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Covid and Brexit puts UK plc on the discount rack

The London stock market has provided rich pickings for private equity funds. In the first half of the year, buyout firms acquired a record 13 UK-listed companies and the tally is set to rise higher still as the battle for control of Morrisons enters it…

The London stock market has provided rich pickings for private equity funds.

In the first half of the year, buyout firms acquired a record 13 UK-listed companies and the tally is set to rise higher still as the battle for control of Morrisons enters its final throes.

But trader buyers, too, have been busy bargain-hunting in Britain.

A combination of Brexit and Covid-19 has beaten down valuations and placed UK plc on the discount rack.

This morning it was the defence sector's turn to see one of its most prominent players swept up in the tide of dealmaking.

Meggitt, which dates to 1850 when its founders invented the world's first altimeter for hot air balloons, agreed to sell itself to a larger American rival for