January 2026
Dealmakers 2025 pulse check
Mining dominated Australia’s mid-market in 2025 as soaring commodity prices and unprecedented cross-border interest drove deal values up 14.4% to nearly $21 billion across 307 transactions – the first time the mid-market cracked the 300-deal barrier since 2022. Mining claims top spot Energy, mining and utilities deals surged more than 60% to $4.6 billion as gold prices surpassed US$4,500 per ounce and copper hit record highs. The sector completed 78 transactions including Genesis Minerals’ $250 million Laverton Gold Project acquisition. Combined with technology, mining represented over 40% of total transaction volume. Cross-border deals hit record high International buyers completed 113 mid-market transactions worth more than $9.3 billion – almost 50% higher than the previous year. Overseas investors expanded beyond traditional mining and technology targets into real estate and transport, attracted by Australia’s safe-haven appeal. Broad-based growth across sectors Technology remained resilient while healthcare doubled its deal count. Business services deals doubled in value, and transport sector values grew more than six-fold as easing inflation improved investment confidence. Six of the year’s ten biggest mid-market deals closed between July and December ahead of stricter ACCC notification rules. Australian overall value
↑10.7%
$143bn of all Australian deals in EMU
Australian mid-market value
↑14.4%
deals Solid activity across all market segments
Australian mid-market volume
307
deals
First time exceeding 300 deals since 2022
Cross-border growth 113 deals involving overseas entities
EMU sector growth
↑60%
1,132
Deal value in 2025 increased to $20.9bn from 2024 ($18.26bn)
Cross-border value
$9.3bn
Australian overall volume
~50%
TMT and mining combined share of deals by volume
Top sectors Mining deal values climbed to $4.6bn
40%+
TMT and mining combined share of deals by volume
This document includes data derived from data provided under agreement with ION. ION retains and reserves all rights in such data.
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