The M&A Deal Report 2026

This chapter explores the macroeconomic and structural factors that point to a conducive environment for public M&A, our predictions for the year ahead and a spotlight on the upwards trend in private capital and US bidder participation.

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This chapter provides an overall analysis of public M&A deal activity in 2025 based on the total number and aggregate transaction value of deals announced, including a comparison to previous years and a snapshot of the largest deals that were announced.

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This chapter provides key insights into the role of private capital, foreign and Australian bidders in shaping the public M&A landscape in 2025, and highlights the top deals for these classes of bidder.

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This chapter takes a deep dive into the target sectors that contributed to public M&A deal activity in 2025, including materials/resources, financials, consumer discretionary, information technology, real estate and energy. We also explore the sectors of choice for private capital and foreign bidders.

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This chapter provides a detailed comparison of public M&A deals that were completed by schemes of arrangement versus takeovers. We highlight the key benefits of schemes, which were the deal structure of choice in 2025. We also discuss concurrent or consecutive scheme and takeover structures, and proportional takeover bids.

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This chapter examines the types of consideration offered by bidders, including cash, scrip and mixed consideration structures. We also explore trends in stub equity, tiered consideration, and bid funding.

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This chapter discusses tactics employed by bidders in public M&A deals in 2025 including pre-bid arrangements such as voting commitments and conditional sale agreements, and explore the implications of the derivatives disclosure reforms when building a blocking stake. We also explore hostile bids and median premiums offered by bidders to target shareholders.

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In this chapter, we examine the common deal terms and conditions included in public M&A deals in 2025, including the prevalence and structure of material adverse change (MAC) conditions, ACCC and FIRB conditions, minimum acceptance conditions in takeovers, break fees and revere break fees.

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This chapter analyses overall deal success rates, with further insights based on transaction structure, the friendliness (or hostility) of the bid, bidder type and premium offered. We also explore the deals that were unsuccessful and the relevant contributing factors.

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This chapter covers the latest developments in M&A regulation by the Australian Securities and Investments Commission (ASIC), the Takeovers Panel, the Australian Securities Exchange (ASX) and the Foreign Investment Review Board (FIRB).

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This chapter explores the latest developments from Australia’s competition regulator, the Australian Competition and Consumer Commission (ACCC) in relation to mergers and acquisitions, and the recent changes to the merger clearance regime.

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