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Editor Note: This is Double Edition covering deal changes 15-29 September because the team was on leave last week.
The big one is the ACCC rejection of IAG acquisition of RAC insurance in a phase 2 review. The reasons make for interesting reading and look like a case of protecting a strong local maverick that keeps national players honest.
The ACCC Competition Summit is happening on Thursday 15 October at Doltone House Hyde Park, Sydney. There are still tickets available and some great talks.
❇️ New Deals
Colas – Quarry Products Harlaxton
Colas Australia Group, via Hutchison Quarries Toowoomba, proposes to acquire Quarry Products Harlaxton, a Queensland quarry business. The transaction involves the quarry business and assets from Quarry Products Pty Ltd, and 100% of shares in Sanbeg Pty Ltd. Both parties supply construction materials.
Xylem - Flow Controls
Xylem Inc., via Xylem Water Solutions U.S.A., Inc., proposes to indirectly acquire 100% of the equity interests in Flow Controls Holding, LLC. This share sale involves two water technology companies, with Xylem providing water and wastewater solutions, and Flow Controls supplying pumps and related monitoring and control solutions for industrial applications.
Vets Central – Vital Vet Animal Hospital
Veterinary group Vets Central (88 practices) proposes to acquire 100% of the business assets of Vital Vet Animal Hospital, a full-service practice in Ellenbrook, Western Australia. The asset acquisition is from Kinsedo Pty Ltd as trustee for the Ellenvale Veterinary Trust, within the veterinary services industry.
Visa - BioCatch
Visa, Inc., through Visa Open Connect Limited, intends to acquire all shares in BioCatch Ltd. This transaction involves a global payments technology company acquiring an Israeli-based security software company. BioCatch supplies software solutions to identify cyber threats by analysing user behaviour patterns, complementing Visa's fraud and risk management offerings.
Imagine Education – Eden Academy
Imagine Education Holdings proposes to acquire 58 operating Eden Academy childcare centres, management rights for 10 more, and options for 11 future sites, from the Eden Academy Group. This share acquisition impacts the Australian centre-based childcare and early childhood education sector.
Calvary – Southern Cross Care (Tasmania)
Little Company of Mary Health Care Limited, through Calvary Aged Care Limited, proposes to assume stewardship of Southern Cross Care (Tasmania) Inc. by becoming its sole member. This transaction involves two not-for-profit providers of residential aged care, retirement living, and home care services in Tasmania.
Nielsen - DoubleVerify
Nielsen group, through Neptune BidCo US Inc., proposes to acquire 100% of the issued share capital of DoubleVerify Holdings, Inc. Nielsen provides audience measurement and media planning solutions, while DoubleVerify offers digital media verification and optimisation for advertisers. This share sale combines their offerings in the digital advertising and media measurement sector.
Still trying to wrap your head around the ACCC’s new merger laws?
We’ve got an overview of the new regime here and guides from leading law firms explaining it all.
⚡ New & Already Decided
One Equity Partners – Myriad360
US private equity firm One Equity Partners, via Metronome Bidco, LLC, is acquiring 100% of the shares in Myriad360, LLC. Myriad360 is a US-based IT services and consulting firm providing networking, cybersecurity, and cloud solutions. The share acquisition involves existing shareholders rolling over for a minority interest in the business.
Coles – shopping centre in Albion Park, NSW
Coles Group Property Developments Ltd, a subsidiary of Coles Group Limited, is acquiring a freehold interest in a single lot within Albion Park Shopping Centre from Battista Enterprises Pty Ltd. This property acquisition supports Coles' commercial and retail property development, constructing and selling completed sites.
Geosyntec Consultants – WRM Water & Environment
Geosyntec Consultants (Australia) Intermediate Holding Pty Ltd acquired 100% of the share capital of WRM Water & Environment Pty Ltd. This share acquisition expands Geosyntec's environmental consulting services, particularly in water engineering, surface water, and flood risk management, by integrating WRM's specialist expertise into its team.
Blackstone – Flow Control Holdings
An affiliate of Blackstone Inc. proposes to acquire 100% of Flow Control's equity interests from FCH Preferred Issuer, L.P. and Flow Control’s management. Flow Control manufactures sanitary flow control solutions for data centre cooling, food & beverage, and pharmaceutical sectors. Blackstone is an investment management firm.
