Australian Deal Tracker

Danantara, Indonesia's sovereign wealth fund, will pay $US2.5 billion for a 25 per cent stake in the local (Australia/New Zealand) operations of JBS.

Global healthcare insurer Bupa agreed to buy Partnered Health Group, a network of 68 primary care and 3 urgent care clinics, from private equity firm Quadrant for about A$300m. Still needs ACCC and Foreign Investment Review Board clearance.

UK retail group Frasers, which already owned about 22.9% of Australian footwear retailer Accent Group, launched a full unconditional cash takeover offer at A$0.65/share, valuing the remaining shares at about A$316m. Unresolved as of this writing, with the offer period running to 30 July 2026.

US consumer health company Prestige Consumer Healthcare bought Australian therapeutic skincare business LaCorium Health (Dermal Therapy, Flexitol, Crampeze) for about US$150m (~A$225m), completing the deal in July 2026.

IFM Investors launched a hostile takeover of toll-road operator Atlas Arteria, raising its offer to A$5.10/share (A$7.4bn) and ultimately closing with 67.43% of the register.

South African gold miner Pan African Resources agreed to acquire ASX-listed explorer Emmerson Resources in an all-share deal worth about A$311m.

Magellan Financial Group merged with investment bank Barrenjoey Capital Partners in a deal valuing Barrenjoey at about A$1.62bn, creating a diversified A$45bn financial services group.

US telehealth company Hims & Hers agreed to buy Australian digital health company Eucalyptus for up to US$1.15bn (~A$1.7bn), completing the deal in June 2026.

A Macquarie Asset Management-led consortium (with UniSuper and Pontegadea as co-investors) agreed to buy ports and logistics operator Qube for A$5.20/share, a 28% premium, valuing the business at A$11.7bn.

Energy Fuels signed a Scheme Implementation Deed to buy rare earths producer Australian Strategic Materials for around US$299m (~A$450m). Scheme meeting rescheduled to 12 August 2026; not yet implemented as of early August 2026.

SGH and US steelmaker Steel Dynamics proposed splitting up BlueScope: SGH would keep BlueScope's Australian and Asian operations while Steel Dynamics took the North American business. Unresolved as of mid-2026 after four rejections from BlueScope's board.

Brookfield and GIC agreed to take Australia and New Zealand's largest self-storage operator private at A$2.86/unit, in what was described as the largest-ever take-private of an ASX-listed REIT (enterprise value A$6.7bn); the deal completed on 8 May 2026.

Caterpillar agreed to acquire Brisbane-based mining software company RPMGlobal Holdings for AUD 5.00/share (A$1.123bn total), completing the acquisition in February 2026.

Ampol Limited executed a Share Purchase Agreement to acquire 100% of EG Australia (comprising EG Group Australia and EG AsiaPac Holdings) from UK-based EG Group for a headline price of approximately A$1.1 billion, adding roughly 480-500 fuel and convenience retail sites to Ampol's network. The deal was cleared by the ACCC (the first Phase II clearance under Australia's new merger regime) subject to divestment of 41 overlapping sites, and completed on 30 June 2026 for gross cash consideration of approximately A$1.165 billion.

TPG Capital's Asia-focused private equity division proposed a board-recommended take-private of ASX-listed automotive SaaS company Infomedia at A$1.72/share, an equity value of about A$651m.

CVC Capital Partners Asia VI acquired a 45% stake in Australian Venue Co (AVC) from PAG, which had itself bought an ~80% controlling stake in AVC from KKR in 2023. Following the transaction, PAG and CVC each hold 45% of AVC, with management retaining the remaining 10%, creating an equal co-ownership partnership. Announced 1 August 2025. Note the ownership chain: KKR (invested 2017, grew AVC from 50 to 210+ venues) → sold ~80% to PAG in August 2023 for ~A$1.4bn → PAG sold down to 45% (bringing in CVC as equal partner) in August 2025.

