- About the event
Thursday, 1 October 2020
09:45M&A in Australia: The truth behind the headlines:
In line with an industry-wide global slowdown, M&A volume in Australia has plummeted. However, regardless of the impact of the pandemic, Australia’s fundamentals continue to make it an attractive and reliable market for investment – one that is poised for a quicker bounce-back compared to the rest of Asia Pacific. Although the localised COVID-19 outbreak in Victoria dampened sentiment in early June, dealmakers have been busy preparing for the rebound. Expectations are high that divestitures of non-core assets will feature as a steady source of deal flow, valuations will moderate, and pandemic-resilient sectors will drive activity as people adapt to the new normal. Our leading advisers share their observations and predictions.
- To what extent has the playbook been rewritten, and how do super funds and corporates feel about the market?
- With protectionism on the rise globally, how will M&A dealmakers adapt in terms of pitching deals and looking for buyers?
- How will competition between the public and private markets play out in the coming years?
- Will remote working have a long-term and fundamental impact on dealmaking?
- How do you approach the misalignment of valuations between buyers and sellers? Will there be a natural correction as stimulus packages start to run out and firms begin to divest non-performing assets?
Morrow Sodali is the leading and most experienced shareholder engagement firm in APAC, having been mandated in over 500 transactions valued at more than $600 billion since 2006. They have the deepest experience in mergers, acquisitions and demergers, and are the only firm to provide an in-house corporate governance team consisting of ex-proxy advisors and ESG specialists. With the support of corporate M&A advisors and companies alike, Morrow Sodali have been mandated on most M&A events in Australia over the past 25 years and are trusted because they carry unrivalled expertise in engaging and achieving results from both the institutional and retail constituencies of a share register.
From headquarters in New York and London, and offices in major capital markets, including Sydney, Seoul and Hong Kong, Morrow Sodali serves more than 700 corporate clients in 40 countries, including many of the world’s largest multinational corporations.Dan Janes Managing Director, Co-Head of Investment Banking (Australia and New Zealand), BANK OF AMERICA
11:00Mid-market M&A: What is really going on?
Traditionally one of the more active parts of the landscape, mid-market participants have taken a bit of a wait-and-see approach to investing this year. Players are confident that activity will bounce back and predict that Australia will provide an abundance of mid-market deals. New/advanced technology companies that have adopted innovative business strategies and who can compete in the battle for market share with larger companies and traditional industry leaders make for attractive targets. As lenders scrutinise deals, the challenges surrounding financing will be at the forefront of people’s minds. Our panel discusses what they see ahead as they plan their next investments.
- How would you describe this last year in terms of variability of deal outcomes and changes to the norm? How have due diligence processes changed to accommodate such uncertainty?
- Why is the mid-market still a bright spot in Australian activity, how would you describe activity levels , has deal flow picked up much from the low, and what is the outlook?
- What are thoughts on the rapid shift in consumer behavior to online purchasing and how it has impacted deal flows & which other sectors will lead the way?
- Private equity: friend or foe for mid-market M&A? What should we expect this coming year?
- What innovative financing structures are in place to get mid-market deals over the line? What about deal protection mechanisms for buyers -what has changed?
At Deloitte, we are driven to create an impact that matters at every opportunity. Advising corporate, financial and private investors on mid-market and cross border mergers & acquisitions. Our integrated offering of M&A advisory, due diligence, macroeconomic forecasting and tax structuring can deliver optimal solutions for our clients, with the right action for every transaction. Deloitte’s multi-dimensional approach addresses the breadth of perspective needed to deliver breakthrough solutions. We connect the talents of more than 310,000 global professionals and our IP and technology alliances–collaborating to drive impact.
14:15Private equity: An essential role in the M&A ecosystem
Private equity is expected to continue to be a key driver of M&A activity in Australia with funds showing up in nearly all processes across the opportunity set. Having a reported AUD13 billion in dry powder and an ability to act nimbly, private equity has established itself as an essential part of the landscape’s recovery. Our panel of experts discuss how they have navigated the past year, as well as share what opportunities are on the horizon.
- How are managers getting deals done in the current environment and how do you get comfortable with assessing value?
- What does private equity do differently to win deals? Are they focusing on roll ups or buy-andbuild strategies?
- Is the pandemic an opportunity similar to the 2007–2008 global financial crisis? How are firms more prepared and how do they ensure they can add value?
- What is private equity’s evolving role in financing transactions?
15:15Cross-Border: Triumph in adversity?
