Which sectors the deals come from
These charts show each sector's share of the deals in our database, period by period. A second chart shows each sector's share of deal value.
Deals updated October 2026
Mostly takeovers and sales in company announcements and independent experts' reports, and the earlier deals those reports compare with.
These figures count deals in our database, not every deal in the market. Most are deals whose terms were published, and many carry figures. A sector whose share rises may partly have more of its deals reported.
Subsectors split each sector's deals further, so more of them fall under Other.
Source: deals in our database, from company filings, experts' reports and press reports. Shares by onestepright.
| Subsector | 2010 to 2014 (%) | 2015 to 2019 (%) | 2020 to 2026 (%) | Change on 2015 to 2019 |
|---|---|---|---|---|
| Software | 1.5 | 1.9 | 7.5 | Share up on 2015 to 2019 |
| Mining (producers) | 8.7 | 5.5 | 5.9 | Share about the same as 2015 to 2019 |
| IT services | Other | 3.5 | 4.6 | Share up on 2015 to 2019 |
| Telecommunications and networks | 5.0 | 3.2 | 4.6 | Share up on 2015 to 2019 |
| Wholesale and distribution | 5.2 | 4.1 | 3.9 | Share about the same as 2015 to 2019 |
| Utilities (energy networks, generation and water) | 8.9 | 6.5 | 3.5 | Share down on 2015 to 2019 |
| Hospitals and day surgery | 4.1 | 3.1 | 3.0 | Share about the same as 2015 to 2019 |
| Early learning and childcare | Other | 3.5 | 2.8 | Share about the same as 2015 to 2019 |
| Food and beverage manufacturing | 5.7 | 4.4 | 2.5 | Share down on 2015 to 2019 |
| Mining services and contractors | Other | 1.4 | 2.5 | Share up on 2015 to 2019 |
| Waste and recycling | 2.2 | 2.6 | 2.5 | Share about the same as 2015 to 2019 |
| Financial advice and licensee services | Other | Other | 2.3 | No earlier period to compare. |
| Building materials | 2.4 | 1.4 | 2.0 | Share about the same as 2015 to 2019 |
| Diagnostic imaging | 2.8 | 4.2 | 1.8 | Share down on 2015 to 2019 |
| Funds management | 3.3 | 2.6 | 1.6 | Share down on 2015 to 2019 |
| Insurance broking | 2.4 | 0.6 | 1.4 | Share about the same as 2015 to 2019 |
| Data centres and hosting | Other | 1.3 | 1.3 | Share about the same as 2015 to 2019 |
| Vocational training | Other | 0.6 | 1.3 | Share about the same as 2015 to 2019 |
| Gaming and wagering | 1.5 | 0.6 | 1.1 | Share about the same as 2015 to 2019 |
| Pharmaceutical and health products | Other | 1.9 | 1.1 | Share about the same as 2015 to 2019 |
| Travel services | 1.3 | 1.7 | 1.1 | Share about the same as 2015 to 2019 |
| Broadcasting (TV and radio) | 2.6 | 2.2 | 1.0 | Share down on 2015 to 2019 |
| Motor vehicle dealerships | 2.2 | 1.2 | 1.0 | Share about the same as 2015 to 2019 |
| Specialty retail | 1.1 | Other | 1.0 | |
| Building services and restoration | Other | 0.6 | 0.9 | Share about the same as 2015 to 2019 |
| Allied health and physiotherapy | Other | Other | 0.8 | No earlier period to compare. |
| Apparel and footwear retail | 1.3 | 0.9 | 0.8 | Share about the same as 2015 to 2019 |
| Cosmetic and laser clinics | Other | 1.5 | 0.8 | Share about the same as 2015 to 2019 |
| Cybersecurity | Other | Other | 0.8 | No earlier period to compare. |
| Equipment hire and pooling | 1.7 | 1.3 | 0.8 | Share about the same as 2015 to 2019 |
| Financial platforms and broking | Other | 1.0 | 0.8 | Share about the same as 2015 to 2019 |
| Industrial and engineered products | 1.1 | Other | 0.8 | |
| Payments | Other | Other | 0.8 | No earlier period to compare. |
| Ports and terminals | 2.8 | 0.9 | 0.8 | Share about the same as 2015 to 2019 |
| Staffing and recruitment | Other | 1.0 | 0.8 | Share about the same as 2015 to 2019 |
| Banking and lending | Other | Other | 0.7 | No earlier period to compare. |