Dexus Wholesale Shopping Centre Fund (DWSF), the flagship retail fund managed by Dexus, agreed to acquire a 25% interest in Westfield Chermside in Brisbane from Scentre Group for $683 million, taking Dexus's total holding in the centre to 50%. The price represented Scentre Group's book value for the asset at 30 June 2025 and a valuation capitalisation rate of 5.00%, implying a total centre value of more than $2.7 billion. Scentre Group remains the property, leasing and development manager of the joint venture and invested further capital into the new Dexus-managed fund as a foundation investor.

CC Capital and OneIM signed a Scheme Implementation Deed to acquire Insignia Financial, Australia's largest diversified wealth manager, at A$4.80/share in cash. Insignia formally delisted from the ASX on 29 April 2026.

Soul Patts and Brickworks merged via a new holding company ("TopCo"), unwinding a complex 56-year cross-shareholding between the two companies. Reported deal size varies by measure (around $12.7-14bn); the schemes became legally effective in September 2025.

Lance East Office (LEO), the family office of VGW founder and CEO Laurence Escalante (who already held approximately 70% of the online social/sweepstakes gaming company), entered a Scheme Implementation Deed via special-purpose vehicle Ocean BidCo Limited to acquire the remaining approximately 30% of VGW it did not already own, taking the company fully private.

Pacific Equity Partners, via its Sherwood BidCo vehicle, took building-restoration services company Johns Lyng Group private at A$4.00/share; the scheme was implemented on 23 October 2025.

Ridley Corporation agreed on 12 May 2025 to acquire the Incitec Pivot Fertilisers (IPF) domestic distribution business from Dyno Nobel Limited (the former Incitec Pivot Limited, renamed after separating its explosives and fertiliser businesses) for approximately A$300 million on a cash-free, debt-free basis, alongside an option to later acquire the Geelong North Shore property for A$75 million. The business, which includes 13 primary distribution centres and reported ~A$86 million FY24 EBITDA, was completed into Ridley's ownership on 30 September 2025.

CoStar Group, which had already bought a ~17% stake in Domain in February 2025, agreed to acquire the rest of the Australian property marketplace by scheme of arrangement at A$4.43/share, completing in August 2025.

Gold Fields agreed to acquire its 50:50 joint venture partner Gold Road Resources at the Gruyere gold mine in Western Australia via a scheme implementation deed, completing in late 2025.

Canadian value retailer Dollarama agreed to acquire all outstanding shares of Australian discount retailer The Reject Shop via a scheme of arrangement, for total cash consideration of A$6.68 per share — comprising a A$5.91 scheme payment plus a A$0.77 fully franked special dividend. The deal implied an enterprise value of approximately A$419-421 million (on a post-AASB16 lease-adjusted basis), against an equity value of around A$259 million. The scheme was approved by shareholders in June 2025 and completed in July 2025, with TRS delisted from the ASX on 23 July 2025.

Ramelius Resources agreed to acquire fellow gold miner Spartan Resources in a cash-and-scrip deal, creating what was described as the third-largest ASX gold producer; new Ramelius shares began trading on 1 August 2025.

Cosette Pharmaceuticals agreed to acquire Mayne Pharma for about US$430m (~A$615m), aiming to combine both companies' women's health and dermatology portfolios — but the deal was later terminated following a court ruling and disputes over alleged breaches.

Pacific Equity Partners agreed to take ASX-listed fleet management and leasing company SG Fleet Group private via a scheme of arrangement, in what was reported as the largest announced take-private deal of 2024, with an enterprise value of around A$1.4 billion.

Northern Star Resources agreed to acquire De Grey Mining in an all-scrip scheme of arrangement, gaining full ownership of the Hemi gold project in the Pilbara region of Western Australia. Reported deal values range from around A$5 billion (implied transaction value) to a A$3.25 billion enterprise-value figure cited by some outlets.

French bakery and food-service group Holding Le Duff, via its industrial bakery subsidiary Bridor SAS, agreed to acquire Melbourne-based Laurent Bakery Group from private equity firm BGH Capital in a deal valuing the business at approximately A$650 million. Terms were agreed in December 2024 and the sale completed in early March 2025. Laurent Bakery operates around 15-18 branded retail stores in Melbourne and supplies artisan breads to more than 1,000 supermarkets and wholesale customers across Australia, New Zealand and Singapore.

