Australian M&A Activity Strong Through FY25 Despite Macro Dynamics: Herbert Smith Freehills Kramer Report

• A total of 59 deals were announced in FY25, consistent with the five-year average of 60 deals
• Deals valued at less than $500 million comprised 85% of all announced public M&A transactions, compared to 76% in FY24
• Takeover activity jumped in FY25, comprising 39% of deals by number compared to 29% in FY24 and 36% across the FY20-FY24 average

FY25 saw a total of $28 billion in M&A deal activity with a consistent stream of successful public M&A deals, according to a report from global law firm Herbert Smith Freehills Kramer (HSF Kramer).

Now in its 17th year, the firm's Australian Public M&A Report examined 59 control transactions involving Australian targets listed on the ASX that were conducted by way of takeover bid or scheme of arrangement in the 2024/25 financial year.