However, I believe tariffs have had a significant impact on M&A activity. The more uncertainty surrounding tariffs, the more likely companies will take a longer-term view and reassess the complex environment. It’s important to remember that IFL deals with both wealth management and superannuation as their core business. While superannuation might be less affected, wealth management is more tied to broader economic conditions. When things remain uncertain, there’s a higher chance that both parties might walk away from the deal. At the end of the day, walking away remains an option, although a weaker AUD could provide more opportunities for both parties to raise the bidding price. Ultimately, both investors like us and the companies involved will have to weigh the potential rewards/risks. I truly hope the deal will go through, but I wouldn’t be overly optimistic, because at the end of the day, who wants to buy a business while economic is unclear?
Anyway, that’s just my two cents - feel free to disagree.
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