Media releases

The Deal in Focus: perspectives from both sides of the Tasman on the M&A market

Auckland, 19 August 2022 – Following an incredibly active M&A market in 2021, corporate M&A leaders across New Zealand and Australia remain optimistic about deal-making prospects in the next 12 months despite economic uncertainty and geopolitical challenges.

Insights from New Zealand corporate M&A leaders across various industries were captured as part of Deloitte’s Head of M&A Survey 2022 and combined with the sentiments expressed in interviews carried out in the Australian market to provide views on the economy and likely M&A activity over the next 12 months.

Deloitte NZ Financial Advisory Services Leader Richard Dorset said, “While there were many similar viewpoints across both geographies, we also saw some distinct Trans-Tasman differences with New Zealand respondents having a slightly less optimistic view of the economic outlook and felt that uncertain market conditions will likely impact their future M&A activity.

“A lack of available acquisition targets in some sectors appears to be driving New Zealand respondents to consider alternatives to traditional M&A, such as alliances and joint venture arrangements.”

Key survey findings include:

  • 83% expect the number of deals to increase or remain stable in the next 12 months, down slightly from 95% in 2021
  • 80% believe current economic conditions remain supportive of M&A activity
  • 89% are at least moderately confident that credit will be available at favourable conditions
  • 80% listed valuations as the greatest challenge to successfully completing M&A deals
  • ESG has become an influence in portfolio rebalancing and redesigning, with many M&A leaders re-evaluating or planning to re-evaluate their portfolio to acquire or divest through the lens of ESG

“In New Zealand we’ve started to see an increase in instances of valuation gaps between buyers and sellers, which likely includes the impacts of movements in valuations in equity capital markets and discount rates, as well as differing views on the impacts of an uncertain economic outlook for target businesses,” Mr Dorset said.

Respondents also noted challenges that suggest M&A transactions may take longer to complete in the next 12 month as vendors and purchasers take time to negotiate mutually agreeable terms and purchasers perform due diligence on the relevant commercial considerations.

“However, despite some of the challenges noted, there are many reasons to remain optimistic that corporate M&A activity will remain strong over the next 12 months, including respondents on both sides of the Tasman agreeing that balance sheet capacity, liquidity reserves and access to capital is available for quality M&A targets,” concluded Mr Dorset.


About the survey

Survey participants were interviewed between 9 May 2022 and 10 June 2022. 80% of respondents were from Australia and 20% were in New Zealand.



Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organisation”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see to learn more.

Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which are separate and independent legal entities, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s more than 345,000 people worldwide make an impact that matters at

Deloitte New Zealand brings together more than 1600 specialist professionals providing audit, tax, technology and systems, strategy and performance improvement, risk management, corporate finance, business recovery, forensic and accounting services. Our people are based in Auckland, Hamilton, Rotorua, Wellington, Christchurch, Queenstown and Dunedin, serving clients that range from New Zealand’s largest companies and public sector organisations to smaller businesses with ambition to grow. For more information about Deloitte in New Zealand, look to our website

This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organisation”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.

No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities.

© 2022. For information, contact Deloitte Global.

Media Contact

Anna Radich
Senior Communications Manager
Deloitte New Zealand
Tel: +64-4-470-3500
Mobile: +64-22-014-3594

Did you find this useful?