Goldman Sachs sees buyer interest in Australia as economy diversifies

Australian companies are increasingly attracting potential acquirers as the economy diversifies and North American buyers are drawn to invest in sectors such as infrastructure, according to Goldman Sachs Group Inc.’s local head.

Interest in the Australian market, particularly from the US and Canada, is rising given the level of transparency relative to other parts of Asia Pacific, said Simon Rothery, chief executive officer for Australia and New Zealand.

Goldman Sachs is seeking to double to $5 billion its spending on principal investments in the country, he said. The dealmaking activity comes as Australia’s economy becomes less correlated with the commodities industry, according to Rothery.

“We have witnessed significant investment in sectors like health care, education and technology services,” Rothery said in an April 6 interview at the bank’s office in Sydney.