Qld M&A's H1, 2023 An Optimistic Outlook Although Queensland deals in the first half are slightly down on the same time last year (2023: 117 deals v 2022: 128), relative to deeper national and global reductions, the result again demonstrates the resilience of the sunshine state’s M&A market. The first half of 2023 was dominated by: • Energy, mining and utilities – 21 transactions including Idemitsu offloading its stake in Ensham Coal Mine to Sungela Pty Ltd (with the mine’s lifespan now predicted to continue to approximately 2037). This reverses the more recent trend of contraction in this sector, despite it traditionally being one of the state’s strongest. • Leisure – 13 transactions including Flight Centre’s recent $211m purchase of luxury tour operator, Scott Dunn. Leisure has been one of the more volatile sectors in recent years having been hit hard by COVID-19 during 2020 but bouncing back strongly in 2021. • Construction – we again saw transaction volumes of 9, consistent with 2022 and above the long-term average. Conversely, we saw slowdowns in sectors such as transport, and particularly consumer where arguably the RBA’s monetary policy tightening is beginning to flow into deal making. Whilst deals are seemingly taking slightly longer to finalise, the overall trend is a solid result, providing the state’s deal market with a relatively optimistic outlook for the remainder of the year. If you’re interested in knowing more about your industry sector’s M&A activity or you just want a chat about how we may be able to help you, please get in touch via phone or email. Regards,
Warwick Face Partner ph: 0421 613 060 e: wface@pitcherpartners.com.au
117
deals announced H1, 2023
8%
on 3-year avg (127 deals)
Biggest Mover
Energy, Mining & Utilities
21 deals 62% on 2022 deals (13 deals)
Largest Decline
Consumer
11 deals 42% on 3-year avg (19 deals)
Queensland: 1st half 2023