Swedish outdoor/automotive group Thule acquired Quad Lock, the global market leader in performance phone mounts, from Quadrant Private Equity and founders for A$500 million (cash and debt free basis, ~10x adjusted EBITDA), completing 4 December 2024.

Myer Holdings entered a binding Share Sale and Implementation Agreement to acquire Premier Investments' Apparel Brands division (Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E) in a quasi-merger structured as Myer issuing approximately 890.5 million new shares to Premier (valued at approximately A$863.785 million at signing), alongside an approximately A$82 million cash contribution from Premier into the combined business. Shareholders of both companies overwhelmingly approved the deal, which completed in January 2025, creating a combined group with roughly A$4 billion in pro forma revenue.

Vocus Group agreed to acquire TPG Telecom's fibre network infrastructure assets and its Enterprise, Government and Wholesale fixed-line business for A$5.25 billion, expanding Vocus's fibre footprint across Australia.

Qatar Airways Group announced its intention to acquire a 25% minority equity stake in Virgin Australia from owner Bain Capital, subject to FIRB approval, alongside plans for new long-haul services between Australia and Doha.

Workplace inspection and operations software company SafetyCulture raised A$75 million in new primary capital, led by Airtree Ventures, as part of a broader round that also included A$90 million in secondary share sales, valuing the company at A$2.5 billion.

Blackstone, through its real estate, infrastructure and tactical opportunities funds, agreed to acquire AirTrunk, the Asia-Pacific hyperscale data centre operator, in partnership with Canada Pension Plan Investment Board (CPP Investments), in a transaction with an implied enterprise value of over A$24 billion.

Frasers Group bought Brett Blundy's 14.65% stake in ASX-listed footwear retailer Accent Group (82,477,463 shares) for A$164,954,926 via an on-market agreement, completed 27 August 2024. This is a separate, earlier stake-building move distinct from Frasers' later full takeover bid for Accent Group launched in 2026 (see frasers-accent-2026).

Canadian pension fund manager AIMCo agreed to acquire the Yeeda Aggregation — Kimberley Meat Company's beef processing facility, the 475,000-hectare Yeeda Station, and a Broome/Derby residential property portfolio — for A$55 million, deepening its existing WA pastoral investments. The seller had been in voluntary administration since February 2024 with over A$100m in debt; settlement was delayed to 31 October 2025.

Autosports Group agreed to acquire 100% of the Stillwell family's Melbourne dealership group (BMW, BMW Motorrad, MINI, Volvo Cars, MG and Ducati franchises in Victoria) for A$55 million.

Texas-based private equity firm Gauge Capital acquired a majority stake in beauty brand Coco & Eve — founded 2018 by Emily Hamilton, under Singapore-based Supernova platform — for more than A$100 million. Coco & Eve was tracking toward A$120m revenue (35% YoY growth) at the time of the deal; founder Hamilton continued to lead the brand post-deal.

Australian Wine Holdco Limited (AWL), a consortium of international institutional investors (including Bain Capital, Intermediate Capital Group, Capital Four, Sona Asset Management and Samuel Terry Asset Management) and owner of Accolade Wines, agreed on 16 July 2024 to acquire Pernod Ricard's portfolio of strategic international wine brands and seven associated wineries across Australia, New Zealand and Spain. The portfolio included Jacob's Creek, Orlando, St Hugo, Stoneleigh, Brancott Estate, Church Road, Campo Viejo, Ysios, Tarsus and Azpilicueta. The deal received Australian competition (ACCC) approval in October 2024 and completed effective 30 April 2025, with the combined wine business subsequently rebranded as Vinarchy.

Qantas agreed to buy the remaining 49% of online holiday deals business TripADeal (having acquired a majority stake in 2022) for A$211 million (~US$140.6m), completing end of June 2024, taking it to 100% ownership.

KKR agreed to acquire Perpetual's Wealth Management and Corporate Trust businesses for A$2.175 billion, following a strategic review that concluded a sale of these units would deliver more value than retaining them within a diversified group, leaving a leaner, pure-play global asset manager.

