Mills Oakley’s Lynda Reid: Don’t underestimate macroeconomic themes

Mills Oakley Corporate Advisory Partner, Lynda Reid says the outlook for deal markets for the next 12 months is positive.

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, Lynda shares her perspective on market dynamics, regulatory changes, and industry evolution. 

“We’re seeing a lot more activity, particularly for larger transactions which is fantastic. There is still a lot of consolidation work, PE deals are picking up, and industries like agriculture, financial services, healthcare, and professional services are active.” 

Lynda says opportunism has been a driver for recent deal flow, but there is also longer term planning for transactions underway. “Risk appetite is still cautiously optimistic. Pre-revenue generation assets have been severely hammered over the last few years, and current interest remains focussed on established operations.”

 Lynda says global investors are still looking for toeholds into key Australian markets. “Offshore investors are regularly looking for the right entry point, and that is where distribution networks and established relationships can really drive value for an Australian target.”

Turning to risks, Lynda says macroeconomic themes cannot be underestimated. “At the geopolitical level there is just so much going on, but falling interest rates and good global economic numbers are always helpful for deal making.”

Turning to the new ACCC laws in Australia, Lynda says the Commission’s readiness and capacity to administer the new notification regime will be critical to its success. “There is a huge amount of work underway to get that balance right - managing expectations for the industry, and still getting the job done.” 

On the financing side, deal flow is still largely generated by acquirers using their own balance sheet, rather than relying on debt to fund the transaction. On the admin side, some AI is being used to streamline the early stages of the deal process, such as managing a confidentiality regime. “But there is a lot of work to be done before AI can really support specialists once negotiation gets underway,” says Lynda. 

She says a well-organized data room is critical to successfully administering due diligence during a transaction. “Vendor due diligence reports can be helpful, particularly where you’re trying to accelerate a competitive process. We’ve also seen some interesting digitization of warranties and indemnities cover at the smaller end of the market.”

Due diligence efforts continue to focus on risks to do with employee claims, cyber and data security, with offshore investors especially interested in understanding their exposures in these areas. “Payroll audits are coming into their own, particularly for service businesses where there is a real focus on mitigating backpay claim risk,” says Lynda. 

Reflecting on her own career, she notes the opportunity to find solutions for clients and work with great people keeps her motivated. “I love people and I love puzzles, and this role delivers me plenty of both. I’ve had opportunities to work with incredible clients and advisory teams.”

Lynda says it’s great to see more women in senior lead roles “whether it’s for legal, corporate, finance, tax, or other areas. Seeing the younger talent bursting through is also so exciting.” She believes networks are invaluable for anyone in dealmaking.

“Trust is key to any deal. Any transaction requires confidence not just in your own team, but also respect for the advisers and counterparties you’re working with. Having established networks can be incredibly helpful to get to the right result with less friction.”