 "Mergers and acquisitions, M&A, transactions")
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India bucked the trend, posting the best M&A deal numbers in the Asia-Pacific region in the first quarter (Q1) 2024 in the financial sector, with 27 deals completed, up from 13 in the first quarter (Q1) of 2024. Japan and 12 in Australia. , 11 in South Korea and only nine in mainland China, according to S&P Global Market Intelligence.
The number of transactions concluded in the first quarter of 2024 is one more than the previous year. For all other countries, the number of transactions decreased or remained stable.
Transaction volumes in the first quarter of 2024 fell 14% year-on-year through March 31, 2024, led by declines in mainland China and Australia.
Economic uncertainties, rising financing costs and increased volatility due to geopolitical risks are among the reasons for the slowdown.
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The report says the bright spot has been India and, given the country’s strong forecasts and resilience, strong deals can reasonably be expected, said Leigh Howard, CEO of AsiaLink Business.
China saw the number of transactions fall to just nine in the first quarter of 2024, compared to 24 the previous year. In Australia, the number of transactions fell to 12 in the first quarter of 2024, compared to 26 a year ago.
Four of the 10 largest deals by value were made in India, worth a combined $845.79 million. The largest of these was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit, a specialist finance company, for $700 million.
Others include Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of Lonestar Americas’ stake in RattanIndia Finance and Muthoot Finance’s investment in Belstar Microfinance.
First publication: May 8, 2024 | 9:43 p.m. STI