亚司特（Ashurst）：2026年澳大利亚上市公司并购交易报告（英文版）（116页）.pdf

1、The M&A Deal Report 2026An analysis of Australian public mergers&acquisitions Foreword 41 What can we expect in 2026?6 2 Deal Activity 143 Bidders 184 Target Sectors 285 Deal Structures 386 Consideration 467 Bid Tactics 528 Deal Conditions and Terms 649 Deal Wins and Losses 7410 Corporate Regulators

2、 and FIRB 8211 Competition Regime 9412 2025 Deal List 10013 Methodology 10414 About Ashurst 10615 Authors 112contents3forewordAshurst is excited to launch the 2026 edition of The M&A Deal Report.Our Report analyses acquisitions of Australian ASX listed entities valued in excess of$50 million in 2025

3、 and provides some perspectives on what that might mean for 2026 and beyond.Some key data and themes from 2025:40 binding$50 million+public M&A deals were announced in 2025.This was slightly lower than the 43 deals announced in 2024.Aggregate public M&A deal value in 2025 was$38.7 billion,which was

4、consistent with more typical levels following the spike in aggregate deal value in 2023($71.5 billion,which was driven by three deals totalling$51.1 billion).There were eight mega deals(valued over$1 billion)in 2025,down from 11 mega deals in each of 2023 and 2024.The largest public deal was the$12.

5、7 billion merger between Soul Patts and Brickworks.Private capital bidders had a stronger H2 2025,ultimately accounting for 33%by number of deals,broadly consistent with 2024(30%).Total deal value for private capital was significantly higher than 2024,with private capital transactions accounting for

6、$10.8 billion(or 28%)of 2025s total transaction value,up from$5.5 billion(12%)in 2024.Once a binding deal was signed,private capital deals enjoyed a 90%success rate in 2025,slightly down from 92%in 2024.Foreign bidder involvement increased in 2025.25 of the 40 announced deals(63%)involved a foreign