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M&A Trends 2017/2018—Japan's New Wave of Investment Into Australia

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M&A Trends 2017/2018—Japan's New Wave of Investment Into Australia M&A trends 2017/2018—Japan’s new wave of investment into Australia MAY 2018 Japan’s diversified investment into Australia over the last 10 years has seen its ranking rise to second spot, behind the United States, in foreign direct investment. Prompted by Australia’s position in Asia, stable economy, strong population growth forecasts, and sound legal system, Japan is now investing in a number of mid-market deals in ‘non-traditional’ consumer-focused sectors. Between January 2017 and February 2018, there were 38 completed M&A deals inbound from Japan into Australia. These deals showcase a distinct ‘second trend’ of direct investment into Australia. This trend of investing in ‘non-traditional’ consumer-focused sectors was initiated in 2007 by the Kirin, Asahi and Dai-Ichi Life deals and has continued at an accelerated pace under Abenomics. The average investment value of the reviewed deals was A$243 million and only 4 transactions exceeded A$500 million. Importantly for Australia, there were 19 new entrants into the market, further strengthening the existing bilateral relationship. Since the 1957 Commerce This growth can be attributed to a distinct Details of the transactions surveyed are set Agreement, the nature of ‘second trend’ of direct investment into out in the Appendix. Japanese investment has evolved Australia in the last 10 years. From major from being primarily focussed on Japanese listed companies to small and Japan’s diversified securing minerals, energy and medium-sized companies, Japanese businesses continue to see Australia as a investments food for export (1960s through to source of opportunity within their investment Based on the total volume by sector Natural the mid-2000s) by minority portfolio. resources and energy lead the with 24% of the interests in joint ventures toVolume now (by sector) total volume of deals. Manufacturing and Recent acquisitions are targetedDisclosed at revenue value (by sector) focus on direct investments. Industrials alongside HousingValue and (by deal size) and profit growth in overseas markets as Construction deals were tied at second spot Australian Bureau of Statistics reported Japanese investors seek a natural hedge to the with 16% each. 29% of the total transactions Japanese investment has doubled since 2009 country’s demographic challenges including an were over A$50million in value by deal size. to reachVolume a cumulative (by sector) A$91 billion in13% May 2017. ageing and declining population. Value (by deal size) 1% 14% Volume (by sector) Disclosed valueDisclosed (by sector) 2%value (by sector) Value (by deal size) 5% 24% 26% Volume by sector 5% Disclosed value (by sector) 34%Value (by deal size) 10% 29% 13% 5% 13% 1% 16%14%1% 8% 14% 5% 24% 2% 2% 26% 13% 24% 26% 5% 29% 8% 5% 8% 34% 34% 7% 5% 16% 32% 29% 5% 10% 10% 16% 8% 5% 16% 13% 8% 16% Natural resources and energy 13% 8% 8% Natural resources and energy Housing and construction 8% 8% Housing and construction 7% 7% 16% 8% <$50m 16% 32% 32% 8% Manufacturing and industrials Manufacturing and industrials 8% 16% 16% $50m - $99m Real estate Real estate Professional services Professional services $100m - $199m Natural resources and energy Food and dairy Natural resourcesNatural and resourcesenergy andFood energy and dairy <$50m $200m - $499m Housing and constructionNatural resources and TMTenergy Housing and construction <$50m Housing and constructionTMT $50m - $99m ≥$500m Manufacturing andHousing industrials and constructionHealth Manufacturing Manufacturingand industrials and industrialsHealth $50m - $99m Real estate Manufacturing and industrialsOther $100m - $199m Undisclosed Real estate Real estate Other $100m - $199m Professional servicesReal estate $200m - $499m Professional servicesProfessional services Food and dairyProfessional services $200m - $499m Food and dairyFood and dairy ≥$500m TMT Food and dairy TMT TMT ≥$500m Health TMT Undisclosed Health Health Other Health Undisclosed Other Other Other HERBERT SMITH FREEHILLS M&A TRENDS 2017/2018 - FROM JAPAN TO AUSTRALIA 02 Takeover bids and ‘cornerstone’ Constructions, following its 2015 majority ••Mitsubishi Development’s sale of its shareholdings investment in property developer and general interest in the Rio Tinto Hunter Valley contractor ICON. Operations and Warkworth coal assets Natural resources and energy led the total to Yancoal. volume by sector of deals with 24% of Towards the end of the year, GIKEN completed transactions. These constituted takeovers of ••Idemitsu selling its 30% interest in the their acquisition of a majority stake in J Steel ASX-listed companies (Persol re Programmed Tarrawonga coal mine to Whitehaven Group, the Sydney-based supplier of