Buyers retain the upper hand in Australian private
M&A, a survey of deal terms by King & Wood Mallesons has revealed.
A number of high-profile public deals closed in the
market last year, including Saputo’s competitive takeover of
Warrnambool Cheese & Butter and Woolworths South Africa’s acquisition of
David Jones. That dealmaking enthusiasm seems to have
carried over into the private M&A space, where King &
Wood Mallesons’ DealTrends report observed a 31%
increase in transactions from the previous year.
The report is based on Australian private M&A
deals that the firm acted on between July 1 2013 and June 30
2014. It revealed that there is increasing competition for
Australian assets, yet buyers are able to negotiate favourable
terms. And they’re adding even more protection,
often inspired by those seen in private equity (PE) and public
Over the past couple of years, a key theme...