There were a total of 196 transactions with a total value of over £3bn in the first six months of the year, according to the latest Experian United Kingdom and Republic of Ireland M&A Review.

AAB advised on 17 transactions, followed by RSM on 10, Azets on nine, Grant Thornton on eight, BDO on six, K3 Capital Group on five, and Benchmark International, HNH Partners, PwC and Consilium Chartered Accountants each on four.

The largest transaction in H1 2024 was the £1.27 billion acquisition by France-based Vinci Airports of a 50.01 per cent stake in Edinburgh Airport, from Global Infrastructure Partners (GIP), which has owned the airport since 2012.

The next largest inbound transaction involved the acquisition of Coretrax Technology, an Aberdeen-based provider of tools for the oil and gas sector, by Expro Group Holdings, a provider of well construction, well flow management and production, subsea well access, well intervention and integrity services.

The company was purchased for approximately £166 million from exiting investor Buckthorn Partners for a combination of cash and newly issued Expro shares. In June, another high-profile banking consolidation deal was announced, with Edinburgh registered NatWest’s plan to purchase the Core Banking Business of supermarket giant Sainsbury’s for £125m.

The report states: “Professional services was the most active sector in terms of M&A activity in Scotland, despite a 15 per cent decline in total volume. The value of this sector’s transactions soared to over £1.4bn in H1 2024 from only £724m last year.

“Interestingly, the manufacturing sector experienced robust growth in M&A deals, with a 19 per cent uplift to a total of 57 deals. Wholesale and retail followed the overall Scottish M&A market and remained consistent compared to last year with 39 transactions valued at £250m. Scottish companies were of particular interest to one active Yorkshire-based bidder, Bond International, a wholesaler of tyres, which acquired five similar companies across four transactions in H1.

“Infocomms followed the pattern seen in professional services, reporting a small five per cent reduction in volume, yet a substantial growth in value up by 68 per cent, which could be a sign that business valuations are on a rising course with both private equity and strategic buyers willing to pay higher multiples for the right business in these sectors.”