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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.

A Katten team led by Private Equity and M&A Partners Mark S. Solomon and Peter A. Bogdanow advised Highlander Partners, LP (Highlander), a Dallas-based private investment firm, in its acquisition of Tapatio, an iconic hot sauce brand.  Katten has a long-standing relationship with Highlander and has represented them in a number of acquisitions, including in the food and beverage manufacturing and distribution space.

Fashion houses trade in dreams, and often in names. But what happens when a famous designer leaves the label, and the business keeps using the designer’s surname as a trade mark?

The decision of the Court of Justice of the European Union (CJEU) in PMJC confirms that the continued use of a designer's surname as a trade mark by a successor company remains permissible following the designer's departure, provided that the way the trade mark is used does not mislead consumers into believing the designer is still creatively involved. While the mere separation of a designer from their eponymous brand is not, by itself, deceptive, the court emphasised that context matters. Advertising, visual presentation and the appropriation of a designer’s distinctive aesthetic, particularly where the designer’s copyright is infringed, may create a sufficiently serious risk of consumer deception.

Exchange-traded funds (ETFs) are a popular investment tool for investors, providing market access to a diverse set of industries and asset classes through a liquid investment strategy. While private credit markets have exploded in popularity and become a favored investment class for many institutional investors over the past 20 years, their illiquid nature and sizable investment requirements make the private credit space generally inaccessible to retail investors. However, a new class of ETFs has recently been introduced to public markets that aims to provide retail investors with new access to the private credit market.

After years of concern over the cost of the consolidated audit trail (CAT), Consolidated Audit Trail, LLC (CAT LLC) proposed a sweeping amendment that could reduce annual CAT operating expenses by as much as $73 million. On December 18, 2025, CAT LLC submitted to the Securities and Exchange Commission (SEC) a proposed amendment to the National Market System Plan Governing the Consolidated Audit Trail (the CAT NMS Plan) designed to materially reduce the ongoing costs of operating the CAT. The proposal (2025 Cost Savings Amendment) reflects a recalibrated approach to cost reduction following extensive industry feedback and prior SEC action.