Mergers & Acquisitions

Cross Border Investment

Navigating Global Capital with Confidence

In a volatile and unpredictable geopolitical framework, foreign direct investment in Australia is shaped by an evolving concept of national security concerns and heightened scrutiny. Success requires more than technical compliance, it demands strategic judgment, global awareness and local certainty.

Clients trust us where the stakes are highest and time-critical, when political sensitivity, timing pressure and commercial complexity converge. Mallesons’ dedicated Foreign Direct Investment team is uniquely positioned to guide clients (both sell and buy-side) from an upfront strategy through to approvals and divestment.

Global perspectives, grounded in Local Insight

We operate at the intersection of global capital flows and Australia’s regulatory frameworks, delivering:

  • An integrated, single desk team – spanning Competition/Anti-trust, Trade Controls, Foreign Direct Investment, Security of Critical Infrastructure requirements/national security and Tax, ensuring seamless advice across structuring, financing, negotiation, approvals and execution
  • More than combined Foreign Investment Review Board (FIRB) and national security expertise – navigating evolving policy, regulation and political impacts with precision
  • First choice for complex and sensitive mandates - on transactions where competition, national interest and geopolitical risk converge are critical in an evolving regulatory landscape
  • Real-time policy insight – informed by active engagement with government, regulators and industry
  • Commercially driven advice – balancing regulatory outcomes with deal certainty, timing and value

Our single, integrated team ensures clients receive consistent, strategic advice across jurisdictions, anchored in deep local regulatory realities, focused on getting deals done.

Our Expertise in Mergers & Acquisitions
Explore All Expertise
Industry Recognition
  • Spotlight, Foreign Investment
    Chambers and Partners, 2026
Testimonials
  • The team is regularly called upon by a broad range of clients to advise on the FIRB approval aspects of high value cross border mergers and acquisitions. The firm is able to provide in-depth insights as it boasts former case officers from the Foreign Investment Division among its team members” (1 of 3 firms recognised as leaders in their field)
    Chambers & Partners, 2026
  • Very experienced in handling different types of cross-border deals involving complicated transaction structures; they certainly do well advising Chinese clients on overseas matters.”
    Chambers Asia Pacific 2026

Latest Thinking

Publication

It's Public

Welcome to It's Public. Your go-to publication and podcast for Australian public M&A.

27 July 2026

Insight

Back, but selective: global and cross-border M&A

If you had to sum up the global M&A market in mid-2026 in a single phrase, it would be ‘back, but selective’.

27 July 2026

Insight

Despite geopolitical volatility, dealmakers keep moving

If the first half of 2026 was expected to be defined by geopolitical uncertainty, the Australian M&A market told a different story.

27 July 2026

Publication

Doing Business - Mallesons’ Guide to Doing Business in Australia

Doing Business - Mallesons’ 2026 guide to doing business in Australia - is your essential resource for investing and undertaking business operations in the Australian market.

30 April 2026

Insight

AI data centres in Australia: breaking down barriers to investment

AI data centres in Australia: breaking down barriers to investment

29 April 2026

Insight

Dealmaking: the new cartography

Geopolitics has transformed dealmaking, shaping and influencing transactions. Deals are now as much a reflection of political geography as they are a business opportunity.

12 March 2026

Insight

SOCI update: proposed enhancements to CIRMP Rules

At the end of 2025, the Department of Home Affairs (the Department) released a consultation paper for proposed enhancements to the Security of Critical Infrastructure (Critical Infrastructure Risk Management Program) Rules 2023 (CIRMP Rules) for certain asset classes (Consultation Paper).

30 January 2026

Insight

Business leaders reveal their next direction

Australian directors and senior business leaders have spoken in this year’s KWM Directions 2025 Report: Stepping Up To The Productivity Challenge – our essential guide to what is ‘top of mind’ in boardrooms across the country.

12 December 2025

Publication

OnBoard December 2025

Leading market insights purposefully curated for directors, general counsel and company secretaries.

12 December 2025

Publication

DealTrends

Welcome to KWM’s DealTrends in FY24 and FY25, our annual market report on Australian Private M&A deals between 1 July 2023 and 30 June 2025.

11 December 2025

Insight

Australia's AI Plan: Where is Australia going with AI?

We map the key elements in the Australia Government's National AI Plan.

05 December 2025

Insight

Back to the future: the re-emergence of the golden share

And like Marty McFly – golden shares are back conferring on governments rights about strategic matters, including the identity of future owners.

11 November 2025

Insight

It's Public: November 2025

Welcome to the third edition of It’s Public, your go-to publication and podcast for Australian Public M&A.

11 November 2025

Insight

FIRB / ACCC: Approval pathways converge

FIRB recently announced policy changes to streamline its application process and reduce regulatory duplication, requiring applicants to disclose information about competitive overlaps between merger parties.

