Australia

SMEs drive M&A activity in Australia even as the volume and value of deals decrease in markets across the globe.

William Buck’s annual Dealmaking Insights report for 2024 is based on comprehensive research into Australia’s M&A, IPO, Private Equity (PE) and Venture Capital (VC) markets, covering 2023 and examining trends over the past decade to provide insights into the global state of dealmaking in 2023, and considers trends over the last ten years.

Our findings from this report indicate that:

  • ASX 200 increased by 9.1% during 2023 even as the Global M&A market declined by 18%.
  • With over $25b in dry powder, Australian M&A is anticipated to flourish as foreign Private Equity and Venture Capital firms see the country as a stable market with considerable investment opportunity.
  • The value of IPO transactions was the lowest in a decade as organisations opted for a take private acquisition structure

We are seeing a very active middle market for transactions, despite a decrease in overall volume and value in M&A activity, being driven by increasingly succession driven vendors looking to exit. There is also an appetite for bolt on transactions from larger companies who are keen to grow faster than their organic growth levels

— Mark Calvetti, Director, Corporate Finance

Key findings

M&A transaction values in Australia decreased by

64%

80%

of M&A deals were between $0-100m

VC deal values in Australia were down

47% YoY

The value of IPO transactions saw a

91% decrease 

IPO transactions were down

61% in 2023

Global M&A transaction values were down

17%

51%

decrease in Australian PE transaction values

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