Looking back at the period Q1 – Q3 2025, deal activity has remained relatively consistent, showing a gradual improvement year on year, when compared with the same period in 2023 and 2024. This year’s aggregate deal value of R1,62trn is, however, heavily skewed by the Anglo American | Teck Resources merger, valued at R1,05trn (US$60bn). Excluding this outlier, total deal value comes to R571,89bn, up from R477,28bn in 2024 and R344,24bn in 2023 (pg 4).

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Conversely, BEE deal activity continues to decline, with many of the latest announcements representing extensions of existing, often underwater, structures – symptomatic of the framework’s ongoing struggle to deliver its intended economic outcomes. It will be interesting to see whether, under the current GNU dispensation, ongoing conversations about alternative empowerment mechanisms gain meaningful traction.

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Excluding the five failed transactions, 268 deals were recorded during the period, of which 40 were announced by companies with secondary inward listings on one of South Africa’s exchanges. The R50m – R200m value bracket once again accounted for the most deals. Sectorally, real estate continues to dominate deal flow, followed by resources and technology (pg 10). South African-domiciled, exchange-listed companies were involved in 44 cross-border transactions, with Africa (13 deals), Europe and the UK (8) the most active destinations – again led by real estate and resources activity.

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Companies also continued to return value to shareholders through repurchase programmes. During the first three quarters of 2025, companies repurchased R285,88bn in shares – nearly double the comparable 2024 period – with Prosus leading the charge. The largest General Corporate Finance transaction during this time was the unbundling by Anglo American of its stake in Anglo American Platinum, valued at R96bn (pg 6).

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Private equity continues to consolidate its presence in the dealmaking landscape. Over the past few years, the industry has had to adapt to higher capital costs, more challenging exits, and the growing influence of AI. This has prompted a strategic pivot toward private credit, as firms diversify their offerings to provide flexible financing solutions in a high-interest environment. In this context, earlier in the quarter, DealMakers – in partnership with Benchmark International and Bowmans – hosted Aligning Futures: Where Private Capital meets family ambition (Catalyst pg 7). The initiative brought together family business owners, private equity professionals and institutional investors to explore how private capital can align with family ambition and legacy-building in Africa.    

 

   

As we approach the close of the year, it is once again time to invite the M&A community to submit nominations for the DealMakers subjective awards (pgs 58 – 67). I am delighted to confirm that James Formby, Nicky Newton-King, and Phuthi Mahanyele-Dabengwa have kindly agreed, once again, to serve on the Independent Panel, tasked with selecting the shortlists and ultimate winners.

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The Ansarada DealMakers Annual Awards will take place at the Sandton Convention Centre Ballroom on 19 February 2026, marking the 26th year of this flagship celebration. The nomination deadline is 21 November 2025.

My sincere thanks go to our award sponsors for their ongoing commitment to the M&A community. I look forward to welcoming everyone in February, as we come together again to recognise and celebrate the critical role this industry plays in the growth and wellbeing of our country.