BlueBet Holdings agreed to acquire the wagering business of Betr from NTD Pty Limited for A$80 million, paid via approximately 265.4 million new BlueBet shares (56.9% of the combined company). Shareholders approved 30 May 2024; the merger completed 1 July 2024, and the combined company was subsequently renamed betr Entertainment Limited.

A consortium of four Australian fund managers — Cooper Investors, Hyperion, Firetrail and QVG Capital — joined Guzman y Gomez's shareholder register via a A$135 million pre-IPO financing round, valuing the Mexican-themed restaurant chain at A$1.73 billion.

Danish pet food ingredients group BHJ acquired Australian pet food manufacturer Staughton Group for A$100 million. Staughton's Murray River Pet Foods division was retained separately by the Staughton family. Staughton reported A$156.9m revenue in 2022, up from A$132.1m in 2021.

French building materials group Saint-Gobain agreed to acquire ASX-listed CSR Limited for A$9.00 cash per share via a scheme of arrangement, reported at a deal value of around A$4.3-4.5 billion, to establish a leading position in light and sustainable construction materials in Australia.

Metcash entered a binding agreement on 5 February 2024 to acquire 100% of SFG Group Holdings Pty Ltd (trading as Superior Food Group), a private foodservice distributor with around 600 suppliers and 23 branches across Australia, from Quadrant Private Equity and other shareholders. Total consideration was up to approximately A$412.3 million, comprising A$390 million upfront plus an earn-out of up to A$22.3 million tied to FY24 EBITDA. The acquisition was announced alongside two smaller food acquisitions and a linked equity raising, and completed in mid-2024.

Chilean lithium giant SQM and Gina Rinehart's Hancock Prospecting formed a joint bid vehicle, SH Mining, to acquire ASX-listed Azure Minerals — owner of 60% of the Andover lithium project in Western Australia's Pilbara — via a scheme of arrangement at A$3.70 cash per share, valuing the company at approximately A$1.7 billion.

Sigma Healthcare and Chemist Warehouse Group entered a Merger Implementation Agreement structured as a reverse takeover: Sigma issued new shares (plus A$700 million cash) to Chemist Warehouse shareholders in exchange for 100% of CW Group Holdings, giving Chemist Warehouse shareholders roughly 85.75% of the combined, ASX-listed entity and providing Chemist Warehouse a backdoor listing. The deal was pitched at an implied combined enterprise value of about A$8.8 billion at announcement; Sigma's own market value was around A$5.8 billion at the time. It received ACCC clearance in November 2024, Chemist Warehouse shareholder approval (100% in favor) on January 29, 2025, and completed after Federal Court approval on February 3, 2025.

Japan's Seven & I Holdings, through its 7-Eleven International (7IN) joint venture business, agreed to acquire 7-Eleven Australia — the master franchisee operating more than 750 convenience stores nationally — from the Withers and Barlow families for A$1.71 billion. The deal was announced 30 November 2023 and completed 1 April 2024.

Metcash acquired the remaining 15% of Total Tools (having already held 85%) for approximately A$101.5 million, after minority owners exercised a put option, taking Metcash to 100% ownership. Completed 30 November 2023.

Brookfield and EIG offered roughly $20bn (A$9.39/share) for Origin Energy, split so Brookfield Renewable would take Origin's power generation and retail business and EIG would take its integrated gas division. Origin's board recommended the offer, but shareholders voted it down in November 2023 and the deal was withdrawn.

Australian HR and payroll SaaS platform Employment Hero raised a A$263 million Series F round led by US growth investor TCV, with participation from existing backers Insight Partners, AirTree, Seek Investments and OneVentures, pushing the company's valuation above A$2 billion.

Eagers Automotive agreed to acquire a portfolio of 13 dealerships (BMW, Jaguar, Land Rover, Mercedes-Benz, MG, Mini, Mitsubishi, Nissan, Renault, Skoda, Volkswagen, Volvo) and 3 properties across Melbourne and the Mornington Peninsula from Nick Politis' NGP Victoria Dealership Group, for A$250 million. Completed 29 February 2024, adding ~A$1bn to Eagers' annual sales.

