Weekly ACCC Deal Digest (25 March 2026)
5 new, 12 approved, 1 rejected and 16 pending deals with the ACCC up to 24 March
Merger Loop
March 25, 2026
This week’s update includes 5 new filings, 12 approvals and 1 rejection. The new filings are split between full share acquisitions (e.g. Gilead/Arcellx, CVC/Marathon, Intrepid/Wild Bush Luxury) and targeted asset deals (Opal HealthCare, Maas/Colas), reflecting a mix of strategic buyouts and incremental capacity expansion.
Activity spans a broad mix of industries, with financial services, healthcare and life sciences, infrastructure and construction materials, and technology/digital platforms. Cross-border exposure remains evident in biotech and global investment management deals, while domestic transactions are concentrated in essential services and asset-backed sectors.
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❇️ New Deals
Intrepid Travel - Wild Bush Luxury
Accommodation | Scenic and Sightseeing Transport | Travel Agency and Tour Arrangement Services | Nature Reserves and Conservation Parks Operation
Intrepid Travel, a subsidiary of global experiential travel company Intrepid Group Pty Ltd, proposes to acquire 100% of the share capital in boutique Australian tourism operator Wild Bush Luxury Experience Pty Ltd, currently held by Experience Co Limited. The deal includes the transfer of intellectual property rights and employees.
Gilead - Arcellx
Human Pharmaceutical and Medicinal Product Manufacturing | Scientific Research Services
Gilead Sciences, Inc. proposes to acquire clinical-stage biotechnology company Arcellx, Inc. via a share sale. This biopharmaceutical transaction consolidates Gilead and Arcellx’s existing co-development and co-commercialisation efforts for cancer immunotherapies, including CAR-T cell therapy for multiple myeloma.
Opal HealthCare – Greenwich Place residential aged care home
Aged Care Residential Services
Opal Healthcare (DPG Services Pty Ltd and OHCA Property Holdings Pty Ltd) proposes to acquire the land, assets, and business of Greenwich Place, a 90-bed residential aged care home in Greenwich, Sydney. This asset acquisition will expand its existing portfolio of 145 aged care homes.
CVC Capital Partners – Marathon Asset Management
Human Pharmaceutical and Medicinal Product Manufacturing | Financial Asset Investing | Other Auxiliary Finance and Investment Services | Travel Agency and Tour Arrangement Services
CVC Capital Partners, a global private equity and investment advisory firm, proposes to indirectly acquire 100% of the shares in Marathon Asset Management, a New York-based global asset manager. Both firms provide global credit asset management services. CVC also has interests in online travel and pharmaceuticals, as does Marathon.
Maas – 50% acquisition of COLAS’ Caloundra asphalt plant and 100% of COLAS’ Tomago asphalt plant
Other Petroleum and Coal Product Manufacturing | Road and Bridge Construction
Maas Group Holdings Limited proposes to acquire a 50% interest in Coltek Asphalt Pty Ltd, forming an incorporated joint venture with COLAS Australia Group Pty Ltd for its Caloundra hot-mix asphalt business. Maas also plans to acquire 100% of COLAS Australia's Tomago hot-mix asphalt business. This involves construction materials and road construction.
✅ Recently Approved
Blackstone - Advanced Cooling Technologies
Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing | Financial Asset Investing | Other Auxiliary Finance and Investment Services
Blackstone, through its affiliate Rocket Purchaser, L.L.C., acquired all issued shares in Advanced Cooling Technologies, Inc. (ACT). ACT is a US-based engineering and manufacturing company specialising in advanced thermal management and cooling solutions for various industries. This share acquisition involves a US investment management firm and a US cooling technology provider.
AZ Next Generation Advisory – Intend Financial
Other Auxiliary Finance and Investment Services
AZ Next Generation Advisory Pty Ltd proposes to acquire 100% of the shares in BMM Partners Pty Ltd, trading as Intend Financial. This deal combines two Australian financial planning and professional services advisory firms. AZ Next Generation Advisory owns approximately 48 businesses with 404 planners; Intend Financial has four offices and 10 planners.
Five V Capital - FTP Group
Other Auxiliary Finance and Investment Services | Computer System Design and Related Services
Five V Capital, an Australian private equity firm, through Overwatch BidCo Pty Ltd, proposes to acquire a majority of the issued shares in FTP Group Holdings Pty Ltd. FTP Group operates in the global mining industry with network monitoring software and in the agricultural sector with farm data aggregation software and remote connectivity hardware.
SoftBank – DigitalBridge
Financial Asset Investing | Other Auxiliary Finance and Investment Services
SoftBank Group Corp., through Duncan Holdco III LLC, acquired 100% of the shares and voting rights in DigitalBridge Group Inc. DigitalBridge is a US-headquartered global digital infrastructure investment firm, investing in data centres, cell towers, and fibre networks. SoftBank is a Japanese global technology investor.
Hall & McLean – Freehold interest in commercial land in Wellcamp, QLD
Poultry Farming (Eggs) | Other Agriculture and Fishing Support Services
Hall & McLean Pty Ltd, a joint venture of Ellerslie Free Range Farms Pty Ltd and Alpair Pty Ltd, acquired a 100% freehold interest in commercial land in Wellcamp, QLD, from Vision Street Property Pty Ltd. This asset acquisition secures an egg grading and cold storage site for the poultry farming and agriculture support services sector.
Charter Hall Holdings - JGS Private Capital
Other Auxiliary Finance and Investment Services | Non-Residential Property Operators | Real Estate Services
Charter Hall Holdings Pty Limited acquired 100% of JGS Private Capital Pty Ltd via a share sale. JGS Private Capital operates an investment and property management business, managing eight unit trusts holding commercial real estate for CareSuper Pty Ltd. Charter Hall Holdings will now manage these trusts and their underlying assets.
