In the 1990s, the JSE boasted more than 850 listed companies. By the time DealMakers was launched in 2000, that number had fallen to around 600. By 2012, it had declined to approximately 400 and today stands at fewer than 250 commercial equity listings. With further potential delistings on the horizon, including Putprop, Santam, Omnia, Brikor, Clientèle, RMH and Mahube Infrastructure, the downward trend shows little sign of abating.

The continued contraction raises important questions about the depth and attractiveness of South Africa’s capital markets. A smaller listed universe means fewer investment opportunities, reduced liquidity and potentially fewer avenues for companies seeking to raise capital and fund growth. Reversing this trend will require more than stemming the tide of delistings; it calls for renewed confidence in the economy and a more compelling proposition for companies to list and remain listed.

The shrinking listed market, compounded by a challenging economic and investment climate, has also had an impact on reported deal activity. During its first decade, DealMakers recorded an average of 500 deals annually, peaking at 696 in 2007. In 2015, 497 deals were announced, while 2019 closed with 491. Following the disruption of the pandemic and the subsequent rebound in 2021, activity has once again slowed. By mid-November 2026, the deal count stood at just 260.

The unlisted market has, to some extent, helped offset the decline in listed transactions. Although considerably more difficult to track, unlisted activity has grown substantially since DealMakers began recording these transactions in 2003, when just 93 were captured. This had increased to 300 by 2015, with 186 recorded in the first nine months of 2026. The growing contribution of private equity to this segment is particularly noteworthy.

For the nine months to September 2026, DealMakers recorded exchange-listed deal activity of 231 transactions, excluding failed deals, with an aggregate value of R538,62bn – a 16% decline in deal activity against the corresponding period in 2025. The number of BEE deals remained subdued, with just three transactions announced compared with 20 in the previous year. The influence of foreign companies with secondary JSE listings on aggregate values was again evident, accounting for half of the ten largest transactions. The largest transaction involving a South African-domiciled company was MTN’s acquisition of the remaining 75,3% stake in IHS, with an equity value of US$2,2bn.

Private equity has not escaped the slowdown. DealMakers recorded 60 private equity transactions in the listed and unlisted space in the nine months to September, compared with 90 in 2025 and 78 in 2024. Yet the sector breakdown offers some interesting insights. Technology led with 14 transactions, up from nine in each of the previous two years, followed by Energy and Transportation & Logistics, with six apiece, and Fintech with five.

The prominence of technology is particularly relevant as artificial intelligence moves beyond the hype and into practical application. For private equity funds, the opportunity lies not only in investing in technology businesses, but in using AI within portfolio companies to improve efficiencies, strengthen decision-making and generate measurable returns.

At the same time, global instability and regional volatility are prompting fund managers investing in Africa to rethink traditional strategies. Rather than relying solely on businesses operating within individual domestic markets, there is an increasing focus on building regional platforms that can diversify exposure, dilute local shocks and create opportunities for growth across borders.

The dealmaking landscape is changing. While the listed market continues to contract and transaction volumes remain under pressure, the unlisted space and private capital are assuming a more prominent role. How investors respond to this shifting environment – through greater selectivity, technology-driven value creation and a broader regional outlook – will be an important part of the next chapter in South African dealmaking.

DealMakers Q1 – Q3 2026 League Table – M&A activity by the top South African advisory firms (in relation to exchange-listed companies).

DealMakers Q1 – Q3 2026 League Table – General Corporate Finance activity by the top South African advisory firms (in relation to exchange-listed companies).

DealMakers is SA’s M&A publication.
The full report can be accessed as a free-to-read publication here on www.dealmakerssouthafrica.com