ANALYSIS: Brexit Chaos Throttling U.K. Cross-Border M&A

Deal or no deal, Brexit uncertainty has taken a toll on the United Kingdom’s 2019 inbound and outbound cross-border M&A flows. The U.S. dollar value of U.K.-acquirer outbound cross-border mergers and acquisitions through the third quarter is $47.4 billion lower (47% less) than 2018. To catch up to 2018, an enthusiastic fourth quarter—including a mega deal or two, or a general surge in deals—would have to ensue.

U.K. Buyers Prefer U.S Targets

Consistent with my observation last quarter about a number of surges in U.K.-to-U.S. M&A starting in 2016, the year of the Brexit referendum, the United States continues to ...