While European M&A activity has so far tracked lower this year compared to last (a 29.4% reduction in value against year-to-date 2018), figures for public to private transactions ("P2Ps") have been the exception. Recent market data has shown 25 P2Ps being completed so far in Europe this year, valued at a combined €33 billion, which amounts to the highest ratio of public deals by value and volume in Europe since the financial crisis.

In this article, we look at key issues for consideration when financing P2Ps with private debt. This includes a particular focus on issues in the UK market and compliance with the UK Takeover Code (which applies to offers for not only UK registered companies listed in the UK, but also some UK registered companies who are deemed to have their place of central management and control in the UK, e.g. unquoted public companies and private companies who have previously had quoted securities).

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