REST - Perth Airport
Retail Employees Superannuation Trust (REST), a $112 billion superannuation fund, proposes to acquire approximately 9.14% of Perth Airport Development Group Pty Ltd's issued share capital. The shares, in the Perth Airport operator, are being sold by The Infrastructure Fund and ART Infrastructure Trust 3. This is an airport infrastructure share sale.
DigitalBridge – PLUS ES smart metering division
DigitalBridge's DB Grid 1 Pty Ltd is acquiring 100% of the contestable smart metering division of PLUS ES. This Australian smart metering business, owned by the NSW Government, IFM Investors, APG Asset Management and AustralianSuper, provides services across the east coast. The deal is a securities sale.
Sumitomo Mitsui Trust Bank – Morrison
Sumitomo Mitsui Trust Bank, a Japan-based financial services provider, proposes to acquire a minority interest of up to 15% in New Zealand-headquartered global infrastructure investment firm H.R.L. Morrison & Co Group. This involves acquiring units and ordinary shares, plus commitments to two Morrison-managed funds.
Jaybro – Fastway Civil Supplies
Quadrant Private Equity-backed Jaybro Group Pty Ltd is acquiring all business and assets of Fastway Civil Supplies Pty Ltd. This asset sale combines two Australian suppliers of infrastructure services, materials, and consumables, including agricultural, stormwater, electrical, and telecommunications pipes, for civil and construction contractors.
The Disability Trust - LEAD Disability Services
The Disability Trust Limited, part of the Meridia group, is acquiring Lead Disability Services Ltd. This transaction involves The Disability Trust becoming the sole member of Lead Disability Services. Both entities are registered providers of disability services, including employment for people with disability, operating in New South Wales and the Australian Capital Territory.
Partners Group – Aroma-Zone
Partners Group, a global investment management firm, proposes to indirectly acquire joint control of French natural cosmetics and wellness retailer Aroma-Zone and holding company Legendre Holding 91. The transaction involves a share purchase agreement, with current sole controller Eurazeo S.E. reinvesting to retain a co-controlling stake.
National Dental Care – business assets comprising the Integrated Dental Health clinic, Katoomba, NSW
National Dental Care, majority owned by Crescent Capital Partners, has acquired 100% of the business assets of Integrated Dental Health, a dental clinic in Katoomba, NSW. This asset acquisition further expands National Dental Care's network of dental services organisations.
Advent – NZCR Group Holdings
Global private equity firm Advent International is acquiring 100% of the issued share capital in NZCR Group Holdings Limited, a New Zealand-based physician-led clinical trials and medical research organisation with Australian operations. The acquisition from Waterman NZCR LP and NZCR Nominee Limited includes rollover opportunities for existing shareholders and management.
Steamatic Australia – Steamatic Epsom franchisee
Steamatic Restoration and Recovery Pty Ltd, a subsidiary of Johns Lyng Group, is acquiring an 80% equity interest in Epsom Investment Fund Pty Ltd. This share sale involves a regional franchisee operating seven Steamatic Australia branches across Victoria, New South Wales and Queensland, providing restoration services.
REST – Quinbrook III Partnership and Quinbrook III (AU) Co-Investment Trust
Retail Employees Superannuation Pty Limited as trustee for the Retail Employees Superannuation Trust (REST) is making commitments to Quinbrook III SCSp and Quinbrook III (AU) Co-Investment Trust, involving limited partner interests and units. These funds, managed by Quinbrook Infrastructure Partners (Jersey) Limited and associated entities (Quinbrook), target energy transition infrastructure.
Apax Funds – Remy & Geiser GmbH and Gerresheimer Primary Packaging Plastics GmbH
Investment funds advised by Apax Partners LLP, via Click Europe Bidco GmbH, are acquiring 100% of the issued share capital of Remy & Geiser GmbH and Gerresheimer Primary Packaging Plastics GmbH from Gerresheimer AG. This share acquisition involves the PPP Business, a global manufacturer of primary plastics packaging solutions for pharmaceutical, healthcare, and cosmetic sectors.
Global Lithium Resources – IGO Nova Operation
Global Lithium Resources Limited is acquiring 100% of IGO Nova Pty Ltd's share capital from IGO Limited. This share sale in the critical minerals sector enables Global Lithium Resources to convert the Nova Operation's plant for its Manna Lithium Project. IGO may receive up to 13,333,333 shares in Global Lithium Resources, representing under 5% ownership.
