The transaction outlook reinforces the extent of planned action. Sixty-three percent of South African respondents expect to pursue a divestment or separation activity over the next 12 months, compared with 51% globally. Joint ventures are expected by 60%, above the global result of 47%, while strategic alliances and mergers and acquisitions remain prominent at 53% and 50%, respectively.
This is not simply a story of greater deal appetite. CEOs are combining acquisitions, alliances and joint ventures with the sale or separation of assets. Transactions are being used in both directions: to add capabilities and create new growth options, and to release capital or reduce complexity where parts of the portfolio no longer support the strategy.
Portfolio management is therefore becoming a more continuous strategic discipline. The question is not only what to acquire, but also what to retain, partner around, separate or exit so that capital and management attention remain aligned to the strongest opportunities.
