The average scheme of arrangement took 122 days to implement in FY22, which was indicative of longer regulatory approval timetables and deals with more complexity.
The numbers were included in HSF’s detailed review of Australian public company M&A for the year ended June 30.
HSF’s lawyers found that FY22 was memorable for its mega deals (13 worth $1 billion or more), and its high completion rate (83 per cent vs 70.4 per cent in the previous five years).
“We didn’t have that many more transactions last year, the difference came in the scale,” Pedler said.
The mega deals included Sydney Airport, Afterpay, AusNet Services, Crown Resorts, Oil Search, CIMIC Group and Spark Infrastructure, each attracting bids valuing its equity at more than $5 billion. Demergers also ran hot, as seen by Tabcorp’s deal to spin-off The Lotteries Corporation.
Kam Jamshidi, another HSF partner who co-authored the report, said dealmaking conditions had become harder in recent months. However, there was still plenty of activity bubbling beneath the surface.
“Bidders are not shying away; they are present, they want to do deals,” he said.
“We had a war, we had a surge in inflation, we had central banks tighten rates more than expected, and notwithstanding all those things, bidders are still there, they still want to do deals.”
The HSF team’s predicting another big year in FY23. They’re looking for strategic buyers to step up, private capital to keep hunting listed infrastructure companies, a rise in metals and mining and tech company deals, and consortium bids.
The key, though, is speed, and the ability to lockdown those regulatory approvals.
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