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ARTICLE · 02 DECEMBER 2025

Private Equity's Evolving Playbook

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

Herbert Smith Freehills Kramer LLP

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Herbert Smith Freehills Kramer has released its annual Public M&A Report, which analyses all of the public M&A transactions announced during the year ended 30 June 2025

AustraliaCorporate/Commercial Law
Kam Jamshidi
Kam Jamshidi
Clayton James
Clayton James
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Herbert Smith Freehills Kramer has released its annual Public M&A Report, which analyses all of the public M&A transactions announced during the year ended 30 June 2025. The Report is the most comprehensive analysis of Australian public acquisitions and tactics and is in its 17th consecutive year.

Key overall statistics from the report are:

  • 59 announced deals, with a combined value of $28 billion.
  • 6 transactions above $1 billion, against the 5-year average of 9.
  • 78% success rate on announced deals, against the 5-year average of 79%.
  • 61% of all and 100% of >$1 billion deals were proposed as schemes of arrangement.

The following are our key observations from the report for private equity (PE) clients:

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