M&A Pulse in APAC

The Asia Pacific M&A Newsletter
brought to you by
Natixis CIB, Vermilion Partners and Azure Capital

Issue 11


Inspiring Inclusion

On this International Women's Day, the theme #InspireInclusion serves as a powerful reminder of the importance of D&I within the workplace, and for businesses in general. Embracing diversity and fostering an inclusive environment is not just a moral imperative; it is also a critical business decision that can lead to enhanced innovation, better decision-making, and increased employee satisfaction.

WINN Cast: Diversity in APAC M&A

Check out the latest episode of WINN Cast, featuring Raghu Narain and Miranda Zhao, who discuss the state of the M&A market in APAC, their personal professional journeys, as well as how Diversity & Inclusion can be beneficial to the business of banking.


Asia Pacific M&A: Green shoots for optimism

Looking toward 2024 and beyond, we think we will continue to see the theme of embracing uncertainty with cautious optimism. Don’t let the much talked about M&A market upturn surprise you in the not-to-distant future - be optimistic with a vision.

The Investment Mosaic of 2024

In this issue of the M&A Pulse, we share our thoughts on the M&A trends we are likely to see in the year ahead. It is our firm belief that 2024 is set to be a year unlike any other in recent memory, with an intricate set of themes that could pull dealmaking in several directions.

2024 OUTLOOK....

China M&A: Resilience in the Year of the Dragon

01 Feb 2024

China’s central government has made it clear that economic stability and growth are top priorities for 2024. This backdrop will have a number of implications for inbound and outbound M&A, as well as restructurings in the Year of the Dragon.

Australian M&A: Market to warm up in 2024

01 Feb 2024

The Australian M&A market was subdued during 2023 but we expect conditions to become more balanced in 2024, with corporate buyers becoming more active as equity markets support inorganic growth opportunities. Mining, infrastructure and renewables are in focus.

Southeast Asia M&A: Poised for a comeback in 2024?

01 Feb 2024

Despite M&A deal volumes declining in 2023, Southeast Asia has been a bright spot in the Asia Pacific M&A market and we believe it’s poised for an uptick this year, particularly in the renewables, healthcare, financial services and digital infrastructure space.

US M&A: Headwinds easing

01 Feb 2024

As we enter the new year, there are signs that some of the headwinds that buffeted the US M&A market in 2023, are easing. Barring any exogenous events in Q1, many expect M&A to pick up in the new year, particularly in tech, healthcare and infrastructure.

Renewables: The bright spot in APAC M&A

01 Feb 2024

The APAC renewables sector has seen robust growth over the last two years and was a bright spot in M&A in particular. As governments and the private sector intensify their efforts to meet clean energy targets, this will help support deal flow.

Metals & Mining: Shifting gears

01 Feb 2024

2024 promises a shifting gears moment for metals and mining. While demand rises on China's stimulus and global recovery, uncertainties like potential recessions and geopolitical tensions cast shadows.

Telecoms & Tech: Data Centers in spotlight

01 Feb 2024

Asia Pacific is witnessing massive digitalization of consumer lifestyles and enterprise sectors, which hinges on the availability of critical digital infrastructure. In this context, we see the region’s data center segments as a bright spot for Tech M&A activity in 2024.

Healthcare: No signs of slowing down

01 Feb 2024

The APAC Healthcare sector demonstrated remarkable resilience in the face of macro volatility last year. We anticipate this trend to continue into 2024, with several key themes on the business and investment side driving deal flow.


Alicia Garcia Herrero, Chief Economist, Asia Pacific, Natixis, and the Asia Pacific Research team

When will China recover from the cyclical downturn? 

China's economy has been experiencing a structural slowdown, but what is causing concern now is that it is also slipping below its potential and undergoing a cyclical downturn. The faster deceleration in investment compared to consumption, along with weak CPI data, provides already evidence of China’s negative output gap. 

Further Reading 



Abbas Rangwala

Walter Liu

Vice President
Natixis CIB

Matthew Tissiman

Ogi Lalovic

Associate Director
Azure Capital

Matthew Tissiman

Miao Zhang

Associate Director
Vermilion Partners


Natixis Expects More $1-Billion-Plus M&A Deals in India

Raghu Narain appeared on Bloomberg TV to share his views on why he believes India has entered a “Goldilocks period”, with deal activity set to increase.

Middle East money fuels China M&A

Miranda Zhao shares her views on the increase in dealmaking activity between China and the Middle East , and how this trend will evolve.

The Power of Finance: Miranda Zhao: Don't place limits on yourself

Miranda Zhao was featured by 21st Century Business Herald's in the "Her Power" IWD series, featuring female leaders in the financial industry.

Natixis CIB names M&A head for SE Asia, India

News of Natixis CIB's appointment of Abbas Rangwala as Head of M&A for Southeast Asia and India.

India's IPO activity to stay strong in 2024 after hitting multiyear high

Raghu Narain discussed his positive outlook for the India IPO market in 2024 with S&P Global. 

M&A in 2024: Rising optimism while navigating a ‘new norm’

Miranda Zhao participated in the FT's Global M&A Outlook Series to discuss what's in store in for M&A in APAC in 2024.

Mergermarket M&A Forum Hong Kong 2023

Raghu Narain, Miranda Zhao and Anurag Poddar participated on several insightful panels at the Mergermarket M&A Forum in Hong Kong.

How Asia is reinventing its economic model

Raghu Narain shared his insights with The Economist and the Straits Times on the rise of intra-regional M&A within Asia Pacific.

More infra, credit M&As in store after BlackRock-GIP deal

Miranda Zhao shared her views on the current market environment for M&A in the asset management industry.

Asia renewables are bright spot on M&A horizon

Jonathan Tse, shared his views on the outlook for renewables M&A in Asia Pacific, and why the sector is set for continued robust growth.

Discover More

Visit Natixis M&A Partners website to see read more news and see all the latest deals from the global network

Looking for more insights?

Visit our archive!

Disclaimer: This document has been prepared by Natixis as commercial documentation for discussion and information purposes only. It is highly confidential and it is the property of Natixis. It should not be disclosed or transmitted to any person other than the original addressee(s) without the prior written consent of Natixis. This document does not constitute a personalised recommendation. It is intended for general distribution and the opinions, analysis, products or services described herein do not take into account any specific investment objective, financial situation or particular need of any recipient.

Read the full disclaimer