A consortium led by US agri-focused PE firm Paine Schwartz Partners, with berry grower Driscoll's and Canadian pension manager BCI, signed a scheme implementation agreement to acquire ASX-listed fruit and vegetable grower Costa Group at A$3.20 cash per share, an enterprise value of approximately A$2.46 billion. Completed 26 February 2024.

US lithium giant Albemarle made a series of escalating non-binding proposals to acquire ASX-listed lithium developer Liontown Resources (owner of the Kathleen Valley project), reaching A$3.00 cash per share (A$6.6bn equity value) in early September 2023, before withdrawing the offer entirely on 16 October 2023.

Asia-focused alternative investment firm PAG signed a definitive agreement to acquire KKR's roughly 80% controlling stake in Australian Venue Co (AVC), a pub, bar and restaurant operator with 210+ venues across Australia and New Zealand, in a transaction reported at approximately A$1.4 billion. Announced 24 August 2023, the deal closed in late 2023.

Newly formed Hong Kong-based Bondi Brands Group, backed by investors including Quadrant Private Equity and Vision Brands Group, acquired Australian swimwear label Seafolly from L Catterton for a reported A$70 million.

Global private equity firm Advent International agreed to acquire a majority stake in Australian luxury fashion label Zimmermann from Style Capital, the Melbourne-based private equity firm that had held a majority stake since 2019. Zimmermann's co-founders Nicky and Simone Zimmermann, along with Style Capital, retained a significant minority shareholding after completion.

Japanese consumer goods giant Kao Corporation acquired Australian self-tan brand Bondi Sands via its Australian and US subsidiaries, in a deal estimated at A$450 million.

Malteries Soufflet, the malting subsidiary of French agricultural cooperative group InVivo, entered a binding Scheme Implementation Deed to acquire 100% of ASX-listed United Malt Group for A$5.00 cash per share, valuing the deal at approximately A$1.5 billion. The United Malt board unanimously recommended the offer; the deal was announced 3 July 2023 and completed 15 November 2023, creating the world's largest maltster.

SILK Laser Australia was the subject of a competing-bid contest: Hong Kong-listed EC Healthcare lobbed a superior A$3.35/share (~A$180m) offer in May 2023 to top an earlier proposal from Wesfarmers' Australian Pharmaceutical Industries (API). API ultimately returned with a matching/superior scheme, and completed 100% acquisition of SILK via scheme of arrangement on 29 November 2023.

Australian superannuation fund UniSuper invested A$1 billion for an indirect 5% shareholding in European mobile towers business Vantage Towers, joining a consortium alongside KKR and Global Infrastructure Partners which jointly hold Vodafone's majority stake in the company. This was UniSuper's first direct European infrastructure investment.

ASX-listed Aristocrat Leisure agreed to acquire 100% of Nasdaq-listed NeoGames S.A., a global iLottery and online gaming platform provider, for US$29.50 per share in cash. The deal implied an enterprise value of approximately US$1.2 billion (A$1.8 billion). Announced 15 May 2023, the acquisition completed in late April 2024 after regulatory and shareholder approvals.

Newmont entered a binding scheme implementation deed to acquire ASX/PNGX-listed gold and copper miner Newcrest Mining in an all-scrip deal (0.400 Newmont shares per Newcrest share plus a special dividend), creating the world's largest gold miner. The deal closed on 6 November 2023.

Allkem (ASX-listed, with its flagship hard-rock lithium mine in Western Australia) and US-listed Livent Corporation agreed an all-stock "merger of equals" to form Arcadium Lithium, a global integrated lithium chemicals producer valued at approximately US$10.6 billion. Completed 4 January 2024.

Japanese beverage and health-science group Kirin Holdings agreed to acquire 100% of ASX-listed vitamins and supplements maker Blackmores via a scheme of arrangement at A$95.00 cash per share (plus a A$3.34 special dividend), valuing the company at approximately A$1.85 billion. Completed 9 August 2023.

