Who bought Australian businesses, and what they paid
Different buyers pay different multiples. These lines split the deals in our database by who bought. They count only deals with a published value.
Deals updated October 2026
- Private equity funds. A private equity fund bought the business itself.
- Trade buyers. A company in the same or a related line of business bought it.
- Trade buyers owned by private equity. A company that a private equity fund already owned bought it, to add to that company.
- Infrastructure funds. An infrastructure fund bought it, usually a large asset on long contracts.
Australian deals by buyer
- Private equity funds: 10.0 times, middle half 8.0 to 12.0, 50+
- Trade buyers: 7.5 times, middle half 5.5 to 10.0, 600+
- All sizesPrivate equity funds10.0 times EBITDA, middle half 8.0 to 12.0, 50+ dealsTrade buyers7.5 times EBITDA, middle half 5.5 to 10.0, 600+ deals
- A$50m to A$250mPrivate equity funds9.0 times EBITDA, middle half 8.0 to 11.0, 10+ dealsTrade buyers7.5 times EBITDA, middle half 6.0 to 9.5, 200+ deals
- A$250m to A$1bnPrivate equity funds10.0 times EBITDA, middle half 8.0 to 12.0, 20+ dealsTrade buyers9.5 times EBITDA, middle half 7.0 to 11.0, 100+ deals
- Over A$1bnPrivate equity funds12.0 times EBITDA, middle half 10.0 to 13.5, 10+ dealsTrade buyers11.0 times EBITDA, middle half 9.0 to 13.5, 50+ deals
Source: deals in our database with a published value and an EBITDA multiple, from company filings, experts' reports and press reports. Medians by onestepright.
Each cell gives the median, in times EBITDA. Under it are the middle half and the number of deals.
| Deal size (A$) | Private equity funds | Trade buyers |
|---|---|---|
| A$50m to A$250m | 9.0 times EBITDA, middle half 8.0 to 11.0, 10+ deals | 7.5 times EBITDA, middle half 6.0 to 9.5, 200+ deals |
| A$250m to A$1bn | 10.0 times EBITDA, middle half 8.0 to 12.0, 20+ deals | 9.5 times EBITDA, middle half 7.0 to 11.0, 100+ deals |
| Over A$1bn | 12.0 times EBITDA, middle half 10.0 to 13.5, 10+ deals | 11.0 times EBITDA, middle half 9.0 to 13.5, 50+ deals |
Compare buyers within one size band. Larger deals sell at higher multiples whoever buys them.
In this set, private equity funds paid more than trade buyers in deals of A$50 million to A$250 million. The gap narrows in larger deals.
All markets
Across all markets, the comparison is between trade buyers owned by private equity and other trade buyers.
- Trade buyers owned by private equity: 10.0 times, middle half 6.5 to 14.0, 50+
- Trade buyers: 9.0 times, middle half 6.5 to 12.0, 2,800+
Infrastructure funds buy large assets such as towers, ports and networks. Their line covers deals of every size.
- Infrastructure funds: 11.5 times, middle half 10.0 to 14.5, 50+