Cross-border transactions have always been challenging, with the complexities of doing deals during a pandemic and countries slipping into recession only compounding the issue. For dealmakers who manage to get contracts signed, completion will take longer and a prolonged due diligence phase is to be expected. Despite the challenges, Australia remains an attractive destination for foreign buyers due to its strong rule of law, relatively strong economy, and attractive exchange rate. Our senior experts share their experiences.
- How do you construct an international takeover under the existing conditions and is Japan still the hot ticket?
- Have new regulations really been the obstacle to getting deals done?
- How will geopolitical tension in the region between the US and China affect Australia’s position as a traditional destination for foreign investment
- Which emerging countries/markets instead of China could be the next driving force for deals in Australia?
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Maggie is Mergermarket’s Australia Bureau Chief, leading a team of journalists across Australia and New Zealand to write about corporate growth strategies, M&A deals, PE buyouts, cross-border M&A intelligence, as well as data-backed analysis and trend pieces.
Working closely with her colleagues around world, she has been leading the Australian bureau’s cross-border coverage, particularly between Australia and Asia. She also acts as a coordinator on the ground in Australia to facilitate cross-product collaboration between Mergermarket and other sister publications under Acuris, including DealReporter, Inframation and PaRR.
She previously worked at The Australian and Reuters, starting her Australian journalism career in the Press Gallery in Canberra. Maggie has been based in Sydney since 2013.
A long-serving diplomat, David Irvine was Australian High Commissioner to Papua New Guinea from 1996-1999 and Australian Ambassador to the People’s Republic of China between 2000-2003, also concurrently Australian Ambassador to Mongolia and to the People’s Democratic Republic of Korea. He subsequently became the only person to have served as the head both of Australia’s foreign intelligence collection agency and its domestic security agency – positions he held for almost twelve years.
He is currently the Chairman of the Foreign Investment Review Board. He is an Adjunct Professor at Charles Sturt University and also assists at the National Security College within the Australian National University. He chairs the Cyber Security Research Centre, a not-for-profit company promoting industry investment into Australia’s cyber research capabilities in conjunction with the Government’s Cooperative Research Centre programme.
Irvine has published two books on Indonesian culture. He has honorary doctorates from the University of Western Australia (Letters) and Edith Cowan University (Science). He is a Fellow of the Australian Institute of International Affairs and was a member of the Advisory Council of the National Archives of Australia for nine years.
Irvine was appointed an Officer of the Order of Australia (AO) in 2005 for services to the promotion of Australia’s international relations.
- · John has 10+ years of corporateadvisory experience
- · John has advised on over A$20billion in mergers and acquisitions and capital markets transactions inAustralia and internationally, including:
- · Demerger of United Malt fromGrainCorp (~A$2 billion)
- · Private equity investor on its bidto acquire IFCO (unsuccessful)
- · Demerger of South32 from BHPBilliton (~A$12 billion)
- · Asciano’s potential divestment of aminority stake in Patrick to China Merchants (~A$2 billion, withdrawn)
- · Barrick Gold acquisition of Equinox(~A$7.5 billion)
Dan is a Managing Director and Co-Head of Investment Banking and member of the Executive Committee for Bank of America in Australia and New Zealand. He joined from Credit Suisse in Australia, where he was Co-Head of Investment Banking Coverage and Head of Corporate Finance and the Founding Head of Investment Banking for Credit Suisse Emerging Companies. Prior to this Dan was Managing Director and Co-Head of Investment Banking at Barclays in Australia, where he established the bank's corporate finance and M&A teams.
During his 25 year investment banking career in London, New York and Sydney, Dan has advised and led, on behalf of clients, a wide range of high profile transactions. These have involved many of Australia's landmark transactions, including over $130bn successful M&A transactions and over $60bn of capital markets transactions.
Dan graduated from Newcastle-upon-Tyne University in Politics, Philosophy and Economics and holds a Masters in International Financial Analysis. He is also a Fellow of the Institute of Chartered Accountants of England and Wales.
Dan sits on the Boards of the Centennial Parklands Foundation and Chairs the Australian National Maritime Museum Foundation.
Jonathon Mant is Co-Head of Mergers & Acquisitions, Australasia at UBS. Prior to joining UBS in 2005, he was a Senior Associate at Allens Arthur Robinson and spent time seconded to the Takeovers Panel Executive. Jonathon specialises in complex public market situations, including takeovers, schemes of arrangement, demergers and restructures
Dan Yang joined Aristocrat in February 2019 as the Chief Strategy Officer and is responsible for overseeing strategy, M&A, and corporate development functions for the company.