Brett Blundy and Ray Itaoui's BB Retail Capital made an off-market takeover offer of A$1.89 cash per share for Best & Less Group, targeting the roughly 83.55% stake held by Allegro Fund III and Bignor Family Pty Limited. The offer was accepted and completed in July 2023.

Michael Hill International agreed to acquire the business and selected assets of family-owned jewellery retailer Bevilles for A$46.1 million, ending nearly 90 years of Beville family ownership. The deal completed 31 May 2023.

Viva Energy Group entered a binding agreement to acquire the OTR (On The Run) Group, South Australia's largest independent convenience and fuel retailer, from Peregrine Corporation for approximately A$1.15 billion, announced 5 April 2023. OTR operated a network of around 226 fuel/convenience and standalone stores (including 94 quick-service restaurant offerings such as Subway, Guzman y Gomez and Krispy Kreme) and generated more than A$3 billion in annual revenue. The transaction completed on 28 March 2024, with final consideration reported at approximately A$1.21 billion following completion adjustments, and was conditional on Viva Energy divesting 25 Coles Express sites in South Australia for competition reasons.

BHP completed its $9.6bn acquisition of copper and nickel miner OZ Minerals in May 2023, at a revised offer of $28.25 per share.

L'Oréal signed a binding agreement to acquire Melbourne-founded luxury skincare and personal-care brand Aesop from Brazil's Natura & Co for an enterprise value of approximately US$2.525 billion (reported as roughly A$3.7 billion), in an all-cash deal. It was L'Oréal's largest-ever acquisition. The transaction closed on August 30, 2023, after all regulatory approvals were obtained.

Coles Group agreed to acquire two automated milk processing facilities from Saputo Dairy Australia for approximately A$110 million, each capable of processing about 225 million litres a year, predominantly for Coles' own-brand milk. ACCC approved the deal in December 2023 after raising preliminary competition concerns; completion followed in June 2024.

carsales.com agreed to acquire a further 40% stake in Brazilian automotive marketplace Webmotors from Santander Corretora for BRL1.24 billion (~A$353 million), taking its total holding to 70% (Santander retaining 30%). Completed 28 April 2023.

Cash Converters agreed to acquire 100% of UK pawnbroking and second-hand goods franchise group Capital Cash for up to GBP13.9 million (~A$26.5 million), giving it a corporate store footprint in the UK. Conditions were satisfied and the deal completed by 6 July 2023.

Bega Cheese sold its 49% stake in the Vitasoy Australia joint venture (inherited via its 2021 Lion Dairy & Drinks acquisition) to majority partner Vitasoy International for A$51 million, after Vitasoy exercised a contractual call option.

Flight Centre Travel Group acquired 100% of UK-based luxury leisure travel operator Scott Dunn for an enterprise value of GBP121 million (~A$211 million), 9.6x Scott Dunn's trailing EBITDA. Completed 31 January 2023.

Autosports Group agreed to acquire the business and assets of five Queensland/Gold Coast BMW, MINI and panel-repair dealership operations for A$60 million (goodwill, plant and equipment), businesses that generated A$261 million FY22 revenue and ~A$12 million net profit before tax.

BHP and OZ Minerals entered a scheme implementation deed for BHP to acquire 100% of the Adelaide-based copper and nickel miner for $28.25 cash per share, after BHP's initial $25.00 per share approach was rejected in August 2022. The deal completed in May 2023.

A joint venture between Brazil's Minerva S.A. and Saudi Arabia's SALIC acquired Australian Lamb Company — owner of a fully integrated lamb processing facility in Colac, Victoria, and a Melbourne boning/sales hub — for approximately A$400 million.

Universal Store agreed to acquire Byron Bay youth fashion brand THRILLS for an enterprise value of A$50 million, completing 31 October 2022. THRILLS generated A$34.6m FY22 sales and A$7.6m underlying EBITDA.

Coles Group sold its more than 700 Coles Express fuel and convenience sites to Viva Energy for A$300 million cash, with a further A$816 million of lease liabilities assigned to Viva Energy. Completion occurred in H1 2023 after ACCC approval, with sites transitioning to Viva's OTR branding.

