SA Business Index: The business deals that defined the year
From a failed takeover of the state’s top company to lucrative divestments of one business climbing the ladder, it was the big sales that defined this year’s South Australian Business Index. InDaily reveals the machinations behind the final list being revealed on Friday.
There was palpable energy in the InDaily offices in the days leading up to the deadline set by Santos for its consortium of suitors to decide whether or not they would go ahead with a multibillion-dollar purchase of the oil and gas giant.
Sales talks were happening in the midst of considered analysis for the South Australian Business Index for 2025 – the state’s most trusted ranking of the top 100 companies in the state.
That Index will be revealed on Friday at a sold out lunch at the Convention Centre, attended by the biggest movers and shakers in Adelaide’s business scene.
While the cutoff date for assessment of the list was June 30, 2025, the possibility that the state’s largest business by a considerable margin could possibly drop off the Index was concerning for a variety of reasons.
Consideration of Santos being a significant employer for the state for one, and its value of approximately $25 billion as of June 30 represented about 35 per cent of the list’s entire value for the period. As reported, suitors Abu Dhabi National Oil Company withdrew its proposed takeover offer, believed to be worth $36 billion, last month.
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Unless another buyer has a crack at Santos this financial year, it would more than likely keep its top spot in 2026 too.
This was just one of the stories that defined the Index this year, with mergers and acquisitions playing a pivotal role in the movements of the state’s top companies.
RAA climbed up the ranks this year on the back of selling its insurance arm to Allianz Insurance for $642 million.
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The 20-year partnership ensured the products and services remained in SA, but Allianz now underwrites the insurance policies for the SA business.
Other initiatives like the rollout of its electric vehicle charging network across South Australia also had an impact for RAA, which has jumped over a number of major local companies in the rankings.
Another major deal was Codan’s acquisition of a US-based communications company called Kägwerks.
That $33.6 million purchase saw the South Australian tech business shake up the Top 10 this year, and added a global leader in tactical operator-worn networking communications technologies for defence environments.
Agribusiness giant Elders is also in the midst of a significant purchase.
The company announced last year that it would buy Delta Agribusiness for $475 million, filling gaps for the firm in New South Wales, North West Victoria, South Australia and Western Australia.
Last week, the corporate watchdog approved the purchase, subject to Elders divesting six Delta stores in WA.
Subscribe to InDaily to view the Top 100 South Australian businesses, which will be unveiled this Friday.