Perun (TPG) - Zembl
Perun TopCo Pty Ltd and Perun BidCo Pty Ltd, controlled by TPG Inc. funds, are acquiring 100% of Zembl Pty Ltd. Zembl is an Australian integrated energy services and electricity brokerage firm for business customers. The share and option acquisition includes Zembl's current owners retaining approximately 40% equity.
Australian Venue Co – assets of The Clock Hotel, Surry Hills and The Bank Hotel, Newtown, NSW
AVC Operations Pty Ltd, a subsidiary of Australian Venue Co Holdings Limited, is acquiring substantially all assets of two licensed hospitality businesses, The Clock Hotel in Surry Hills and The Bank Hotel in Newtown, from Amalgamated Hotels Pty Limited. This asset sale expands Australian Venue Co's portfolio of over 200 pubs and venues across Australia.
Cinven and La Caisse – Optio Group
Private equity firm Cinven and institutional investor Caisse de dépôt et placement du Québec, via Welling Bidco Limited, are acquiring joint control of Optio Group Limited. Optio Group is an underwriting-led specialty Managing General Agent platform with a global presence, including Australia, and a smaller brokerage arm. This is an indirect share acquisition.
OceanaGold - Ausgold
Global gold and copper miner OceanaGold Corporation is acquiring ASX-listed Ausgold Limited, a development-stage gold company with the Katanning Gold Project in Western Australia. The transaction involves OceanaGold acquiring 100% of Ausgold's issued shares via a scheme of arrangement.
Oakley Capital – Graphwise
Pan-European private equity firm Oakley Capital acquired 100% of the issued share capital of Ontotext AD, trading as Graphwise. Graphwise is an enterprise artificial intelligence platform provider specialising in knowledge graph technology, semantic data management, and GraphRAG. Oakley Capital focuses on digital consumer, technology, business services, and education sectors.
✅ Recently Approved
Flick – GC Pest Control
Flick Anticimex Pty Ltd, controlled by Sweden's Anticimex Group AB (backed by EQT Future), acquired the pest control business assets of Swift Property Services Pty Ltd, trading as GC Pest Control and Big Blue Frog Pest Control. This asset sale expands Flick's national pest control services, adding GC Pest Control's Gold Coast operations.
Prysmian - Atkore
Prysmian S.p.A. is acquiring 100% of the share capital in Atkore Inc. This transaction unites Prysmian, a global manufacturer of fibre optic and energy cables, with Atkore, a supplier of electrical and safety infrastructure solutions for construction and infrastructure projects in Australia.
I Squared Capital – oOh!media
US-headquartered private equity firm I Squared Capital group proposes to acquire 100% of ASX-listed oOh!media Limited via a scheme of arrangement. oOh!media provides out-of-home advertising services, including billboards, airport, retail, and rail advertising. I Squared Capital focuses on infrastructure investment.
L'Oréal – Gucci Beauty Licence
L'Oréal's subsidiary, Lake Beauté, will acquire a 50-year worldwide exclusive licence from Kering's subsidiaries, Guccio Gucci S.p.A. and Gucci America Inc., for Gucci brand fragrance and beauty products. This transaction involves global beauty and luxury groups, with the current Gucci beauty licence held by Coty Inc. terminating early.
Lone Star Funds - ContiTech
Private equity fund Lone Star Fund XIII, via its indirect subsidiary SCUR-Alpha 2068 GmbH, acquired ContiTech Deutschland GmbH. ContiTech supplies engineered rubber and fabric technology solutions, including analogue printing plates mounting hardware. Lone Star's portfolio company, XSYS, also supplies this hardware in Australia.
Blackstone funds and Perpetual Trustees – HSBC loan portfolio
Blackstone funds, through Virgo BidCo Pty Ltd, acquired HSBC Bank Australia Limited’s Australian home and personal loan portfolio. Perpetual Corporate Trust Limited will hold these assets in securitisation trusts, with Pepper Money Limited providing management. This asset acquisition supports HSBC's exit from Australian retail banking, involving related trust unit transfers.
