Absa’s Meshkaya Pillay: Blending strength, structure, and authenticity in M&A

With over a decade of investment banking experience and 14 years in the financial services industry, Meshkaya Pillay has built a stellar reputation in the world of M&A. As a Director in Absa Group’s M&A team, Meshkaya specializes in structuring and executing complex financial transactions that drive corporate growth and delivers value to stakeholders. Her expertise, bolstered during her time in a major investment bank’s Corporate Debt Financing team, extends beyond traditional deal-making to include balance sheet lending and risk assessment.

In this Q&A, she reflects on her career journey, the evolving M&A landscape, and the strategic priorities shaping the future of deal-making in South Africa.

Meshkaya, growing up in a household influenced by a strong, progressive woman, how has that shaped your leadership style in the corporate finance world?
My leadership style has been profoundly shaped by strong, progressive women I’ve learned from throughout my life and career. They taught me that leadership isn’t about authority—it’s about influence, collaboration, and uplifting others.

As a leader, I focus on creating environments where diverse perspectives thrive, which is especially important in M&A teams with varied personalities and viewpoints. These influences also instilled in me the importance of balancing strength with vulnerability. Admitting when you don’t have all the answers fosters trust and integrity, which are essential to purposeful leadership.

You’ve mentioned switching from Actuarial Science to Business Science Finance as a turning point in university. What motivated that decision, and how has it shaped your perspective on deal-making?
Growing up, I loved Mathematics and working with numbers. However, while studying Actuarial Science, I realized it was too focused on quantitative analysis and solitary work for my personality. I wanted a career that balanced numbers, client interaction, and financial analysis. That’s why Business Science Finance felt like the perfect fit.

This decision taught me to stay true to myself, a lesson I carry into deal-making. If I have a different perspective from a senior colleague, I back my opinion while remaining open to collaboration. It’s about being authentic and confident in your knowledge.

The M&A environment comes with its share of challenges. Can you share a moment when fear of failure tested you, and how you overcame it?
I embrace fear as a motivator because it pushes me out of my comfort zone. One example was a sell-side transaction in Africa involving a company in a niche market within a complex jurisdiction.

During the sale process, the business faced performance challenges that raised concerns among buyers about its growth potential. Innovative structuring is critical in these situations. We considered an earnout provision tied to specific performance metrics to bridge the valuation gap between the buyer and seller. Tools like deferred payments and strategic risk-sharing mechanisms can align interests and help secure the deal.

Mentorship has played a big role in your journey. Can you highlight a specific piece of advice that shaped your career?
Mentorship has been pivotal, and I aim to pay it forward by mentoring individuals across various fields. One mentor gave me invaluable advice early in my career when I faced workplace conflict with a senior colleague.

She taught me how to approach conflict professionally, preserve relationships, and find common goals. This advice pushed me to confront challenges head-on, strengthening my relationships and confidence in the process. I have been lucky to have had a balance of both male and female mentors throughout my career, to whom I remain extremely thankful.

Let’s talk about your portfolio. The IHS deal stands out—what made it significant?
The IHS acquisition of MTN South African towers was transformative, cementing IHS’s position as the largest tower operator in South Africa.

It was exciting because it contributed to broader transformations, with IHS bringing global capabilities to South Africa’s network. The deal also allowed MTN to deliver on its Asset Realisation Programme, strengthening its balance sheet and improving returns. My sector focus on Diversified Industrials and TMT keeps me continually learning and growing as a professional.

How do landmark M&A deals contribute to South Africa’s socio-economic landscape, particularly in light of the public interest provisions in the Competition Act?
M&A decisions have far-reaching implications for employees, communities, and the broader economy. For example, the AB InBev acquisition of SABMiller raised public interest concerns related to B-BBEE, employment, and local production.

South Africa’s public interest considerations in mergers are among the most expansive globally. Companies are now more self-aware and structured in their approach to meet these thresholds, considering both reputational risks and socio-economic impacts. This ensures that deals benefit all stakeholders, not just the transacting parties.

What unique challenges do dealmakers in South Africa face today compared to when you began your career?
There’s a lot of pent-up demand for M&A now, particularly in private equity. Business owners are more willing to engage and adapt, bridging valuation gaps and addressing risks earlier in the process.

Compared to earlier in my career, there’s less risk aversion, fueled by renewed interest from foreign investors. Today, dealmakers must be more innovative in structuring deals and should leverage AI tools to improve efficiency, reduce costs, and enhance accuracy.

How do you envision the future of M&A in South Africa over the next decade? Which sectors will drive growth?
Energy, telecoms, and consumer goods will be key growth sectors, with green energy and metals taking centre stage. Consolidation in diversified industrials and foreign direct investment in logistics also present significant opportunities.

Creativity in structuring deals, such as using earnouts, deferred payments, and joint ventures, will be essential for closing transactions and driving M&A activity in these sectors.

As a woman in a male-dominated field, how has the industry evolved in terms of diversity and inclusion, and what still needs to change?
The industry has made progress, but not as quickly as I’d like. There are more female dealmakers across banking, law, and advisory, but I still find myself as the only woman in some rooms.

That said, I feel empowered to voice my opinions, thanks to supportive colleagues. Organisations such as Womvest are helping to empower women, but there’s still more to be done. Confidence and authenticity remain key, in my opinion, to breaking barriers and driving change.

What’s a book or resource you’d recommend to aspiring dealmakers?
Robin Sharma’s The Monk Who Sold His Ferrari is a fantastic resource. It blends spirituality, mindfulness, and practical strategies for achieving success and fulfillment. His podcasts are also great for quick inspiration, focusing on personal and professional growth.

Are you part of the 5 a.m. Club?
Not quite! My late nights mean I prefer sleeping in a bit, ensuring I get at least six hours of sleep (when possible). Robin Sharma’s first book emphasizes the importance of rest for mental and physical health, and I make it a point to follow that advice.

Meshkaya, thank you for sharing your journey and insights. You’re truly blazing a trail in South Africa’s M&A landscape.
Thank you, Ansarada. I’m excited to see more leaders in the M&A space driving positive change for South Africa and beyond.