Tony Damian

Tony Damian

Partner, Co-Head of M&A (Australia) based in Sydney

+61 405 223 705
Tony Damian

Tony Damian is our Co-Head of M&A in Australia

Tony Damian has close to 30 years’ experience in assisting clients achieve their goals in the most strategic, complex and significant transactions. He also regularly advises clients and their boards on matters including continuous disclosure, corporate governance and shareholder activists.

Ashurst quotation mark

"He is easily the best M&A lawyer in Australia.”   
Client quote, Corporate M&A, Chambers Asia-Pacific 2025

"He combines high levels of experience, deep technical capability, pragmatic and thorough advice and an ability to deliver at the board level."
Client quote, Corporate M&A, Chambers Asia -Pacific 2025

"Tony is at the top of his game and the top of M&A legal practice in Australia, both as a practitioner and as a thought leader."
Judge’s comment, Australasian Law Awards 2023

 

Chambers Global and Asia-Pacific Guides rank Tony as one of only a small handful of Band 1 M&A lawyers in Australia. He is also ranked in the Legal 500 Powerlist and Hall of Fame for Corporate M&A as well as all other major legal directories.

Tony won the Australasian Law Awards' Australian Dealmaker of the Year for the last four years that it was held (2023 (joint winner), 2022, 2021 and 2020), and was then selected for the inaugural 2024 Australasian Law Dealmakers List. He won Partner of the Year, as well as the overall Excellence Award at the 2024 Lawyers’ Weekly Australian Law Awards and has won various other dealmaker and partner awards.

Tony co-authored Schemes, Takeovers and Himalayan Peaks, described by the Chief Justice of New South Wales as the “pre-eminent text” on company mergers – cited in over 50 judgements. He is the co-editor of Before You Tie the Knot, a major book on joint venture law and Towns Under Siege on contemporary issues in takeovers. Most recently he co-edited Bootmakers, Boards and Rogues, a significant new book on corporate and securities law. The foreword, written by ASIC Chair Joseph Longo, praises the book as "informative, thought-provoking, and rich in analysis and ideas." He was General Editor of the Australian Journal of Corporate Law from 2016 to 2024.

Tony co-founded The M&A Conference, an annual charity conference run in partnership with the Australian Financial Review and in support of The Black Dog Institute, a leading mental health charity.

Tony holds a Bachelor of Economics, Bachelor of Laws (Honours) and Master of Laws from the University of Sydney. Tony currently serves as Deputy Chair of the board of directors of Loreto Kirribilli Limited, an independent girls’ school in Sydney.

Tony’s deal experience includes, prior to joining Ashurst, the following transactions:
  • CSR Limited on its A$4.3 billion acquisition by Saint-Gobain by way of scheme (2024)
  • Suncorp on its A$4.9 billion sale of Suncorp Bank to ANZ, which included merger clearance through contested proceedings in the Australian Competition Tribunal (2022-2024)

  • Santos on its A$80 billion merger discussions with Woodside Energy (2023-2024)

  • Sydney Aviation Alliance on its A$32 billion (EV) acquisition of Sydney Airport by way of schemes (2021-2022). This is the largest takeover in Australian history. The deal was awarded M&A Deal of the Year at the 2023 Australasian Law Awards, Project of the Year at the 2023 National Infrastructure Awards, Infra Deal of the Year at the 2022 Australian Mergermarket M&A Awards and Transport Acquisition of the Year – APAC at the 2022 IJInvestor Awards

  • Link Group on its A$2.2 billion (EV) acquisition by Mitsubishi UFJ Trust & Banking Corporation (2023-2024)

  • Sayona Mining on its A$850 million all-stock merger with Nasdaq listed Piedmont Lithium, and associated equity raisings aggregating to approximately A$149 million (2024)

  • Treasury Wine Estates on its A$1.6 billion acquisition of DAOU Vineyards and associated A$825 million equity raising (2023) 

  • Thales on its A$180 million acquisition of listed cyber firm Tesserent Ltd (2023) 

  • The George Institute on the sale of George Clinical to Hillhouse Capital (2023)

  • Ramsay Health Care on its response to the A$20 billion approach from KKR (2022) 

  • Tassal Group on its A$1.7 billion (EV) acquisition by Cooke Inc by way of scheme (2022) 

  • Santos on its A$22 billion merger with Oil Search (2021). This deal was awarded M&A Deal of the Year at the 2022 Australasian Law Awards 

  • Boral Limited on its response to the A$8.5 billion unsolicited takeover offer by SGH (2021) 

  • Coca-Cola Amatil Limited on its acquisition by CCEP by way of scheme valuing Amatil at A$11.1 billion (EV) (2020-2021). This deal was awarded M&A Deal of the Year at the 2021 MergerMarket M&A Awards