PAG, a Hong Kong-headquartered investment firm, agreed to acquire Australian frozen-food manufacturers Patties Foods (Four'N Twenty, Nanna's, Herbert Adams) and Vesco Foods (On the Menu, Lean Cuisine licensee), subject to regulatory approval.

Perpetual agreed to acquire Pendal Group, creating a combined multi-boutique global asset manager with more than $200 billion in assets under management, including Pendal's Thompson, Siegel & Walmsley and J O Hambro Capital Management brands.

Canadian seafood company Cooke Inc. agreed to acquire 100% of ASX-listed Tassal Group — Australia's largest vertically integrated salmon and prawn producer — for A$5.23 cash per share via a Scheme Implementation Deed, representing a total enterprise value of approximately A$1.7 billion (equity value commonly cited around A$1.1-1.2 billion). The offer represented a 49% premium to Tassal's closing share price on June 22, 2022. Tassal shareholders overwhelmingly approved the scheme on November 3, 2022 (96.56% in favor), and the deal completed November 21, 2022.

Swedish hygiene products group Essity agreed to acquire Australian leakproof apparel company Modibodi for A$141 million (cash and debt free basis), consolidated into Essity's accounts from 1 August 2022.

South Africa's Bidvest Group acquired Sydney-headquartered facilities management and cleaning services provider BIC (established 1989, ~2,500 employees across ~3,250 sites) for an enterprise value of A$160 million, effective 7 July 2022.

carsales.com exercised its call option to acquire the remaining 51% stake in US-based Trader Interactive, LLC from Eurazeo SE for approximately US$809 million (A$1,183.2 million), announced 27 June 2022, taking carsales to 100% ownership. The deal valued Trader Interactive on a 100% enterprise-value basis at US$1,897 million (~A$1.9 billion equivalent disclosed by carsales as approximately US$1.9 billion / A$2.75 billion), representing an annualised Q4 FY22 EV/adjusted EBITDA multiple of 21.3x. The transaction completed on 30 September 2022.

Andrew Forrest's Tattarang built an on-market stake of just under 17% in ASX-listed beauty group BWX (owner of Sukin), spending more than A$35 million through 2022.

Brisbane-based corporate learning platform Go1 raised over US$100 million in fresh funding, co-led by AirTree Ventures and Five Sigma, taking the company's valuation above US$2 billion and total funding raised to more than US$400 million.

BGH Capital won a months-long contested takeover battle against rival private equity firm CapVest Partners to acquire Virtus Health, an ASX-listed fertility and IVF services provider, via an on-market takeover bid at a final $8.15 per share (CapVest's earlier scheme was terminated after its bid was cancelled). Virtus delisted from the ASX on 4 August 2022.

A KKR-led consortium made a non-binding indicative proposal to acquire all shares in Ramsay Health Care, Australia's largest private hospital operator, for $88.00 cash per share. The consortium withdrew the bid in September 2022 after failing to agree revised terms with the Ramsay board.

A consortium led by Brookfield Asset Management and Morrison & Co (later joined by Commonwealth Superannuation Corporation) agreed to acquire Uniti Group, an Australian fibre broadband and telecom infrastructure provider, via scheme of arrangement at $5.00 per share.

AustralianSuper and Canadian pension fund HOOPP jointly acquired a combined 45% stake in Greencross — Australia's largest integrated pet-care company, owner of Petbarn and Greencross Vets — from existing majority owner TPG Capital, in a transaction implying a total enterprise value for Greencross of more than A$3.5 billion. TPG retained majority control (55%). HOOPP took a 20% stake as part of the combined 45%. The deal was accompanied by a concurrent refinancing of Greencross's debt (a roughly A$1.8 billion package).

Brookfield and Mike Cannon-Brookes' Grok Ventures jointly proposed to take AGL Energy, one of Australia's largest electricity generators and retailers, private with a plan to accelerate closure of its coal plants and fast-track decarbonisation. AGL's board rejected the initial and a sweetened follow-up offer.