21 October 2025

Insight

Navigating Australia’s evolving M&A regulatory landscape: a strategic playbook for financial sponsors

It will not have escaped those participating in Australia’s M&A ecosystem that the regulatory burden has evolved substantially, particularly over the last 5 to 10 years. The days of a single relatively administrative filing obligation, and possibly a couple of informal chats with industry and market regulators to confirm positions, have for most participants long disappeared. Today, the M&A regulatory framework is significantly more complex and dynamic. For those participating, it now offers less upfront clarity, takes longer and costs more to navigate.

15 August 2025

Insight

Updates to the Annual CIRMP Report webform

Responsible entities who are submitting their 2025 Critical Infrastructure Risk Management Program (CIRMP) report should be aware that the form was updated by the Critical Infrastructure Security Centre (CISC) in April this year.

24 July 2025

Insight

Enforcement starts now: Grace period for defence export controls is over

Significant and wide-ranging changes to Australia’s defence export controls regime were introduced in September 2024.

08 May 2025

Insight

Conditionally yours: tackling FIRB uncertainty in foreign bids

Tectonic shifts in the global order are seeing security and economic considerations collide. While nations like Australia will proclaim to be ‘open for business’ and welcoming of foreign investment, actions speak loudly.

25 March 2025

Insight

CISC is consulting on rules to be made under Omnibus Cyber Security and Critical Infrastructure Package

The Cyber and Infrastructure Security Centre (CISC) is consulting on proposed new rules to support the implementation of the Government’s recently assented Omnibus Cyber Security and Critical Infrastructure Package. Consultation closes on 14 February 2025.

24 January 2025

Insight

‘The great wait’ - How will the upcoming federal election impact your FIRB application?

With another Federal Election looming on the horizon in 2025, we are expecting that the processing time of FIRB applications will be impacted, potentially (with other factors considered) even up to mid-2025.

10 December 2024

Insight

First CIRMP annual reports under the SOCI Act - due soon

Responsible entities who are subject to the Security of Critical Infrastructure (Critical infrastructure risk management program) Rules (LIN 23/006) 2023 (CIRMP Rules) are required to submit their first annual report within 90 days of the end of the financial year (by 28 September 2024). Responsible entities should now be taking steps to prepare the annual report to ensure it is ready to submit by the deadline.

10 July 2024

Publication

KWM's Guide to Doing Business in Australia 2024

KWM’s Guide to Doing Business in Australia is your essential companion to unlocking Asia Pacific growth and innovation opportunities.

10 May 2024

Insight

Strengthening and streamlining Australia’s FIRB muscle: making foreign investments work harder

For years Australia has been adding layer upon layer of complex foreign investment rules and powers.

01 May 2024

Insight

Australia’s Foreign Investment Regime and Critical Minerals – “major overhaul” to be announced today by the Treasurer

As the global energy transition continues to develop, change is on the horizon. Global critical mineral supply and demand, technological development, and the clean energy transition will continue to drive investment as government and industry stakeholders look for opportunities.

01 May 2024

Insight

The Dispatch - March 2024

We’re excited to bring you the first edition of The Dispatch for 2024 with a renewed focus on celebrating your teams and clients transaction wins.

26 March 2024

Insight

Investing in Australia? Here’s what you need to know about Australian FDI in 2024

The new year brings another evolution of the FIRB landscape. It is well known that the FIRB landscape is constantly shifting in open and not so open ways.

15 February 2024

Insight

FIRB fee reductions: a boost for investment in build-to-rent

Just in time for Christmas, the Australian Treasurer announced a welcome change to the treatment of build-to-rent (BTR) projects under the foreign investment regime.

12 January 2024

Insight

Register of Foreign Ownership of Australian Assets

Just when you thought the FIRB regime could not get more complex. Foreign investors in Australia will need to be prepared for new registration obligations under Australia’s foreign investment regime. The Register of Foreign Ownership of Australian Assets (New Register) is expected to start operating on 1 July 2023.

23 March 2023

Publication

M&A in the City 2023

Coming into 2023, macro-economic headwinds - inflation, rising interest rates, and unrest overseas – are still lingering from the previous year. Will we see a renewed surge of M&A activity, will the market remain as is, or will we return to pre-2021 deal activity (or worse)? It’s anyone’s guess.

16 February 2023

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Latest News

Deals

Mallesons advises Quadrant on investment in Advanced Navigation

Mallesons has advised Quadrant Private Equity (Quadrant) on its significant minority investment in Advanced Navigation in connection with its Series C capital raise.

28 April 2026

Deals

Mallesons advises EMR and Adaro on US$2.4bn Kestrel sale to Yancoal

Mallesons has advised EMR Capital and Adaro Capital on the sale of their 80% interest in the Kestrel coal mine to Yancoal Australia Ltd, a subsidiary of Yankuang Energy Group Company, for total consideration of up to US$2.4 billion.

17 April 2026

Deals

Mallesons advises NEXTDC on A$1 billion hybrid securities offer to support data centre expansion

Mallesons has advised NEXTDC Limited (ASX: NXT) on its A$1 billion hybrid securities offer. The hybrid securities are a rare 100-year subordinated debt instrument the proceeds of which will support the continued expansion of NEXT’s data centre platform.

