The top 10 deals by value reflected this pattern, with resources and real estate dominating. Highlights included Gold Fields’ acquisition of Gold Road Resources (A$3,7bn|R43,7bn) and Primary Health Properties’ acquisition of Assura (£1,79bn|R43,3bn) (pg 6).
 

Excluding deals by foreign companies with secondary listings in South Africa, deal value for H1 2025 more than doubled to R228,5bn. SA-domiciled, exchangelisted companies were involved in 31 cross-border transactions during the period, with Africa, Australia and Europe the most active destinations. Once again, real estate deals topped the list, followed by technology (pg 7).
 

Despite increased opportunities, many companies remain cautious, holding cash yet to be deployed. Instead, firms have turned to multi-billion rand share buyback programmes and special distributions to reward shareholders (pg 6).
 

The scale of this shift is striking:
•In H1 2010, repurchases accounted for 10% of General Corporate Finance (GCF) activity and just 2% of aggregate transaction value.
•By H1 2020, in the midst of the COVID-19 pandemic, they had risen to 33% of activity and 10% of value.
•Fast forward to H1 2025, repurchases dominated, representing 50% of GCF transactions and value (R227,5bn). Together with special and capital reduction distributions (R30,4bn), companies returned R258bn to shareholders in the period.

Once again, DealMakers hosted a successful Women in SA’s M&A and Financial Markets Industry networking event in Johannesburg.
Grateful thanks go to our incredible panel and all who attended – the morning made for an inspiring and impactful gathering, filled with meaningful conversations that will no doubt continue to resonate and drive progress. The Women’s feature released at the event continues to grow and, this year, profiled over 159 women across the continent. It is hoped that the stories shared inspire others to imagine what is possible, and to know that not only is there room, but there is real opportunity for women in this dynamic and impactful space.