Your business drives us.
Results define us.

As part of the "Great Wealth Transfer," privately owned businesses with an aggregate value estimated at $10 trillion or more are expected to change hands. Many of these businesses will be sold to a third-party buyer. Early, thoughtful preparation can meaningfully increase value, reduce execution risk, and preserve legacy as owners navigate a competitive market and personal objectives. The process is significant and nuanced. Sellers will benefit from intentional planning, including assembling an experienced team, protecting confidentiality, presenting clean financials, remediating business red flags, and electing a sale process aligned to a seller's goals, personal objectives, and market conditions. As with any succession pathway in this series, the emphasis is on clarity of goals, tailored strategy and disciplined execution.

On January 13, 2026, United States Securities and Exchange Commission (SEC) Chairman Paul Atkins issued a statement in which he broadly noted that the disclosure requirements of Regulation S-K do not always yield "information that a reasonable investor would consider important in making an investment or voting decision." In light of that, Chairman Atkins instructed the Division of Corporation Finance to pursue a comprehensive review of Regulation S-K, which is well under way, and includes an open request for public comment on ways to amend Regulation S-K.

As Americans enter the "Great Wealth Transfer," with an estimated $84 trillion or more expected to pass to younger generations over the next two decades, family business owners face critical decisions regarding business succession and continuity. Here we outline four principal strategies for family business succession planning.

Financial Markets and Funds Global Chair Lance Zinman and Investment Management and Trading Co-Chair Christopher Shannon led the Katten team representing premier global financial services firm Cantor Fitzgerald in its milestone acquisition of the renowned multi-strategy hedge fund platform UBS O'Connor.

In 2025, the deal environment in the UK and Europe re‑established a firmer footing, with values improving even as volumes lagged pre‑2021 highs. If macro stability and rate normalization persist, we anticipate a more active 2026. Periods of falling inflation and reduced volatility last year created capacity for dealmakers to re‑engage, and we expect that dynamic to carry forward into 2026, with greater confidence around financing, valuation bridges and buyer appetite. Against that backdrop, we set out below six themes we expect to define UK and European mergers and acquisitions (M&A) activity in 2026.