14 April 2026

Deals

Mallesons advises AgBiTech on its sale to BASF Agricultural Solutions

Mallesons has advised AgBiTech, a global leader in biological crop protection solutions and a portfolio company of Paine Schwartz Partners (PSP), on its sale to BASF Agricultural Solutions, a division of German multinational BASF.

13 April 2026

Deals

KWM advises Narellan Group Pty Ltd. on its acquisition of Freedom Pools

King & Wood Mallesons (KWM) is pleased to have advised Narellan Group Pty Ltd. and its U.S. parent company, Latham Group, Inc. on the acquisition of Freedom Pools, a fibreglass pool manufacturer and installer operating in Australia and New Zealand.

05 March 2026

Deals

KWM advises Local: Residential on $370m South Melbourne build-to-rent project

King & Wood Mallesons (KWM) has advised Local: Residential on its acquisition and financing of a well-located site in South Melbourne, to be developed into a build-to-rent apartment project with a complete value of $370 million.

12 February 2026

Deals

KWM advises AtkinsRéalis on its acquisition of ADG Engineers

King & Wood Mallesons (KWM) has advised AtkinsRéalis Group Inc. (TSX: ATRL) on its acquisition of ADG Capital Pty Ltd, the holding company of ADG Engineers, a leading national engineering and digital consultancy.

02 December 2025

Deals

KWM advises QIC and Future Fund on the $750 million acquisition of AGL’s stake in Tilt Renewables

King & Wood Mallesons (KWM) is proud to have advised both Queensland Investment Corporation (QIC) and Future Fund on the $750 million acquisition of AGL’s stake in Tilt Renewables.

28 November 2025

Deals

KWM advises CBH Group on A$215 million Interflour Group divestment

King & Wood Mallesons (KWM) is proud to have advised Co-operative Bulk Handling Limited (CBH) on the sale of its 50% shareholding in South-East Asian flour miller Interflour Group to Upper Pickering Holdings Ltd, a private investment firm based in Hong Kong, in a transaction that generated net proceeds of A$169 million. In addition, CBH has received the full repayment of a shareholder loan from Interflour of A$46 million (US$30 million).

24 November 2025

Deals

KWM advises Pepper and its consortium partners on landmark $21.4B RAMS portfolio acquisition

King & Wood Mallesons (KWM) is proud to have advised Pepper Money Limited (Pepper) and its consortium partners on their agreement to acquire Westpac’s $21.4 billion RAMS home loan portfolio.

11 November 2025

Deals

KWM advises Novomatic AG on its proposed scheme for Ainsworth Game Technology

King & Wood Mallesons (KWM) is pleased to be advising Europe’s largest gaming technology group, Novomatic AG (Novomatic) on its proposed acquisition of all of the outstanding share capital of ASX-listed Ainsworth Game Technology Limited (AGI) in a transaction valuing the company at ~$340m by scheme of arrangement. A binding Scheme Implementation Deed was signed on 28 April 2025, and implementation is expected to occur in August 2025.

06 May 2025

Firm News

Asia focus, strength in Private Capital markets and maturing transition economy drive strategic partner hires for King & Wood Mallesons

King & Wood Mallesons (KWM) has appointed three highly experienced practitioners to its partnerships in Australia and Singapore, reflecting the firm’s commitment to its strategic vision and attentiveness to client need.

06 February 2025

Deals

KWM assists China Molybdenum on its US$550 million gold and silver streaming transaction

King & Wood Mallesons (KWM) continues to support long-term client China Molybdenum Co., Ltd on its global growth, as Australian and Hong Kong counsel on its US$550 million streaming transaction with Triple Flag Precious Metals Corp. (Triple Flag). Triple Flag will receive gold and silver deliveries determined by reference to production from the Northparkes copper-gold mine in New South Wales.

22 July 2020

NEWS

KWM Works With Lion On The Sale Of Its Dairy And Drinks Business

King & Wood Mallesons (KWM) has advised Lion on the sale of the Lion Dairy and Drinks business to China Mengniu Dairy Company Limited (Mengniu).

28 November 2019

NEWS

KWM hosts first industry forum on major foreign policy initiative

The first-ever industry symposium on the Australia Government's signature foreign policy initiative, the New Colombo Plan (NCP), was co-hosted by King & Wood Mallesons (KWM) and the Department of Foreign Affairs and Trade at KWM's Sydney office this week.

04 July 2018

NEWS

KWM acts on G8 Education Limited’s A$212.8 million placement

King & Wood Mallesons (KWM) has advised G8 Education Limited (G8) on its proposed A$212.8 million placement to CFCG Investment Partners International (Australia) Pty Ltd (CIPI), in its capacity as the Manager of the First Capital Australia Education Master Fund. CIPI is a wholly owned subsidiary of the China First Capital Group Limited.

07 March 2017

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