MA Financial Group (Redcape Fund) - Hotel Brunswick
Liquor Retailing | Cafes and Restaurants | Pubs, Taverns and Bars
MA Financial Group's Redcape Fund, via MAHPT TT Pty Ltd and Redcape Hotel Group Pty Ltd, acquired 100% of the freehold land, buildings, licences, and business assets of Hotel Brunswick. This asset acquisition expands Redcape Fund's portfolio of community pubs, hotels, and bottle shops, adding a venue in Brunswick Heads, New South Wales.
North American Construction Group – Iron Mine Contracting and Iron Hire
Other Heavy and Civil Engineering Construction | Heavy Machinery and Scaffolding Rental and Hiring | Other Machinery and Equipment Repair and Maintenance
North American Construction Group Limited, via NACG WA Acquisition Pty Ltd, acquired 100% of the shares in DCL Corp Pty Ltd (trading as Iron Mining Contracting) and Iron Hire Pty Ltd. This share acquisition combines suppliers of mining and civil construction services for large and medium-scale projects in Australia.
Craig Mostyn – Patmore Feeds
Pig Farming | Meat Processing | Prepared Animal and Bird Feed Manufacturing
Australian food and agribusiness company Craig Mostyn Holdings proposes to acquire 100% of the shares in Patmore Feeds Pty Ltd. This share acquisition integrates the Western Australian pelletised livestock feed producer into Craig Mostyn's animal husbandry and meat processing operations.
Genesis Minerals – Magnetic Resources
Gold Ore Mining | Mineral Exploration
Genesis Minerals Limited, an ASX-listed gold producer and explorer, proposes to acquire 100% of the issued shares in gold explorer and developer Magnetic Resources NL. The transaction, structured as a scheme of arrangement, consolidates gold exploration and production assets in Western Australia.
Airtree – HotDoc
Software Publishing | Data Processing and Web Hosting Services | Other Auxiliary Finance and Investment Services | Computer System Design and Related Services | General Practice Medical Services | Specialist Medical Services | Dental Services | Optometry and Optical Dispensing | Physiotherapy Services | Chiropractic and Osteopathic Services | Other Allied Health Services
A venture capital fund managed by Airtree is investing in Aegleon Holdco Pty Ltd via a share subscription, thereby indirectly acquiring a small interest in HotDoc Online Pty Ltd, a digital healthcare platform for Australian general practitioners.
Telstra – Infosys Technologies
Wired Telecommunications Network Operation | Other Telecommunications Network Operation | Other Telecommunications Services | Computer System Design and Related Services
Telstra Limited, an Australian telecommunications and technology company, will outsource certain business functions to Infosys Technologies Limited, a global technology consultancy. Infosys will transform Telstra’s enterprise IT stack for enterprise and mid-market customers, with both parties acquiring rights to related intellectual property.
❌ Recently Rejected
PT Asian Bulk Logistics – Engage Marine
Water Freight Transport | Other Water Transport Support Services
PT Asian Bulk Logistics, through Global Engage Marine Pty Ltd, proposes to acquire 100% of the share capital in Engage Marine TopCo Pty Ltd. This transaction involves marine services, including terminal and harbour towage, and port services. PT Asian Bulk Logistics is an integrated logistics and infrastructure group with existing Australian operations.
🔁 Pending Deals
Notification — Phase 1 (initial assessment)
Adobe - Semrush: submitted 16 March 2026; expected 30 Apr 2026; MN-30005 ↗
MidOcean Energy – JERA Gorgon: submitted 14 March 2026; expected 29 Apr 2026; MN-05004 ↗
National Dental Care – business assets comprising the Comfy Dental clinic, Mandurah, WA: submitted 13 March 2026; expected 29 Apr 2026; MN-50007 ↗
KPS – Novacel: submitted 12 March 2026; expected 28 Apr 2026; MN-25006 ↗
Coles – supermarket site in New Norfolk (TAS): submitted 12 March 2026; expected 28 Apr 2026; MN-01090 ↗
Rocket Software – Vertica: submitted 11 March 2026; expected 24 Apr 2026; MN-20009 ↗
Argo Bowen 2 – Bowen Coking Coal and certain subsidiaries: submitted 10 March 2026; expected 23 Apr 2026; MN-55012 ↗
CARe – MotorOne Autobody: submitted 6 March 2026; expected 22 Apr 2026; MN-90006 ↗
Peter Warren - Wakeling Automotive: submitted 5 March 2026; expected 21 Apr 2026; MN-30002 ↗
Insurance Australia Group – RAC Insurance: submitted 3 March 2026; expected 17 Apr 2026; MN-65005 ↗
IOR - Delta Specialised Energy assets: submitted 26 February 2026; expected 14 Apr 2026; MN-60004 ↗
Civilmart – Taylex: submitted 25 February 2026; expected 13 Apr 2026; MN-01083 ↗
MicroStar Logistics - Konvoy: submitted 20 February 2026; expected 8 Apr 2026; MN-30003 ↗
CVS Group - Pittwater Animal Hospital: submitted 13 February 2026; expected 15 Apr 2026; MN-95003 ↗
Notification — Phase 2 (detailed assessment)
Coles – supermarket and liquor site in Kalgoorlie, WA: submitted 27 November 2025; expected 12 Jun 2026; MN-01068 ↗
Ampol – EG Australia: submitted 10 October 2025; expected 5 Jun 2026; MN-01019 ↗