The M&A market is moving again. The question is... who’s ready?

In this episode of 2 Commas, I sit down with Neil Millar, Partner of M&A at MinterEllison, to unpack what really happened in 2025 and what it signals for 2026.

Global deal volume surged back toward $5 trillion, international buyers are re-entering New Zealand, and private equity still has significant dry powder. At the same time, succession challenges, health-forced exits, board hesitation, and slower processes have shaped a complex local market.

We explore what’s driving renewed activity, why some deals stall while others move quickly, how corporate carve-outs are reshaping the landscape, and what regulatory shifts like OIO reform and competition law changes could mean for foreign capital.

If you’re 1–3 years ...