PE drives surge in Australian M&A activity
Australian companies have attracted a wave of interest from PE firms and international investors in 2026, with a series of potential takeovers spanning infrastructure, waste management, property, financial services and industrial businesses, according to a report by Reuters.
In 2026, Australian companies have drawn significant attention from private equity firms and international investors, according to a Reuters report. A variety of potential acquisitions in sectors such as infrastructure, waste management, property, financial services, and industrial businesses have emerged, with several transactions moving beyond the initial stages into binding agreements. This surge in activity highlights the strong private capital and overseas interest in Australian assets.
One of the year's prominent deals was Brookfield Asset Management's acquisition of plumbing products manufacturer Reliance Worldwide for around AUD4.1bn ($2.9bn). KKR, a prominent global investment firm, also made waves in Australia's M&A market. A consortium led by KKR successfully acquired specialist insurance distributor Steadfast for AUD7.7bn ($5.5bn), with Amwins Group and Dragoneer Investment Group taking control of Steadfast's underwriting agency and broking businesses, respectively.
EQT, a Swedish private equity firm, has actively pursued numerous Australian opportunities. Its Infrastructure arm launched a AUD9.4bn ($6.7bn) proposal for waste management company Cleanaway Waste Management in August, which resulted in Cleanaway granting EQT exclusive due diligence access. Additionally, EQT made a bid for financial services group Perpetual in July, raising its proposal to AUD2.55bn ($1.82bn).
However, Perpetual rejected the revised offer but subsequently allowed EQT limited due diligence access while exploring the possibility of an improved proposal. Warburg Pincus, a significant private equity bidder, proposed acquiring residential property developer Ingenia Communities for AUD1.94bn ($1.39bn), but Ingenia ultimately rejected the offer in September due to valuation concerns.
The proposal was also contingent on Ingenia forgoing its planned AUD711m acquisition of master-planned communities developer Peet.
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