Blackstone, Murdoch Breathe New Life Into Australia M&A Scene

Deal activity is on the verge of bouncing back in Australia, giving bankers a boost after a soft year for mergers and acquisitions.

Blackstone Inc. is closing in on an acquisition of Sydney-headquartered data center operator AirTrunk for more than A$20 billion ($13.5 billion) including debt, in what could be one of the largest digital infrastructure deals this year. And Australian real estate listing provider REA Group Ltd., part of Rupert Murdoch’s empire, is considering a cash and share offer for Rightmove Plc, the UK’s biggest property portal by market share.

With a strong deal pipeline in ...