Neil Millar: 160 deals, 113 foreign buyers: What's really happening in NZ M&A

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 away from selling, or simply want to understand how market cycles influence enterprise value, this conversation will give you clarity on timing, preparation, and positioning.