Street Talk

Xero preps monster capital raising for M&A; mandates JPMorgan, UBS

Fund manager sources said the software maker has been preparing a cash call of just under $2 billion with the term sheet expected within hours.

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 25, 2025 – 7.36am

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The $30 billion accounting software giant Xero is expected to launch a blockbuster capital raising to fund M&A on Wednesday morning.

Fund manager sources said Xero has been preparing a cash call of just under $2 billion via UBS and JPMorgan, with the term sheet expected within hours.

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.