Merger</span> <span class="gn-list-item__pill"><strong>Published:</strong> 18 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Business Quarter</span> </div> <p class="gn-reveal">Two of the UK's biggest owners of GP surgeries and healthcare buildings, Assura and PHP, are joining forces in a £1.79 billion merger. Together, they'll manage over 1,100 NHS sites and hope to speed up improvements across the UK's healthcare estate by combining funding and development expertise.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c8c9bd61c55a01f3c4_69fcb1c3f0a49dc27eaa98a6_assura-980x551-689237ea9a3e4507224883.png" alt="Assura and PHP merger"></div> <figcaption>Assura and PHP join forces in a £1.79 billion merger to manage over 1,100 NHS sites.</figcaption> </figure> </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">Reckitt offloads Air Wick &amp; more in £3.7 billion carve-out</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Reckitt (Essential Home); Advent International</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Consumer Goods (Home Care)</span> <span class="gn-list-item__pill"><strong>Type:</strong> Majority Stake Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 24 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Reuters</span> </div> <p class="gn-reveal">Reckitt is selling a 70% stake in a bundle of household name brands, including Air Wick and Cillit Bang, to private equity firm Advent International for £3.7 billion. Reckitt is holding onto a 30% share and plans to return £1.7 billion to shareholders. The deal creates a new homecare business with global ambitions.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3af_69fcb1c4f0a49dc27eaa9902_ftcms-37cea0ef-6338-4f59-a326-ca2215912470-689237ea72a12564738262.avif" alt="Reckitt carve-out to Advent International"></div> <figcaption>Reckitt sells a 70% stake in brands including Air Wick and Cillit Bang to Advent International for £3.7 billion.</figcaption> </figure> </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">Boots to go private in £7.7 billion Sycamore deal</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Boots UK; Walgreens Boots Alliance; Sycamore Partners</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Retail / Healthcare</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition (LBO)</span> <span class="gn-list-item__pill"><strong>Published:</strong> 17 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Business Quarter</span> </div> <p class="gn-reveal">Boots UK is set to leave the public markets after shareholders approved its £7.7 billion buyout by Sycamore Partners. The deal marks the largest UK retail takeover since 2021 and signals renewed confidence in the leveraged finance market. Boots will now operate independently from US parent Walgreens, setting the stage for a new chapter under private equity ownership.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c8c9bd61c55a01f3c7_69fcb1c40ddeb0aecece74e3_skynews-boots-store-london-6594067-689237ea8d049580500720.jpeg" alt="Boots UK buyout by Sycamore Partners"></div> <figcaption>Boots UK's £7.7 billion buyout by Sycamore Partners marks the largest UK retail takeover since 2021.</figcaption> </figure> </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">Aviva completes acquisition of Direct Line Group</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Aviva; Direct Line Group</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Insurance &amp; Financial Services</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition (Scheme of Arrangement)</span> <span class="gn-list-item__pill"><strong>Published:</strong> 2 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Aviva</span> </div> <p class="gn-reveal">Aviva completed its takeover of Direct Line Group on 1 July 2025 via a court-approved scheme. Shareholders received cash plus Aviva shares per holdings. The deal unites major UK insurers and strengthens Aviva's retail insurance portfolio.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f39d_69fcb1c5435592e576b4cff4_f54428e0e68ea7e7af6f4b36a9a3ab19-689237ea71c4b589926983.webp" alt="Aviva completes Direct Line Group acquisition"></div> <figcaption>Aviva completed its takeover of Direct Line Group on 1 July 2025, strengthening its retail insurance portfolio.</figcaption> </figure> </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">Thrive acquires mentorship platform Guider</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Thrive; Guider</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Learning Tech / HR SaaS</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 22 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Training Industry</span> </div> <p class="gn-reveal">London's Thrive, one of the Sunday Times Fast Track 50 firms, acquired Guider, a UK-based AI coaching and mentoring platform, in a multi-million-pound acquisition. Guider integrates into Thrive's learning and performance tech suite.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3b3_69fcb1c5f0a49dc27eaa999e_maxresdefault-689237ea892e8141426227.jpeg" alt="Thrive acquires Guider"></div> <figcaption>Thrive acquires Guider, a UK-based AI coaching and mentoring platform, in a multi-million-pound deal.</figcaption> </figure> </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">Spectris taken private in £4.7 billion deal</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Spectris plc</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Industrial Technology / Instrumentation</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition (Take-Private)</span> <span class="gn-list-item__pill"><strong>Published:</strong> 18 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> The Times</span> </div> <p class="gn-reveal">FTSE-250 industrial tech firm Spectris is being taken private in a £4.7 billion deal led by private equity firm KKR. The move ends a bidding battle and gives Spectris the backing to refocus its specialist measurement and instrumentation business away from public market pressures.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c7c9bd61c55a01f3a6_69fcb1c681da058e023d05ba_99921271-0-image-a-2-1751442376078-689237ea7b6c7072696640.avif" alt="Spectris taken private by KKR"></div> <figcaption>FTSE-250 firm Spectris is taken private in a £4.7 billion deal led by KKR.</figcaption> </figure> </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">Stripe acquires payment platform Orum to strengthen API offering</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Stripe; Orum</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Fintech / Payments</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 18 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Business Quarter</span> </div> <p class="gn-reveal">Stripe has bought US paytech firm Orum, which helps businesses send and verify payments instantly across American banks. The acquisition adds new tools to Stripe's growing API offering, reinforcing its focus on making payments faster and more reliable for businesses of all sizes.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c8c9bd61c55a01f3be_69fcb1c66575a95fa965c5ee_gwdutfybeaio5jf-689237ea9b116113272146.jpeg" alt="Stripe acquires Orum"></div> <figcaption>Stripe acquires Orum to add new tools to its growing API offering.</figcaption> </figure> </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">Merck snaps up UK biotech Verona Pharma for £7.7 billion</h3> </div> <div class="gn-list-item__meta"> <span class="gn-list-item__pill"><strong>Brand:</strong> Merck; Verona Pharma</span> <span class="gn-list-item__pill"><strong>Sector:</strong> Life Sciences / Biotech</span> <span class="gn-list-item__pill"><strong>Type:</strong> Acquisition</span> <span class="gn-list-item__pill"><strong>Published:</strong> 18 July 2025</span> <span class="gn-list-item__pill"><strong>Source:</strong> Business Quarter</span> </div> <p class="gn-reveal">US pharmaceutical giant Merck will acquire UK-based Verona Pharma for around £7.7 billion. The deal centres on Verona's respiratory treatment Ohtuvayre, which targets chronic lung conditions. It's a major endorsement of UK biotech and a reminder that the UK remains a key source of late-stage scientific innovation.</p> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/69fcb1c8c9bd61c55a01f3c1_69fcb1c7f3e37524174b7e8c_100165923-0-image-m-26-1752094106490-689237ea8658c824014594.avif" alt="Merck acquires Verona Pharma"></div> <figcaption>Merck acquires UK-based Verona Pharma for around £7.7 billion, centred on respiratory treatment Ohtuvayre.</figcaption> </figure> </div> </div></div>