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Australian M&A: A review of 2025 and outlook for 2026

26 February 2026

James Beckley, Partner, Melbourne Breanna Davies, Partner, Sydney Franki Ganter, Partner, Brisbane Lionel Hogg, Partner, Brisbane Kane Jacobson, Partner, Brisbane Michael Joyce, Partner, Sydney Michael Kenny, Partner, Melbourne John Kettle, Partner, Brisbane Clare Miller, Partner, Melbourne Edward Nixey, Partner, Sydney Richard Partridge, Partner, Melbourne Vaughan Petherbridge, Partner, Melbourne Melissa Phillips, Partner, Melbourne Lynda Reid, Partner, Sydney Jol Rogers, Partner, Melbourne Danny Simmons, Partner, Sydney Winnie Sinn, Partner, Melbourne Adam Walker, Partner, Melbourne Matt Watt, Partner, Sydney Mark Pistilli, Chief Executive Officer and Managing Partner, Sydney Jeremy Smith, Chairman, Melbourne

In 2025, Gadens’ Corporate team advised on over 50 M&A transactions totalling more than AUD3.8 billion. This marked an increase on 2024 and reflects the breadth of our involvement across the Australian M&A market throughout the year.

In this year’s edition of our Australian M&A review, we examine the key trends and developments that shaped M&A activity in Australia over 2025 and consider what these may mean for the year ahead. The review draws on transaction data and our own deal experience to provide context on market conditions, sector activity and evolving deal dynamics.

From cross‑border transactions and contested processes to complex regulatory approvals, the review highlights how deals were structured and executed in practice during 2025.

The publication also includes practical insights from our partners on legal, regulatory and execution issues that are becoming increasingly central to dealmaking in Australia, including merger control, foreign investment and transaction structuring.

We hope you find the 2025 edition of our Australian M&A review informative and valuable. The full publication is available below.

If you found this insight article useful and you would like to subscribe to Gadens’ updates, click here.

This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.