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 under the Takeovers Code, from advisers' reports, and New Zealand deals cited in Australian experts' reports.
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 |
|---|---|---|---|---|
| Food and beverage manufacturing | 12.5 | 10.3 | 7.8 | Share down on 2015 to 2019 |
| REITs and property investment | 5.1 | 9.1 | 6.8 | Share down on 2015 to 2019 |
| Software | Other | 5.9 | 6.0 | Share about the same as 2015 to 2019 |
| Mobile towers | Other | Other | 5.2 | No earlier period to compare. |
| Hospitals and day surgery | 7.4 | 3.6 | 4.5 | