Mega buyouts remain synonymous with the boom era, but six years since Europe last saw such deals some advisers have become optimistic that they are set for a return.

Quite what constitutes "mega" is open to interpretation but €7bn is the figure cited by some bankers. The last time a European buyout worth more than €7bn was done was in late 2007 with the €7.16bn acquisition of UK water and sewerage services company Kelda Group. The consortium included Citigroup Alternative Investments, Singapore government-backed GIC Special Investments, HSBC and infrastructure investment firm Infracapital Partners, according to Dealogic. The last European buyout worth at least €10bn was the Kohlberg Kravis Roberts-led €15.5bn acquisition of UK retailer Alliance Boots in March 2007.