Foreign currency risk “is definitely top of mind” for US buyout firms doing deals in the UK, said Brenda Rainey, a senior director with Bain & Company’s private equity practice.

“The UK right now is relatively attractive for foreign investors because the pound has weakened, but there’s a lot of uncertainty around Brexit and people naturally look for ways to mitigate the foreign exchange risk,” said Ms Rainey.

Shifting the risk to the seller by buying in dollars can be “a smart move” for buyers, she said.