Strong year in M&A for Allens: CY23 M&A league tables

Mergers & Acquisitions Private Equity

Allens has taken the top spot for M&A deals by value in the Bloomberg league tables for calendar year 2023, and a top three spot for deals by value in both the Mergermarket and Refinitiv tables.

The firm advised on some of the largest and most significant deals of 2023 across a breadth of sectors, driven largely by activity in critical minerals, energy and private equity.

The firm ranked:

  • First for deal value in Asia Pacific (ex Japan) (Bloomberg)
  • Third for deal value in Australasia (Mergermarket)
  • Third for deal value (announced) in Australia and New Zealand (Refinitiv)

'Despite economic and regulatory challenges, as well as geopolitical uncertainty, M&A activity in 2023 was buoyed by the energy transition and Australia's relative attractiveness as an investment destination,' said Vijay Cugati, Allens Head of M&A and Capital Markets.

'Private capital investors and their portfolio companies continue to be active, and we expect to see an uptick in investment activity as 2024 unfolds.

'We are profoundly grateful to our clients for entrusting us on matters critical to their businesses, and we look forward to continuing to support them in our work together in 2024.'

Allens acted on many of the most prominent deals of 2023, including advising:

  • Brookfield and EIG on their proposed takeover of Origin Energy for an implied enterprise value of $19.7 billion;
  • Livent on its proposed merger with Allkem to form a $15.7 billion global lithium chemicals producer;
  • Liontown Resources on its response to Albemarle's $5.5 billion takeover offer;
  • Warrego Energy on the competing bids from Mineral Resources and Hancock Energy;
  • OTPP on the $1.076 billion acquisition of 2degrees' passive mobile telecommunications tower assets;
  • InVivo Group, KKR and other co-investors in Malteries Soufflet on its $1.5 billion acquisition of United Malt Group;
  • IFM Investors on the acquisition of a 19.18% stake in Atlas Arteria;
  • TAB NZ on the NZ$1.1 billion strategic partnering arrangement with Entain;
  • Nitro Software on the contested off-market takeover bids from Potentia Capital and KKR-backed Alludo;
  • Bain Capital on the $959 million proposed takeover of Estia Health;
  • KKR on the proposed sale of Australian Venue Co. to PAG;
  • Zimmermann on the sale of a majority shareholding to Advent International;
  • Adamantem Capital on its acquisition of Retail Zoo;
  • Paine Schwartz Partners on its proposed $1.5 billion takeover of Costa Group; and
  • TA Associates on the sale of Honan Insurance Group to Marsh.