Prior to joining Aristocrat, Yang was Executive Vice President, Strategy and Business Development at Viacom’s Music & Entertainment Group. He also served as General Manager of the group’s Consumer Products business. Before this he was a management consultant in Booz Allen & Hamilton’s Communications, Media and Technology practice. Yang received his Master’s Degree in Business Administration from the Massachusetts Institute of Technology and his Bachelor’s Degree in Economics and Rhetoric from the University of California, Berkeley.
Tony is a Partner at Deloitte and its Head of M&A Advisory in Australia and Asia Pacific. He has extensive lead advisory experience in mergers, divestments, acquisitions, advising Boards of local and international companies and Private equity funds.
He is experienced in both public market and private treaty transactions. He is also a member of the Institute of Chartered Accountants in Australia.
Jasmine Sprange is an M&A partner for Norton Rose Fulbright and has been an ASX listed financial services GC. Jasmine advises financial institutions on strategic domestic and cross-border M&A, as well as corporate and commercial transactions such as joint ventures, across the financial services, infrastructure and real estate sectors. Jasmine has advised on a number of Australia’s significant strategic corporate transactions and regularly deals with regulators relevant to implementing transactions, including ASIC, APRA, FIRB and ASX.
John White has more than 15 years’ experience in private equity, is a highly regarded director with expertise across multiple sectors and has transaction experience spanning Australia and New York.
Mr. White was a founding partner of Next Capital following the successful spin-out from Macquarie Bank in 2005, where he was a principal of Macquarie Bank’s private equity arm, Macquarie Direct Investment.
Since establishing Next Capital, he has executed multiple new investments and exit transactions, and has had deep involvement in the ongoing management of portfolio companies across a multitude of sectors. These include Vitaco, Onsite Rental Group, Discovery Holiday Parks, GoBus and Infinite Care. Next Capital’s focus is on expansion capital and small to mid-market buyouts in Australia and New Zealand, where the Partners see considerable investment opportunity.
Mr. White is currently a non-executive director of portfolio companies Noisette, New Zealand Buses and Fun-Lab.
Prior to the establishment of Next Capital, Mr. White held a number of senior roles at Deutsche Bank (including Head of the Australasian Telecommunications and Media Advisory Group), as well as Ferrier Hodgson, where he focused on corporate reconstructions and the sale of distressed assets in Australia and New York. Mr. White also served as Chairman of the Australian Venture Capital Association Limited (AVCAL) for a number of years.
Mr. White holds degrees in Commerce and Law from the University of NSW and is a fellow of FINSIA.
Kounny is a highly regarded M&A partner and adviser to the private equity sector, advising global and domestic sponsors on complex buyouts, bolt-on acquisitions, restructurings and exits. Her transaction experience spans multiple sectors, including health, consumer goods and services, tourism and financial services. She is consistently recognised as a leading private equity lawyer by Chambers Asia Pacific, where clients have described her as someone who 'delivers expert, pragmatic advice in a commercial context.
Robin Bishop is founding partner of BGH Capital. BGH Capital was established in 2017. It is headquartered in Melbourne, Australia and is an independent investment firm, owned and managed by its founding partners. At A$2.6 billion, BGH Capital Fund I is the largest private equity fund focused on Australia and New Zealand. BGH Capital partners with entrepreneurs and management teams in Australia and New Zealand to help them build strong, sustainable, market-leading businesses.
Previously, Robin was Head of Macquarie Capital, Australia and New Zealand, overseeing the region’s largest investment banking team. Robin has led over A$125 billion in M&A mandates and over A$40 billion in capital raising assignments across a range of sectors and markets.
Robin has extensive investment experience. As Head of Macquarie Capital, Australia and New Zealand Robin oversaw Macquarie Capital’s balance sheet investments in the region. He also personally led two of Macquarie Capital’s most significant private equity investments. Robin received a Bachelor of Commerce, a Bachelor of Laws (Honours) and Bachelor of Arts from the University of Melbourne.
Robin is a Commissioner on the Australian Football League Commission and a non-executive director of the Burnet Institute for Medical Research. He currently serves on the Australian Takeovers Panel.
Andrew Bullock is a Managing Director of Adamantem Capital. Andrew was previously a partner at Gilbert + Tobin from 2006 to 2017, serving as head of the firm’s corporate advisory team and its market-leading private equity practice. Prior to Gilbert + Tobin, Andrew was a partner at Minter Ellison and also spent three years in the London office of Freshfields Bruckhaus Deringer. He is a current director of Bailador Technology Investments Limited and of the Foundation of the Scots College, Sydney. He has a Bachelor of Arts from the University of Sydney and a Bachelor of Laws from the University of New South Wales.
Sam Johnson is a Partner of Affinity Equity Partners and Country Head of Australia for the firm.
