Jul 27, 2026 – 6.20pmOn the surface, deal-making activity involving Australian targets is ticking along nicely, but when you unpick the data, it masks a worrying trend.Merger and acquisition activity over the past four weeks has included private equity suitor EQT upping its offer a second time for funds management group Perpetual, Evolution Mining buying minnow Carnaby Resources, and gold miners Genesis Minerals and Vault Minerals agreeing to a $12.6 billion tie-up.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
A nasty surprise in deal-making data suggests a tough outlook
Deal numbers have fallen dramatically due to a stubborn gulf between buyer and vendor price expectations, and shaky confidence.
TL;DRAI
EQT re-bids Perpetual; Genesis and Vault close $12.6B mining tie-up. Headline M&A activity masks funnel deterioration—tightening capital and slowing appetite suggest valuations will compress despite surface buoyancy.
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