Corporate: 2025 Year in Review
10/12/2025
As we come to the end of 2025, our national Corporate team reflects on significant developments and industry trends for 2026.
“The growth of private equity is creating M&A activity through funding roll ups, roll outs and MBOs and other transactions that may not attract the interest of public markets. The growth of private credit is funding transactions that more traditional lenders would not fund. Private equity and private credit is providing opportunities for serial acquirers and other aggregation plays. In addition, this is reducing the opportunities for IPOs and other raises on the ASX’s equity capital markets as the higher regulatory burden of the public markets encourages a search for alternative sources of capital.”
James Dickson – Practice Team leader
“Markets continued to struggle with pricing risk. Perceptions of risk and reward saw enthusiasm for particular sectors and trends in the first half of 2025 meet realism in the second half. Astute businesses will continue to focus on their strengths and acquisitions that enhance those strengths. Significant changes to Australia’s competition laws from 1 January 2026 must be factored into transaction planning and high quality advice is absolutely essential.”
James Macdonald – Practice Team leader
Industry insights
2025 saw significant reforms aimed at strengthening transparency and governance in corporate Australia. The Treasury Laws Amendment (Strengthening Financial Systems and Other Measures) Bill 2025 introduced enhanced beneficial ownership disclosure obligations for listed entities, tightening tracing notice regimes to improve market integrity. Alongside this, the Payments System Modernisation Act 2025 updated the regulatory framework for payment service providers, expanding coverage under the Payment Systems (Regulation) Act to address emerging risks in digital transactions and modernise penalty regimes. These changes reflect a broader push to align corporate governance with technological innovation and consumer protection priorities.
The most transformative change was the transition to a mandatory and suspensory merger control regime, commencing 1 January 2026, with transitional arrangements starting mid-2025. Under this regime, acquisitions and other contracts meeting specified thresholds must be notified to and cleared by the ACCC before completion (or else the transaction will be deemed to be void), replacing the previous voluntary model. This shift introduces rigorous, data-driven scrutiny of mergers and other commercial contracts and imposes significant penalties for non-compliance, as well as the relevant transaction being void. This is a significant potential issue for buyers now and in relation to future due diligence exercises.
Additionally, the Food and Grocery Code of Conduct became mandatory for large retailers and wholesalers, reinforcing fair trading obligations and dispute resolution mechanisms. The ACCC also sharpened its enforcement priorities, focusing on digital markets, unfair contract terms, and greenwashing claims, signalling a more interventionist approach to competition oversight.
These reforms underscore the need for high quality expert advice and proactive compliance strategies. Corporates must prepare for heightened disclosure obligations and adapt governance frameworks to meet new transparency standards. For dealmakers, early engagement with the ACCC and robust competition risk assessments are now critical to avoid delays and regulatory challenges. Businesses in retail and essential services should also review supply chain practices to ensure adherence to mandatory codes and consumer protection laws.
Significant matters
AdAlta Limited
Managed AU$9.37m in capital raises for AdAlta, a biotechnology innovation company focused on antibody therapeutics, including placements, entitlement offers, and equity facilities.
Advised Carlisle Health, one of Australia’s fastest growing radiology operators, on its AU$200 million sale to Quadrant Private Equity, partnering with existing radiologist shareholders and management to support the company’s next phase of growth.
Clevertar
Advised Clevertar, an AI solutions provider for healthcare engagement, on equity crowdfunding for its AI product launch in the US, navigating regulatory and strategic complexities.
Customer Owned Banking Association (COBA)
Advised COBA, a member-driven banking association supporting mutual institutions, on obtaining a successful collective bargaining notification from the ACCC for its Mutual Support Network, enabling member institutions to negotiate collectively for a broad range of goods and services.
Dyson Group
Advised Dyson Group, a family-owned transport business specialising in bus services, on its successful bid for the MZF ZEB Franchise Agreement, the first open market tender in Victoria requiring battery electric buses only.
Elementos
Advised Elementos (ASX: ELT), a mineral exploration company advancing tin projects, on AU$11.1 million in capital raises, including entitlement offers and strategic placements, managing control and shareholder dynamics.
Epi-Minder
Advised Epi-Minder, a medical device innovator specialising in epilepsy monitoring, on a AU$10 million convertible note raise, managing shareholder approvals and compliance with the 50-shareholder rule.
Future Super Group
Advised Future Super, an ethical superannuation fund championing sustainable investments, on a complex corporate restructure consolidating operations and merging superannuation funds, providing guidance on agreement reviews, IP licensing, ESOP wind-up requirements, and documentation.
Advised Kingspan, a global leader in insulation and building solutions, on its acquisition of National Poly Industries, securing confidential informal merger clearance from the ACCC following detailed market analysis and responses to regulatory inquiries.
Advised the Young family on the sale of their Gold Coast-based bus and coach company, Koala Koaches, to leading transport provider Kinetic, ensuring a smooth transition for staff and operations.
Lava Blue
Advised Lava Blue, a technology company specializing in high-purity alumina, on its AU$60 million Initial Public Offering and ASX listing, focusing on high-purity alumina technology.
Advised Australia’s largest semiconductor manufacturer, Morse Micro, on its AU$88 million Series C venture financing led by MegaChips Corporation, with participation from the National Reconstruction Fund and leading institutional investors.
Acted for Mubadala Capital, a global investment firm with diversified assets, in securing a no-action letter from the ACCC for its acquisition of CI Financial, involving complex cross-border regulatory processes and informal merger clearance.
