Takeover offers targeting Australian companies have come in quick succession in 2026, with overseas investors and investment funds driving the market. Major transactions have diverged based on the progress of price negotiations and due diligence.
Australia's mergers and acquisitions market became more active in 2026. The involvement of private equity firms and foreign investors has increased, and although the number of transactions progressing beyond initial discussions remains limited, it is growing, according to reports. IFM proposed acquiring all of Atlas Arteria's shares, while Diamond Infrastructure 1 presented a takeover proposal with additional conditions. BlueScope Steel received an offer valued at A$13.15 billion, but opinions were divided over whether it represented an appropriate level for shareholders.
CWY, or Cleanaway Waste Management, received a A$9.4 billion takeover offer and granted EQT Infrastructure exclusive access to due diligence. FleetPartners received a revised proposal, taking the valuation to as much as approximately A$982.1 million. The leasing company's board granted additional due diligence and continues to consider each candidate.
Meanwhile, IEL, or IDP Education, rejected a takeover offer of approximately A$694.7 million. INA, or Ingenia Communities, also rejected a A$1.94 billion proposal. Perpetual rejected a A$2.55 billion proposal while leaving open the possibility of discussions in the future. Among transactions that progressed to the next stage, Reliance Worldwide announced a takeover agreement valued at approximately US$2.9 billion, while Steadfast announced a takeover agreement valued at approximately A$7.7 billion.