November 19 2025 | Deals | Mergers and acquisitions | Technology | Energy & Industrials
There has been a drop in the number of rumoured or announced deals in the New Zealand market in 2025, with 104 deals valued at $4.3 billion so far this year, versus 174 deals worth $5.8 billion for all of 2024. This time last year, there had been 127 rumoured or announced deals in New Zealand worth $4.8 billion.
While the market has flattened, the tech sector is leading deal flow, with 21 rumoured or announced deals worth $1.2 billion so far in calendar 2025. In 2024 the tech sector had the most deals, with 40 transactions valued at $309 million.
Energy a competitive advantage
Integrated energy generator Contact Energy’s $1.4 billion acquisition of hydroelectric generator and energy and internet distributor Manawa Energy has been the biggest deal for 2025 so far. The transaction, finalised in early September, brings together two big players in the Kiwi energy sector.
Consolidation is an ongoing trend in New Zealand's energy industry, driven by companies looking to achieve economies of scale and a growing need for large-scale investment in renewables and transmission.
Another example is diversified energy player Genesis Energy's acquisition of a stake in ChargeNet in 2024. Both deals reflect a shift towards larger, more integrated companies to meet the challenges of energy transition and increased demand for energy thanks to mega trends like AI and digitalisation.
Aside from its renewable energy assets, New Zealand has abundant forestry assets, which come to market regularly. To this end, US private equity firm, TRG Management LP, has bought Kiwi forestry real estate investment trust (REIT), Rayonier New Zealand for $710 million. Net proceeds are expected to reach $699 million after adjustments.
Rayonier New Zealand plans to allocate the funds to reduce debt and return capital to shareholders through special dividends and share repurchases. The company is considering other synergistic acquisitions. This transaction is part of Rayonier's broader strategy to enhance shareholder value, having already completed approximately $1.45 billion in asset dispositions since late 2023.
Fintech attracting a premium
As in other jurisdictions, financial services transactions with a tech bent are a focus for Kiwi deal markets. The third-largest deal so far this year in New Zealand has been Canadian investment vehicle Acacia Holdings’ acquisition of a $700 million stake in Kiwi global financial technology firm, FNZ Group.
In another financial services transaction, Resolution Life completed its NZ$410 million acquisition of Asteron Life New Zealand from Suncorp Group , positioning itself as one of the largest life insurance providers in the country. The acquisition enhances Resolution Life's scale and growth potential in New Zealand, with Asteron Life continuing to operate under its established brand and leadership.
Tech is nothing without its underlying wires and telcos are another active area for deals in the Kiwi market. In February 2025, with Caisse de dépôt et placement du Québec acquiring a co-controlling stake in leading New Zealand mobile tower infrastructure company Connexa in for $526 million.
SCF Partners has also sold Contract Resources to integrated waste firm, Cleanaway Waste Management. Founded in 1989, Contract Resources specialises in providing critical path services for energy and industrial process infrastructure across Australia, New Zealand and the Middle East.
The acquisition, valued at A$377 million, aims to enhance Contract Resources' capabilities by partnering with one of Australia’s largest waste management providers, allowing it to better address the growing opportunities in decommissioning aging energy infrastructure. Under the agreement, Contract Resources will retain its name and brand, with CEO Mike Charles continuing to lead the team.
Expect more tech, natural resources and infrastructure transactions to play out across the Kiwi capital markets in the months ahead.
