BDO’s Harriet Hawksworth: Cross border activity in the mid-market heats up

As global markets show signs of stabilisation and interest rates begin to ease, BDO Senior Manager Harriet Hawksworth sees promising indicators for increased M&A activity in 2025.

With her extensive experience spanning London, Paris, and now Sydney, Hawksworth brings a unique global perspective to dealmaking in Australia. Her insights highlight the growing appetite for cross-border transactions, particularly from US investors attracted to Australian assets, while emphasising the critical importance of operational due diligence in today's risk-conscious investment environment.

In this excerpt from our 2025 ANZ Women In Dealmaking M&A Outlook Report, which features insights from 12 of Australia’s leading female dealmakers, Harriet shares her perspective on market outlook trends, cross-border investment opportunities and the evolution of due diligence practices.

“We can expect to see the uptick in activity that we’ve been anticipating. While geopolitical uncertainty remains a significant factor globally, there have been signs of stabilisation. Of course, there will always be risk and uncertainty, but hopefully newly elected governments, such as in the UK and the US, will boost confidence among investors. We’ll have to wait and see what impact the federal election in Australia will have later this year,” she says. 

“On a macroeconomic level, central banks have been actively working to control inflation. The recent decrease of interest rates in Australia will hopefully stimulate growth and drive M&A activity in the region,” she says.

In terms of cross border activity, BDO was involved in several US deals in the mid-market last year and Harriet expects more deals of this nature this year. “With the introduction of a new US administration and a strong US dollar, which makes Australian assets more attractive, I think we can expect a lot more in 2025,” she says. 

Harriet also expects M&A activity from private equity firms to escalate. “Some PE firms are sitting on substantial amounts of uninvested capital and a number of aged investments, which they will be looking to exit at some point.” From a sector perspective, Harriet expects tech to continue to excel, given it’s not capital intensive and it’s scalable.

“These are qualities investors are looking for, especially with the ongoing deployment of cloud services and adoption of AI technology and capabilities. That said, AI is evolving rapidly and new players are constantly emerging.” 

She says this means investors will have to be cautious and thoughtful with their investments. “The risk is writing a big cheque for a company, only for someone to come along and offer something better and more cost effective shortly after.” 

Energy and sustainability remain in focus, says Harriet. “There has been and will continue to be heavy investment in this area as we transition to renewable energy and build the necessary infrastructure to support this. This opens up opportunities for companies looking to acquire firms that support these initiatives. Australia is a very attractive market to international parties, given the opportunities we have here.” 

​​Harriet expects the breadth of due diligence to expand as investors become increasingly worried about risk and want to avoid making bad investment decisions.

“A growing area of focus in due diligence is looking at the operational aspects of businesses both pre acquisition and during post-merger integration. It’s becoming ever more relevant to understand how a company is structured and it is positioned to support growth whether that’s through labour and workforce, operational efficiency or supply chain management. It’s also important to understand how AI plays a role in operational efficiencies.”

BDO has recently introduced an M&A Value Creation team to address these evolving needs. While Harriet has worked around the world in cities like London and Paris, she re-located to Sydney last year. “This global experience continuously exposes me to new challenges and opportunities, which keeps the work dynamic and exciting.”

The variability of the work and the opportunity to understand what drives different businesses across a range of industries continues to motivate her. “I’m passionate about adding value for our clients and building relationships as that trusted adviser.”

Harriet says professional networks are undeniably valuable for women in dealmaking. “These networks provide a platform to connect with other women, create support systems and build meaningful relationships. They offer the chance to expand our circles which was especially important for me when I arrived in Sydney.”

Harriet recently helped launch a networking community called By Women in Finance. “At our first event, an intimate lunch with women from various levels and backgrounds, it was amazing to hear incredible stories and experiences. Many of us face similar challenges and by supporting each other, we can navigate these obstacles and find appropriate solutions together.”

She notes there’s been a gradual shift towards greater focus on diversity and inclusion in the workplace. “Companies are actively working to improve this by fostering a more welcoming and supportive environment for women, whether that’s through initiatives like flexible work arrangements, better leave benefits or a stronger emphasis on work-life balance. These changes are crucial for women dealmakers in this demanding industry.”