Here are 8 of the most important takeovers on the ASX so far in 2025!

This article recaps 8 of the most important takeovers on the ASX in 2025! This list is not necessarily the ‘biggest’ deals (although some do fit this category) and we have excluded deals like James Hardie’s buying of Azek where an already listed company buys a private company.

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8 of the most important takeovers on the ASX so far in 2025!

De Grey (ASX:DEG) taken over by Northern Star (ASX:NST)

The ASX’s largest gold miner (Northern Star) just got larger. It bought De Grey because it wanted the 5Moz Hemi project that was discovered in 2020 and has just kept getting bigger. It is by far from the only gold deal done during the boom but it is one of the largest. De Grey’s Hemi project is expected to commence production in mid-2026 and produce 530,000 ounces over the next 10 years thereafter. NST buying De Grey and operating it will ensure Hemi gets the finance it needs and De Grey investors get a return on their investment (in the form of NST shares).

Mad Paws (ASX:MPA) being bought by Rover

After years of being ignored by investors due to its cash outflows, US listed Rover Consideration wanted a piece of it. It offered A$0.14 per share in cash equating to an equity value of roughly A$62 million (including ~$13m cash from divestment). Rover wanted to enter the Australian pet-care marketplace via Mad Paws’ platform and network.

NSX (ASX:NSX) bought by the CSE

Yes, Australia’s competitor stock exchange is listed on its primary one. Until now, it has struggled to match the ASX because of the lack of liquidity. Australians have the money for a secondary market to exist like the AIM or CSE, but have not had the confidence due to the lack of liquidity. But the CSE bought out the NSX in May. CSE wants to to expand its geographic footprint and offer its companies to Australian investors and NSX companies to its own investors. It was not a big deal, only <$20m even if it was at a huge premium to the prior day’s closing price.

Silk Logistics (ASX:SLH) snapped up by DP World

Silk was bought out by Dubai-based DP World in July for $174m. The deal was ultimately approved by the ACCC in July after the regulator expressed concerns over competition. Many Australians may not know this, but DP services a third of the containers processed at the four ports it is present in Australia (Melbourne, Botany, Brisbane and Fremantle). Ultimately, it gave the green light.

Domain (ASX:DHG) acquired by CoStar

Domain left the ASX in August after Nasdaq-listed CoStar Group (NDQ:CSGP) bought it out. CoStar is a company that provides information, analytics, and online marketplace services – including online real estate market places. The deal followed many months of Domain underperforming its peer Rea (ASX:REA).

Dropsuite (ASX:DSE) acquired by NinjaOne

Dropsuite provided cloud-based backup services in Australia, North America and internationally. The company’s suite of products enables businesses and organisations to protect, backup, recover and monitor their important information. It was bought by NinjaOne for Cash at A$5.90 per share, valuing the company’s total equity at roughly ~A$420 million. The deal did not go through without controversy though. the Takeovers Panel found “unacceptable circumstances” involving the largest shareholder’s disposal of shares in the lead-up to the scheme announcement, with orders imposed.

The Reject Shop (ASX:TRS) bought by Dollarama,

Within the next couple of years, you’ll see Reject Shop outlets rebranded into Dollarama because the Canadian company behind that name bought TRS for $259m. The stores will be converted into a format similar to Dollarama in Canada, featuring supermarket-style shelving and a wider selection of products. The price point structure is also expected to be simplified and lowered

Apiam (ASX:AHX)

First it was VetPartners, then it was GreenCross and now Apiam is set to be the latest vet stock to be taken over. Sydney-based private equity firm Adamantem has offered $160m and as of late October 2025, the deal has not gone through but seems all but certain to given the board has backed the bid and founder/largest shareholder Christ Richards has indicated his support.