Australia contributed disproportionately to aggregate Asia-Pacific MA deal values in calendar 2021. So much so that the top half of the 10 largest transactions were mostly Australian ones and the global contribution of Australia to total deal volumes was almost three times the 10-year average.
Even if the pipeline eases on omicron fears or interest rate escalation, it should remain strong on account of all the things that drove MA last year: freely available debt and equity financing, eye-watering levels of dry powder in the hands of private capital, ESG restructuring motivations, new economy metals, more conducive regulatory environments and a board/securityholder drive for growth.
Stub equity too received far greater acceptance once the Australian Securities and Investments Commission released guidance waving through these offers provided that proprietary companies were not used as the offeror. This is significant because there are a number of listed entities with large security holders who would prefer to roll their equity than accept cash. Stub equity permits this while still prioritising cash.A in 2021 also saw innovations in deal finance in all shapes and sizes.
The way in which the Treasurer navigates the breadth of FIRB’s expanded critical infrastructure remit in an election year will send very important messages regarding inbound Australian M
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