  • Link Group on its proposed A$3.5 billion (EV) acquisition by Dye & Durham by way of scheme and responses to the approaches from the PEP / Carlyle consortium and also SS&C and subsequent block trade of 10% of its stake in PEXA and distribution of the remainder of its shareholding in PEXA valued at A$950 million (2020-2023)

  • Ampol Ltd on its A$1.9 billion acquisition of Z Energy Ltd by way of scheme (2021) 

  • BINGO Industries Limited on its A$2.3 billion acquisition by MIRA by way of scheme (2021) 

  • EQT Partners on its A$3.1 billion change of control approach to Iress Limited (2021) 

  • Smartgroup on its response to the A$1.4 billion approach from TPG / Potentia (2021) 

  • Capgemini on its A$95 million acquisition of RXP Services by way of scheme and its A$230 million acquisition of Empired by way of scheme (2020-2021) 

  • Apex Group on the A$400 million contest for control of Mainstream by way of scheme (2021) 

  • Access Intelligence plc on its acquisition of iSentia Group Ltd by way of scheme (2021) 

  • Caltex Australia on its response to the A$10 billion (EV) Couche-Tard NBIO (2019 - 2020) 
  • Commonwealth Bank of Australia on the:
    • sale of a 55% interest in Colonial First State to KKR and A$3.3 billion joint venture (2020-2021)
    • merger of its Aussie Home Loans business with online mortgage broker Lendi (2020–2021) 
    • A$4.2 billion sale of Colonial First State Global Asset Management to Mitsubishi UFJ Trust and Banking Corporation (2018 - 2019) 
    • A$3.8 billion sale of its Australian and New Zealand life insurance business to AIA (2017 - 2019), including the implemented joint co-operation agreement and 25 year distribution agreement (2019) as well as Part 9 life scheme (2020-2021) 
    • CBA/AHL on the A$1 billion merger with Lendi (2021)
    • proposed A$8 billion demerger of certain of its wealth and broking businesses (2018-19) 
    • sale of financial advisory business Count Financial to CountPlus (2019) 
    • A$1.6 billion consortium purchase of PEXA (2018)
    • proposed IPO of its global funds management business CFSGAM, a fund manager with A$219 billion in AUM (2018) 
    • exit from its property management businesses, including the CFS Retail internalisation for A$475 million and the A$3 billion takeover of CPA office fund (2012-14) 
    • A$2.1 billion acquisition of BankWest (2008) 
    • A$373 million acquisition of IWL by way of scheme (2007) 
    • A$10.1 billion acquisition of Colonial Limited by way of schemes (2000) 
  • Barrick Gold on Australian aspects of its US$18 billion hostile takeover offer for Newmont (2018)

  • Barrick Gold on the A$1.1 billion sale of its 50% interest in KCGM (the Super Pit) (2019) 

  • ERAMET SA on its successful A$350 million hostile takeover of Mineral Deposits Ltd (2018) 

  • Caltex Australia on its expanded fuel and convenience relationship with Woolworths (2018) 

  • Reynolds Group on the sale of certain packaging operations to Pact for A$142 million (2017) 

  • BINGO Industries on its acquisitions of NRG and Patons Lane (2017) 

  • Broadspectrum on its A$760 million takeover by Ferrovial (2015-16) 

  • Ausenco on its A$160 million acquisition by RCF by way of scheme (2016) 

  • Roc Oil on its proposed takeover of Horizon Oil, its response to activist action in relation to the bid and its A$470 million acquisition by Fosun (2015) 

  • Peabody Energy on its successful A$5 billion hostile takeover of Macarthur Coal (2011) 

  • Centennial Coal on its A$2.5 billion takeover by Banpu by way of scheme (2010) 

  • Santos on the GLNG sell-downs to PETRONAS for US$2.5 billion (2008) and Total and Kogas for US$1 billion (2010) 

  • Gloucester Coal on the proposed A$1.2 billion Whitehaven Coal merger and recommended A$570 million bid from Noble Group, including more than two months of proceedings in the Takeovers Panel, and an application to the High Court (2009) 

  • BUPA on its A$2.4 billion acquisition of MBF (2008) 

  • QBE’s A$7.5 billion approach to IAG (2008) 

  • Tullow Oil on its A$1.47 billion acquisition of Hardman Resources by way of scheme (2007) 

  • Peabody Energy on its A$2 billion acquisition of Excel Coal by way of scheme (2006) 

  • Deutsche on the A$3.3 billion DBREEF triple staple and partial internalisation of DOT, DIT and DDT (2004) 

  • AurionGold on the hostile A$2 billion takeover by Placer Dome (2002) 

  • Billiton on its A$57 billion dual-listed company merger with BHP (2001)

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