Sam has been with Affinity for almost 15 years and has worked on most of the deals completed by Affinity in the Australian market, including TEG, MedicalDirector, Primo and Loscam.
Prior to joining Affinity, Sam worked in the Investment Banking Division of Credit Suisse in Sydney from 2001. Sam received a Bachelor of Commerce and a Bachelor of Economics from the University of Queensland and is a Graduate of the Australian Institute of Company Directors.
Ian is a Partner at Deloitte and the National Leader of M&A. He has extensive M&A and IPO experience, advising corporate clients and Private equity funds to execute potential acquisitions, divestments, and ASX listings. Ian is also a member of Deloitte’s Global M&A executive leading the Future of M&A initiative globally.
Simon Mordant specialises in advising local and multinational companies and Government on their capital markets strategy and merger and acquisitions.
Simon has been a practising corporate adviser in Australia since 1984 and is a Fellow of the Institute of Chartered Accountants.
Simon is Executive Co Chairman and founder of Luminis Partners in affiliation with Evercore. He previously co-founded Caliburn Partnership which was sold to Greenhill in 2010 and prior to that was Head of Corporate Finance at BZW Australia and ABN AMRO.
Simon is a passionate collector of contemporary art with a long history of benefaction to the Arts. In 2007 he was appointed Chairman of the Museum of Contemporary Art Foundation which was re-established to raise funds for the $53 million capital campaign for its redevelopment. For 10 years until 2020 Simon was Chairman of the Board of the MCA Australia.
Simon chairs the NSW Visual Arts Board, is a director of MOMA PS1 in New York, a Trustee of the American Academy in Rome, a member of the International Council of The Museum of Modern Art in New York, a member of the Executive Committee of the Tate International Council, a director of the Garvan Research Foundation, a member of the Advisory Board of Venetian Heritage in Italy, Chair of Lend Lease’s Art Advisory Panel for Barangaroo, a member of The Centre for Independent Studies Board, a member of The Ethics Centre Board and a Sydney Committee member of Human Rights Watch. He was Australian Commissioner for the 2013 & 2015 Venice Biennale, a director of the Australian Broadcasting Corporation 2012-2017, Deputy President of Takeover Panel 2000-2010 and past board member of Opera Australia, Sydney Theatre Company, Bundanon Trust, Museum of Contemporary Art (MOCA) Los Angeles and Wharton Executive Board for Asia.
In 2020, Simon was knighted in Italy and awarded the Order of the Star of Italy (Cavaliere dell’ Ordine della Stella d’Italia) and was awarded an AO being made an Officer in the General Division of the order of Australia for Distinguished service to the visual arts at a national and international level, to emerging artists, and to philanthropy.
In 2012, Simon was awarded an AM being made a Member in the General Division of the Order of Australia for Services to the Arts and to the cultural environment of Australia through philanthropic and executive roles, and to the community.
In 2010 Simon and his wife Catriona were awarded the Australia Business Arts Foundation’s Goldman Sachs Philanthropy Leadership Award.
Peter O’Connell is an experienced corporate executive, entrepreneur and Board director with expertise in the telecommunications, technology and energy industries. Peter practiced for 15 years (until 1995) as a commercial lawyer specializing in international transactions (mergers and acquisitions) in Asia, Central Asia, the USA, Europe and the Gulf States. Since 1995 Peter has held various C level positions (including CEO) in Australian and European companies. Peter and his business associates now invest mainly in Technology companies. Peter is a co-founder of amaysim Australia Limited (a listed subscription based mobile and energy business in Australia) and was the Executive Chairman of the Company from incorporation (2009) until June 2015. Peter was appointed Chief Executive Officer and Managing Director of amaysim in July 2018.
Drew Riethmuller is the Head of Global Corporate & Investment Banking, Oceania for MUFG Bank, Ltd., a member of MUFG, after joining in February 2016.
Drew is responsible for the management and development of the Corporate & Investment Banking business in Australia, New Zealand and the Pacific. In this capacity, he provides oversight and strategic leadership for the bank’s corporate client business and core products including Project Finance, Loan and Debt Capital Markets, Securitisation, Acquisition Finance and Corporate Advisory.
Prior to MUFG, Drew spent 7 years at Australia and New Zealand Banking Group (ANZ) in a range of senior roles managing the bank’s Global Relationship Banking business across Australia, Asia, Americas and EMEA.
Prior to joining ANZ, Drew spent 17 years at Citigroup where he held senior positions in Fixed Income, Structured Capital Markets and Funds Management across markets including Australia, New Zealand, Americas and EMEA.
He holds a Bachelor of Business and Postgraduate in Business (Accounting and Finance) and is a member of the Institute of Chartered Accountants in Australia.