Are the M&A stars aligning?
The corporate dealmaking community was hoping for a better year after a difficult 2023. An early M&A flurry suggests that optimism may not be misplaced.
An investment banker tipping a big year for deals is a bit like the real estate agent predicting a good year for the housing market. The problem for the corporate dealmaking community, though, is that only one of those two has been true in Australia over the past few years (and yes, it was house prices).
Still, there are good reasons to think things could finally change for deals in 2024, and the approval of ANZ’s acquisition of Suncorp’s bank today only adds to the momentum in the M&A landscape.
A lot of people will be breathing a sigh of relief after the Australian Competition Tribunal’s decision, including ANZ chief executive Shayne Elliott and Suncorp CEO Steve Johnson and the army of lawyers who supported them, from Ashurst and Herbert Smith Freehills respectively.
But the real winners are arguably the investment bankers who worked on the deal, who risked not being paid if it didn’t get across the finish line. ANZ was advised by Tony Burgess’ Flagstaff Partners while Suncorp had Matt Grounds’ Barrenjoey in its corner.