People First Bank
Advised People First Bank, a customer-centric banking institution serving communities, on the sale of its shares in Data Action, a leading Australian provider of core and digital banking solutions, to Vencora Australia Pty Ltd, marking Vencora’s first acquisition of an Australian-based banking technology company.
Prodigy Gold
Handled AU$8.5 million in entitlement offers for Prodigy Gold, an exploration company developing gold projects, supporting exploration and development projects.
Sustainable Aviation Fuel Financing Alliance (SAFFA)
Advised SAFFA, a private equity fund advancing sustainable aviation fuel, on the establishment of a private equity fund to accelerate production of sustainable aviation fuel, including competition law review of off‑take agreements with major airline carriers.
Advised Queensland-based AgTech company SwarmFarm Robotics on its AU$30 million Series B funding round led by Edaphon, with participation from QIC and the Clean Energy Finance Corporation, to support North American expansion.
Advised Symal Group (ASX: SYL), a civil infrastructure company expanding utilities capabilities, on its agreement to acquire 100% of Locale Civil Pty Ltd, a strategic AU$35 million transaction to expand its civil infrastructure capabilities in the utilities sector.
Unico Silver Limited
Advised Unico Silver (ASX: USL), a mining company focused on silver exploration, on a AU$41 million transaction involving a capital raise and acquisition of silver projects from Pan American Silver Corp. Managed dual placements and acquisition structuring.
Wellnex Life Limited
Advised Wellnex Life (ASX: WNX), a health and wellness company with innovative product lines, on its secondary listing on the AIM of the London Stock Exchange, navigating complex regulatory issues including ASX compliance and cannabis-related legal opinions
Recognition
This year, we have achieved outstanding recognition – both for the team and our individuals – across our national corporate practice team. We are grateful for our clients and colleagues and are looking forward to another successful year in 2026.
The Legal 500 Asia-Pacific
In the 2025 edition of The Legal 500 Asia Pacific, Piper Alderman was recognised across 15 areas of law including Corporate and M&A. Our partners and senior lawyers were highlighted as recommended and key lawyers for this category, including James Dickson, James Macdonald, Josh Steele and Andrew Cutler.
The Best Lawyers in Australia
In the 2026 edition of The Best Lawyers in Australia, 57 of our lawyers have been named a ‘Best Lawyer’ and 17 of our senior lawyers have been named in the ‘Ones to Watch’ list, including the following in our corporate team:
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- Megan Bishop – Tax Law
- Lis Boyce – Health and Aged Care Law, Life Sciences Practice
- Michael Coker – Commercial Law, Corporate/Governance Practice, Education Law, Funds Management
- Campbell Davidson – Equity Capital Markets Law
- James Dickson – Commercial Law, Corporate Law
- Will Fennell – Commercial Law, Non-Profit/Charities Law, Tax Law
- Richard W. Horton – Information Technology Law
- James Macdonald – Commercial Law, Corporate/Governance Practice, Mergers and Acquisitions Law, Private Equity Law, Venture Capital Law
- Wally McDonald – Corporate Law, Government Practice, Mergers and Acquisitions Law
- Alasdair McLean – Commercial Law, Mergers and Acquisitions Law
- Andrew Rankin – Commercial Law, Competition Law, Corporate Law, Corporate/Governance Practice, Health & Aged Care Law, Mergers and Acquisitions Law
- Hugh Scales – Corporate Law
- Simon Venus – Agriculture and Rural Affairs, Commercial Law, Corporate Law, Mergers and Acquisitions Law
- Mark Williamson – Corporate/Governance Practice, Equity Capital Markets Law, Mergers and Acquisitions Law
- Samuel Blight – Ones to Watch: Mergers and Acquisitions Law
- Clea Cole – Ones to Watch: Commercial Law
- Liberty Privopoulos – Ones to Watch: Commercial Law
Client Feedback
We were also delighted to receive some very kind feedback from clients and contacts during the research process for the legal directories, including the following testimonials from The Legal 500 Asia Pacific: Australia, 2025 edition:
“Highly commercial team – focussed on pragmatic advice and risk management rather than black letter law advice and risk avoidance.”
“Specialised knowledge & industry experience, which is translated into commercial perspective and outcomes.”
“We enjoy a personalised relationship that does not focus on billing hours first. This provides confidence that our challenges are freely discussed rather than having an ever-present concern around cost.”
“Professional, trusted advice, prompt attention at all times.”
“Strong partner, very focused on what the client needs.”
“Solid and reliable team. Our partner in general commercial matters. Nice to work with. High availability.”
Team movements
In March 2025, Richard Horton (Partner) & Olena Brodovska (Partner) and their team members Lachlan Hallab (Associate) and Olivia Kelleher (Lawyer) joined our Sydney office.
Marisa Orr (Partner) has recently joined in Perth, and George Hiotis (Lawyer) and Gideon Stein (Lawyer) joined the firm in our Brisbane and Sydney offices.
The team celebrated the promotions of Christian Febbraro (Senior Associate) and Allyson Yule (Senior Associate) in July.
Publications & Webinars
The Corporate team produced and published a number of timely insights while partaking in a multitude of client and industry facing events, sponsorships, and partnerships.
Throughout the year, the team delivered a number of webinars including sessions in the our flagship events The ‘Dynamic Board’, ‘Clause & Effect’ Contract Law Series, ‘Fair Game’ Competition Law Series, ‘Beat the Clock’ CPD Series and R&D Tax Series.