It's been a record year for mergers and acquisitions in Australia and overseas – and there’s still more to come
“2021 has been an outstanding year for Australian M&A, with a string of large-scale deals outpacing previous cycles. Amidst the deal frenzy, prices have skyrocketed to the highest average deal value in our M&A Outlook history,” Corrs Chambers Westgarth’s head of corporate, Sandy Mak, says.Edwina PicklesEY’s head of M&A across Oceania, Duncan Hogg, describes 2021 as the year of the mega deal - the $10 billion-plus acquisitions that generally happen only once every two to three years.
The scene was set in August last year when Australia’s corporate sector pivoted from bunker mode - as COVID-19 uncertainty panicked the market - to aggressively chasing opportunities in a way that mimicked the groundswell of change that followed the global financial crisis .UBS co-head of mergers and acquisitions Nick Brown says there was a big spike of transactions following the GFC, from 2010 to 2013, as corporates looked at restructuring their portfolios.
“We saw a huge number of mergers, investments, and then acquisitions for growth. I think we’re seeing the same thing happening now,” he says. Brown says 10 years of technological change, like the adoption of online shopping, happened in six months, and executives began asking themselves ‘how do we position ourselves for the next 10 years?’.failed $5 billion bid from US design software heavyweight AutodeskThe value of Square’s scrip bid for Afterpay has sunk with its share price, but it will still debut as the biggest listing on the ASX next year.
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