Blackstone acquired 100% of Crown Resorts, owner of casino resorts in Melbourne, Perth and Sydney, via a scheme of arrangement, marking Blackstone's largest investment in Asia Pacific to date.

ASX-listed Treasury Wine Estates acquired Napa Valley luxury winery Frank Family Vineyards for US$315 million, closing 13 December 2021. This is an Australian company acquiring a US asset, expanding Treasury's US luxury portfolio.

Wesfarmers, via wholly owned subsidiary WFM Investments, entered a Scheme Implementation Deed to acquire 100% of Australian Pharmaceutical Industries (owner of Priceline Pharmacy and Soul Pattinson Chemist) for A$1.55 cash per share, following a competitive process that had included a rival bid from Woolworths. Wesfarmers ultimately prevailed after Woolworths withdrew its offer, and the ACCC cleared the deal on 11 February 2022; completion followed in March 2022, marking Wesfarmers' entry into the pharmacy retail sector.

Peter Warren Automotive agreed to acquire Melbourne family dealership group Penfold Motor Group (10 sites across south/east Melbourne) for A$104 million, completing 1 December 2021 — its first major acquisition following its April 2021 ASX listing.

Nick Scali agreed to acquire 100% of sofa retailer Plush from Greenlit Brands for approximately A$103-110 million (3.8x FY21 EBITDA), completing 1 November 2021. Plush generated A$160m FY21 revenue and A$27m EBITDA.

Los Angeles-based STORY3 Capital Partners, alongside Hardy Capital, acquired a majority stake in Australian luxury furnishings retailer Coco Republic to fund domestic and international expansion, including a planned US flagship store.

Lion, the Australian brewing subsidiary of Japan's Kirin Holdings, agreed to acquire 100% of Fermentum Group, owner of independent craft brewers Stone & Wood, Two Birds Brewing and Fixation Brewing, for a reported price in excess of A$500 million. The deal was announced in September 2021 and required ACCC clearance before it could complete.

ASX-listed BWX Limited acquired a 50.1% majority stake in Go-To Skincare, the brand founded by Zoë Foster Blake in 2014, for approximately A$89 million. BWX later sold the stake back to Foster Blake for just A$21.8 million in December 2023 amid BWX's financial difficulties — a sharp reversal worth noting for context.

Brazilian meat processing giant JBS S.A. entered a Scheme Implementation Deed on 6 August 2021 to acquire 100% of Tasmanian salmon farmer Huon Aquaculture Group via its Australian subsidiary, for cash consideration of A$3.85 per share, valuing Huon's equity at approximately A$425 million on a fully diluted basis. The deal marked JBS's entry into aquaculture and completed in November 2021 after overwhelming shareholder approval.

HelloFresh agreed to acquire ASX-listed ready-to-eat meal company Youfoodz via a scheme of arrangement, initially valued around A$93m at announcement and finalised at approximately A$125 million (A$0.93/share for 134.4m shares). Shareholders approved the scheme 8 October 2021, with Federal Court approval following 13 October 2021.

US-based iFIT Health & Fitness acquired Australian women's fitness app Sweat, then generating ~US$100m annual revenue from 450,000 paid subscribers. Initial press reports cited a headline value near US$400m, but iFIT's own later financial filings showed the actual maximum consideration was US$150 million. Itsines and Pearce bought the app back from iFIT in late 2023.

PLBY Group agreed to acquire 100% of Australian luxury lingerie brand Honey Birdette for approximately US$333 million in cash and stock, completing 10 August 2021. Honey Birdette generated US$71m revenue and US$17.6m net income in the twelve months to June 2021.

SILK Laser Australia acquired Australian Skin Clinics and NZ's The Cosmetic Clinic for approximately A$52 million, expanding its network to 118 clinics (14 in NZ). Completed 1 September 2021.

US outdoor/automotive group Clarus Corporation acquired Australian roof-rack and accessories maker Rhino-Rack for a total purchase price of A$273 million (~US$205 million), closing 1 July 2021. Rhino-Rack generated A$115m TTM sales as of March 2021.