09
Oct
Australia M&A outlook: Navigating shifts, finding investments
Despite choppy market conditions, Australia is seeing some large deals being announced in 1H25, reflecting renewed optimism around Australian M&A. Corporates are looking to priorities their core business and divest non-core assets, while private capital players are focusing on putting dry powder to work. Meanwhile, processes are still taking longer to complete with a greater focus on due diligence, bid-ask spread, and regulatory approvals. As regulators are asking more questions, it is critical to make sure what parties are brought into the process to clear all these hurdles. Our panel of M&A experts will discuss dealmaking in the year ahead, as well as offer their top tips to navigate uncertain waters.
- Have dealmakers seen a shift in opportunities and the types of deal they have been working on?
- How are parties navigating bid-ask spreads, earnings volatility, and sector-specific repricing?
- What are the key factors derailing deals, and how are buyers and sellers mitigating execution risk?
- How will the market fair in 2026 against a backdrop of macro-economic and political uncertainty?
- Will the region see more M&A activity as corporates reassess their business strategies?
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SpeakersKaren Evans-Cullen Partner Gilbert + Tobin
Nick Brown Managing Director & Co-head M&A APAC UBS
David Geddes Managing Director and Head of Mergers and Acquisitions Deutsche Bank
Ani Satchcroft Senior Managing Director, Co-Head of Infrastructure for Asia-Pacific Macquarie Asset Management
Nicholas Tonkes Partner, Head of Private Capital, Australia & New Zealand Oliver Wyman
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Karen Evans-Cullen is a partner in Gilbert + Tobin’s Corporate Advisory group.
She has over 20 years’ experience as a strategic mergers and acquisitions and corporate advisory lawyer. Karen has acted in a number of Australia’s significant strategic corporate transactions, including a range of takeovers, schemes of arrangement, mergers, demergers, acquisitions and divestments, and equity capital raisings.
She advises clients on transactions across a broad range of industry sectors and is highly regarded for her ability to deliver innovative solutions to achieve her client’s objectives.
Karen has established a strong reputation for advising boards and management on corporate governance issues including governance practices and processes, risk management, board effectiveness, continuous disclosure, regulatory investigations, related party transactions, directors’ duties and executive remuneration.
Karen was a part-time member of the Australian Takeovers Panel, a government appointed peer review body that regulates corporate control transactions in widely held Australian entities, from 2014 to 2023.
Nick is a Managing Director and co-head of Mergers and Acquisitions for UBS in APAC. In over 20 years at UBS, Nick has acted on some of Australia’s largest and most complicated M&A and funding transactions for a wide range of clients.
David is a Managing Director and Head of Mergers and Acquisitions for Deutsche Bank, Australia and New Zealand.
David has advised on some of Australia’s landmark M&A transactions across a range of sectors. Recent transactions include CC Capital’s acquisition of Insignia Financial, Renesas’ acquisition of Altium and Blackstone’s acquisition of Airtrunk.
Prior to joining Deutsche Bank, David was head of M&A for Credit Suisse, Australia.
Ani is the Co-Head of Infrastructure for Asia Pacific at Macquarie Asset Management (MAM). The MAM Asia Pacific Infrastructure and Agriculture teams manage assets across more than 80 investments in the infrastructure and agriculture sectors. The teams comprise more than 100 people across nine markets and in more than a dozen locations. In her role, Ani is responsible for overseeing the asset management activities of these teams and is a member of the Investment Committees of numerous funds.
Ani has led major acquisitions in Australia and New Zealand across various infrastructure sectors, including digital, utilities and transport. She sits on the board of several portfolio companies, including VicRoads, Vocus Group.
Prior to joining MAM, Ani worked for several other infrastructure fund managers in London and Sydney, with a focus on regulated utilities and transportation assets across Europe. She has also worked as a Portfolio Manager in the listed infrastructure space.
She holds a Bachelor of Commerce and Bachelor of Laws (first class honours) from the University of Sydney and a Master of Business Administration (high distinction) from Harvard Business School, where she was a Baker Scholar.
Nicholas is a partner working with clients in Europe and Australia, supporting our global client support work. He has 15 years of consulting and advisory experience across a range of industries, among them infrastructure, energy, financial services and educational services.
His focus covers strategic and transactional work to support clients in these sectors, in a leadership role within our Private Capital Practice. He is also a regular author and presenter in his areas of expertise in his focus sectors.
Nicholas studied at the London School of Economics and the University of Melbourne, he is also a qualified Chartered Accountant and a Mensa member. Before joining Oliver Wyman, he held roles in strategy consulting, mergers and acquisitions, and investment banking.