steel Maintenance, Mitsui re AWE, Hitachi Coal Limited. materials and construction services. Construction Machinery re Bradken, Nomura ••Mitsui selling 1.37% of its shareholding in Research Institute re SMS Management and Funds and financial services— Sims Metal Management to a group of Technology) and the acquisition of 10% to Expanded targets institutional buyers, and its 30% stake in the 20% shareholdings in ASX-listed companies Loy Yang B Power Station to Alinta Energy. (Toyota Tsusho re Orocobre). These Following on from a number of recent transactions indicate that the 'second trend' of mega-deals in the sector, there was strong There was a distinct increase in Japanese investment is focussed on growth rather than interest from Japanese financial services investment in newer energy technology, led by just security of supply. companies in the major banks’ sell-off of Eurus Energy partnering with local Australian non-core assets. However, no deals developer Windlab on Australia’s first Construction materialised from that process. combined wind, solar and battery storage farm Kennedy Energy Park in Queensland, which Residential and commercial property— MS&AD Insurance Group’s acquisition of a ultimately aims to generate up to 1,200MW Bullish on demographics 6.26% shareholding in financial services and (approximately 400,000 households) of Housing and Construction deals by total life annuity provider ASX-listed Challenger electricity. volume came in at second with 16% of the was the only notable transaction. total transactions. This was largely due to two Mitsui sold its Bald Hills Windfarm to of Japan’s largest home builders acquiring Other significant transactions were: Infrastructure Capital Group, announcing plans to continue reinvesting in the renewable interests in local builders —Asahi Kasei ••Nikko Asset Management in December energy sector over coming years. Japanese Homes entering the market with a 40% 2017, launched a $300 million fund to help suppliers are now also actively researching shareholding in McDonald Jones Homes, and private equity finance takeovers. Daiwa House building with the 100% opportunities to leverage technology and acquisition of Rawson Group. ••Sony Life considered whether to make a group company interests to support renewable takeover offer for Clearview. energy platforms. In addition to this acquisition, Daiwa House ••Mizuho, MUFG and SMBC (in alphabetical also expanded into the serviced apartment order) continue to grow their presence in the Other services—B2B dominates market, acquiring a majority shareholding in Australian market as major financiers of There were a number of acquisitions across the Australian and New Zealand business of infrastructure. the diverse services sector of primarily Waldorf Apartments, which owns 1,500 business-to-business targets. The recurrent ••The Norinchukin Bank established a serviced apartments across the two countries. theme was Japanese businesses taking greater presence in Australia in early 2017, with a control of their supply chains and distribution Other investors in the sector included Sekisui goal of exploring project finance and asset channels, highlighted by: House’ continued expansion of investments , finance opportunities in Australia, and has announcing a 10-year A$14 billion book of participated in debt offerings for several ••Daikin’s acquisition of Airmaster. Australian projects. including A$800 million projects. ••Japan Pulp and Paper Company’s purchase into the West Village development in Brisbane. ••Rakuten established an Australian securities of a majority stake in BJ Ball, which it also trading business . recently used as the platform to acquire a Beyond residential property, new investor further business in New Zealand (Aarque Prince Hotels Group acquired the Australian Energy & resources—Deal traction, Group Limited). portfolio of Staywell Hospitality Group, the asset recycling and new directions operator of the Park Regis group of hotels, ••Takara Holdings taking a majority stake in signalling a potential return to the hospitality Widespread adoption among major trading Nippon Food Supplies Company. market for Japanese hotel operators. Park24 houses of asset recycling policies (requiring acquired an 80% shareholding in Secure underperforming and non-strategic assets to ••Oji Paper opening a new fibre production Parking and Daisho Group acquired a 50% be sold before a new acquisition can be facility in Queensland. interest in the Hotel W development in approved) has meant that a company’s exit Melbourne. from an investment may now also signal future Further synergies were achieved by the acquisitive behaviour. acquisition of businesses providing Anticipating the project pipeline complementary offerings, as seen by Komatsu’s Japanese companies are relatively new to acquisition of MineWare, and equipment rental
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