M&A in Australasia - 2025 Q2

(Originally published on July 1, 2025)

Q2 has seen four new deals announced in Australasia, three of of which were in Australia and one was in Timor-Leste. However, the Timor-Leste deal was then cancelled later in the quarter. The visible transaction value for these three deals was about US $15.8 million. However, there is big news on a proposed takeover of Santos.

Excluding the cancelled deal, the running deal count for 2025 is 7 deals, with a total deal value of US $16.4 million. By comparison, by Q2 of 2024 we had seen 11 transactions and a total deal value of US $1,621 million, dominated by JERA's acquisition of a stake in Scarborough.