| Civil and infrastructure construction | 1.5 | 1.2 | 0.7 | Share about the same as 2015 to 2019 |
| Construction | Other | Other | 0.7 | No earlier period to compare. |
| Facility and asset services | 1.1 | 0.6 | 0.7 | Share about the same as 2015 to 2019 |
| Management consulting | Other | Other | 0.7 | No earlier period to compare. |
| Road freight and logistics | 2.0 | 0.8 | 0.7 | Share about the same as 2015 to 2019 |
| Automotive parts | Other | Other | 0.6 | No earlier period to compare. |
| Fertility services | Other | Other | 0.6 | No earlier period to compare. |
| Financial administration services | Other | Other | 0.6 | No earlier period to compare. |
| Horticulture | Other | Other | 0.6 | No earlier period to compare. |
| Medical devices | Other | Other | 0.6 | No earlier period to compare. |
| Packaging | Other | 0.6 | 0.6 | Share about the same as 2015 to 2019 |
| Security services | Other | Other | 0.6 | No earlier period to compare. |
| Social care and disability services | Other | Other | 0.6 | No earlier period to compare. |
| Testing and inspection | Other | Other | 0.6 | No earlier period to compare. |
| Aquaculture | Other | Other | 0.5 | No earlier period to compare. |
| Digital media and online platforms | Other | Other | 0.5 | No earlier period to compare. |
| Engineering consulting | 1.5 | 1.3 | 0.5 | Share about the same as 2015 to 2019 |
| Mobile towers | Other | Other | 0.5 | No earlier period to compare. |
| Online retail | Other | Other | 0.5 | No earlier period to compare. |
| Utility infrastructure construction | Other | Other | 0.5 | No earlier period to compare. |
| Veterinary services | Other | Other | 0.5 | No earlier period to compare. |
| Advertising and marketing | Other | 0.9 | Other | |
| Chemicals and plastics | Other | 1.3 | Other | |
| Data and information services | Other | 0.6 | Other | |
| Dental | 1.1 | Other | Other | |
| Electronics and household goods retail | 1.5 | Other | Other | |
| Hotels and accommodation | Other | 0.8 | Other | |
| Intellectual property services | Other | 0.6 | Other | |
| Oilfield services | 1.1 | Other | Other | |
| Passenger transport | Other | 1.5 | Other | |
| Pathology and laboratories | Other | 0.6 | Other | |
| Pet retail | 1.1 | Other | Other | |
| Property development | Other | 0.6 | Other | |
| Publishing and print media | Other | 0.8 | Other | |
| Rail | Other | 0.9 | Other | |
| REITs and property investment | Other | 1.0 | Other | |
| Restaurants and food service | 2.2 | 0.6 | Other | |
| Web hosting and domains | Other | 0.8 | Other | |
| Other | 19.0 | 19.0 | 17.3 |
Sectors with too few deals in a period are grouped under Other for that period.
Where deal activity is rising
These subsectors took a larger share of the overseas deals in our database in 2020 to 2026 than in 2015 to 2019. Overseas means New Zealand, the UK, the US and Canada together. Each row also shows the subsector's median multiple.
A larger share means more of these deals reached our database. That can come from more deals or from more of them being reported. It describes past deals and forecasts nothing.
| Subsector | Share of deals, 2015 to 2019 (%) | Share of deals, 2020 to 2026 (%) | Median (times EBITDA) | Deals | Deal size (A$) | Years |
|---|---|---|---|---|---|---|
| Behavioural and mental health | 0.2 | 0.5 | 12.5 | 5+ | Under A$2bn | 2014 to 2023 |
| Biotechnology | 1.5 | 3.3 | Too few deals with an EBITDA multiple | |||
| Digital media and online platforms | 1.3 | 1.6 | 9.0 | 10+ | A$10m to A$500m | 2013 to 2026 |
| Primary care and medical centres | 0.2 | 0.8 | 8.5 | 5+ | Under A$2bn | 2011 to 2021 |
| Video games | 0.3 | 0.6 | 9.5 | 5+ | Under A$2bn | 2017 to 2021 |
Each median is the subsector's own figure across all markets, with its deal sizes and years as shown.