Street Talk

One investment bank is dominating M&A and ECM dealmaking this year

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 3, 2025 – 8.00pm

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JPMorgan is the most active investment bank in mergers and acquisitions and equity capital markets over the past six months, working on deals with the highest combined value in Australia and New Zealand, thanks to roles on big-ticket transactions such as Santos’ $36.4 billion takeover.

Now its bankers are predicting more takeovers and fewer billion-dollar IPOs for the year ahead – despite a string of listings in recent weeks.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.