Resolution of the RSPT stand-off is good news for M&A, with M&A activity set to heat up during the second half of 2010, according to Freehills corporate M&A partner Rebecca Maslen-Stannage.
‘There is a pent-up demand for M&A, but the RSPT has been a significant restraining factor. If the equity market volatility also settles down, re-energised M&A now seems inevitable.
‘Although the first half of 2010 was characterised by stop-start deal activity given high volatility in equity markets and the constraints on debt availability, the appetite is there for the right deals,’ says Maslen-Stannage.
‘The M&A landscape for the second half of 2010 will be defined by re-energised private equity activity as well as increased momentum in health, energy and resources, financial services and insurance.’
Top-tier Australian based international law firm Freehills has a strong history leading the market in M&A. The firm has once again performed strongly in the Thomson-Reuters and Bloomberg M&A Legal Advisor League Tables for Australia & New Zealand.
In discussing the implications of re-energised deal flow for legal firms Rebecca Maslen-Stannage said, ‘In a challenging market, clients are demanding strong cross-border execution experience and the depth to get complex deals done.’
Freehills’ M&A team has acted on some of the market’s most complex, innovative and strategic deals so far in 2010, illustrating the strength, flexibility and diversity of Freehills’ capabilities. Recent deals include advising:
- AXA SA’s $14 billion joint bid with National Australia Bank to acquire AXA Asia Pacific Holdings, and to then acquire AXA APH’s Asian operations for approximately $9.4 billion
- Seven Network Limited’s $2.5 billion merger with WesTrac
- Energy Developments Limited’s defence of a $430 million takeover bid by private equity firm Pacific Equity Partners, and
- Metcash’s acquisition of a 50.1% stake in the Mitre 10 Group by way of scheme of arrangement.
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