WSP - e2m
WSP Australia Pty Limited, a subsidiary of WSP Global Inc, is acquiring 100% of the issued share capital of E2M Pty Ltd. Both companies operate in the environmental consulting sector, with WSP providing broad engineering and environmental services and E2M specialising in ecology, biodiversity, and environmental approvals. This is a share sale.
❌ Recently Rejected
Sinopec – Park Fuels
Sinopec (Hong Kong) Limited, a subsidiary of China Petrochemical Corporation, proposes to acquire 75% of the shares in the Park Fuels business (via Bintan Pty Limited and Australian Terminals Pty Limited). This share acquisition combines a global oil and gas enterprise with an Australian fuel supply company operating terminals, wholesale, and retail sites.
Australian Venue Co – assets of The Breakwater, Hillarys and Print Hall, Perth
AVC Operations Pty Ltd, a subsidiary of Australian Venue Co. Holdings Limited, proposes an asset acquisition of licensed venues The Breakwater and Print Hall. These hospitality assets are currently owned and operated by Wintime Nominees Pty Ltd and Sunliner Holdings Pty Ltd, part of Night Owl Group.
Insurance Australia Group – RAC Insurance
Insurance Australia Group proposed to acquire 100% of the share capital in RAC Insurance from RACI Pty Ltd. Both parties are active in the Australian personal lines general insurance market, including home and motor insurance. The proposed share acquisition was not approved.
Sims – business assets of OneStop Metal Recycling in TAS
Australian Metal Recycling Network Pty Ltd, a Sims Limited subsidiary, is acquiring the business assets of OneStop Metal Recycling (Tas) Pty Ltd. Both companies operate in Tasmania's scrap metal recycling sector. The asset sale includes OneStop's Glenorchy and Cooee sites, plant, equipment, and other operating assets.
🔁 Pending Deals
Notification — Phase 1 (initial assessment)
Covetrus — MWI: submitted 14 September 2026; expected 27 Oct 2026; MN-55037 ↗
EQT Fund Management - Intertek: submitted 14 September 2026; expected 27 Oct 2026; MN-75045 ↗
Amplitude / OG Energy - Artisan Gas Field: submitted 11 September 2026; expected 26 Oct 2026; MN-01121 ↗
Bupa Health Services - Partnered Health: submitted 11 September 2026; expected 26 Oct 2026; MN-50028 ↗
Challenger - Channel Capital and Fidante: submitted 11 September 2026; expected 26 Oct 2026; MN-65033 ↗
Alcoa – South32 aluminium assets: submitted 10 September 2026; expected 23 Oct 2026; MN-25047 ↗
PSP Investments - AAA Egg Company: submitted 10 September 2026; expected 23 Oct 2026; MN-55024 ↗
ENEOS – Chevron Australia Downstream: submitted 10 September 2026; expected 23 Oct 2026; MN-65036 ↗
Eli Lilly – Merida Biosciences: submitted 10 September 2026; expected 23 Oct 2026; MN-80042 ↗
Merck KGaA / Bio-Techne: submitted 9 September 2026; expected 22 Oct 2026; MN-25049 ↗
Danfoss - Alfagomma: submitted 9 September 2026; expected 22 Oct 2026; MN-75052 ↗
Hyne Pallets - Advance Pallets: submitted 7 September 2026; expected 20 Oct 2026; MN-75043 ↗
Velocity Vehicle Group – Fuso assets of Daimler Truck Australia Pacific: submitted 3 September 2026; expected 16 Oct 2026; MN-25035 ↗
Woolworths - supermarket site in Homestead Rd, Orchard Hills, NSW: submitted 3 September 2026; expected 16 Oct 2026; MN-40034 ↗
Apiam – Seymour Equine Clinic: submitted 3 September 2026; expected 16 Oct 2026; MN-95040 ↗
BBFIT - Hanes Australasia: submitted 2 September 2026; expected 15 Oct 2026; MN-10028 ↗
MUFG Pension & Market Services - Grow Technology Services: submitted 31 August 2026; expected 13 Oct 2026; MN-35030 ↗
Notification — Phase 2 (detailed assessment)
Zoetis – Neogen Genomics Business: submitted 12 May 2026; expected 27 Nov 2026; MN-05013 ↗
Saipem S.p.A - Subsea7 S.A.: submitted 27 April 2026; expected 1 Dec 2026; MN-01072 ↗