Harsh Batra
Australia’s dealmakers kept up the pace through the back half of September, with our deal tracker noting 40 deals advancing across the region.
One of the biggest stories of the fortnight wasn’t in the tracker at all: Ingenia Communities rejected a revised A$2.06bn takeover bid from Warburg Pincus for the second time in as many months, again judging the offer, conditional on ditching its US$711m Peet acquisition, as undervaluing the business.
Other stories that caught my eye:
- Rio Tinto agreed to acquire the Aurukun bauxite project in Queensland from Glencore and Mitsubishi Development, extending its Cape York footprint.
- Brookfield agreed to acquire Reliance Worldwide Corporation in a $2.9 billion buyout, one of the fortnight’s largest inbound plays.
- Sekisui Chemical snapped up Ausbuild from its founders for $335 million, deepening Japanese interest in Australian residential construction.
It was also a big fortnight for cricket fans: Cricket Australia approved private investment into the Big Bash League, kicking off a formal sale process for the Melbourne Renegades ahead of the 2027/28 season.
For more insights and conversations about the market, connect with me on LinkedIn. Enjoy the read.
Fortnight’s summary | From September 7-21, 2026
There were 40 M&A deals involving Australian companies or assets this fortnight, with Materials once again the busiest sector, at 12 deals, followed by Real Estate with 10.
Domestic consolidation made up the bulk of the flow, with 25 of the 40 deals staying onshore. Inbound buyers were the next-most active group at eight deals, led by Rio Tinto’s acquisition of the Aurukun bauxite project from Glencore and Mitsubishi Development, Brookfield’s $2.9 billion buyout of Reliance Worldwide, and Sekisui Chemical’s $335 million purchase of Ausbuild.
Outbound activity accounted for five deals, including Diablo Resources’ consolidation of its Utah-based Horn Silver tenure and Macquarie Asset Management increasing its stake in La Caisse’s Indian toll-road platform, Maple Highways.
Within Materials, gold and critical minerals consolidation again dominated, from Artemis Gold’s move for Vista Gold’s Mt Todd project to a run of smaller tenure deals across Western Australia and Queensland.
Rumour mill
- Australia’s Ingenia rebuffs revised US$1.5 bil takeover bid from Warburg Pincus
- Brookfield Agrees to $2.9 Billion Acquisition of Australia’s Reliance
- Frasers extends offer period for Accent Group bid to January 2027
- Warburg Pincus readies fresh $2bn+ Ingenia buyout bid
- PE firms stitch up $2b childcare merger, bankers on board
- Queensland realtor lobs bid for star-studded rival agency’s rent book
- Canada’s Element makes U-turn at $860m auction for FleetPartners
- Eagers Automotive strategic investment into Zagame Automotive Group
- H3 Energy Advances Farm-Out Talks Across Key Energy Projects
- Otto Energy Pivots Gulf of America Sale Strategy After Combined Asset Package Fails to Attract Buyer
- Austal recieves US$1.25-1.35 billion non-binding indication of interest from Wildcat Infrastructure to purchase Austal USA
- OpenAI just anchored an Australian company’s Malaysian data centres
- M+C Saatchi set to exit Australasian market as Parc-backed ANZ management buyout fails
- Cricket Australia announces sale of Big Bash League franchise to private investors
- Hostplus-backed drone play AMSL Aero hangs up ‘for sale’ sign after cutting jobs
- Australia’s Ingenia rejects Warburg Pincus’ $1.4 billion offer, sticks with Peet acquisition
Regulatory
Job moves
- Envest appoints Toni Ferrier to lead NZ broking
- Arena REIT confirms that Chair David Ross will retire after November’s AGM
- UniSuper hires former TesltraSuper’s head of retirement
- Duketon Mining Plans Leadership Shift as Gold Exploration Enters Key Phase
- Clean Energy Council appoints new Board Members to strengthen representation in regional engagement and rooftop solar and storage
- Orcoda chief Patrick Bodegraven to depart after 16 months in role
- DroneShield Appoints Rebecca Lowde as Chief Financial Officer
- AnteoTech Limited Announces Resignation of Scott Waddell from Chief Financial Officer
- EQS-Adhoc: Vulcan Energy Resources Limited: Board succession and change to Chair role
- Philippa Campbell and Murray Woo appointed to ANZ Papua New Guinea Board
- Vulcan Energy Resources Limited: Board succession and change to Chair role
- Bayan Mining and Minerals Limited Announces Joint Company Secretary Changes
- Global Gold Mining Limited Announces Appointment of Brett Dickson as Non-Executive Director, Effective September 8, 2026
- Schroders expands equities team as assets top $10b
- Leadership Transition to Support Next Phase of Growth
- Appointment of Managing Director and CEO
IPOs
- Firmus founders would be able to sell down stakes 12 months after float: AFR
- Terms out for WA gold player Wiluna Mining’s $500m ASX relisting
- Macquarie’s Future Secure AI nears pre-IPO raise at $1.8b valuation
- AirTrunk in talks to borrow $2.2b to back Singapore REIT IPO
- ECT Commences Trading on OTC Markets, Expands US Market Engagement
- Innovaero to list on ASX
- NSX to focus on dual listings over the next 12 months
- Canva steps up US public market preparations with IPO-focused hiring push
Fundraising
- Buildkite raises $21m via convertible note as AI boosts demand for coding tools
- Emerald gets Sprott and Macquarie backing, banks $281 million
- Minerals 260 raises $250 million for Bullabulling development
- Bannerman successfully completes A$124M Underwritten Placement to Fully Fund Etango
- Theta Gold Mines Draws First A$51.2 Million Tranche from US$90 Million Bond Facility
- AI startup raises $10 million to build robotics operating system
- AltX completes inaugural RMBS raising $400m
