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ARTICLE · 08 SEPTEMBER 2026

Australian Public M&A Report 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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FY26 saw a steady stream of successful control transactions despite geopolitical tensions and shifting monetary policy settings. Mega deals returned to levels in line with the five-year average, private equity bidding increased, and total deal value rose.

AustraliaCorporate/Commercial Law
Nicole Pedler
Nicole Pedler
Jason Jordan
Jason Jordan
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Welcome to the 18th edition of Herbert Smith Freehills Kramer’s Australian Public M&A Report.

This edition examines the 57 control transactions involving ASX-listed targets undertaken by takeover bid or scheme of arrangement in FY26.

FY26 saw a steady stream of successful control transactions despite geopolitical tensions and shifting monetary policy settings. Mega deals returned to levels in line with the five-year average, private equity bidding increased, and total deal value rose.

With the energy and resources and industrials sectors leading the way, FY26 highlighted a market that continues to find opportunity amid uncertainty, as momentum builds into what we expect to be a dynamic FY27.

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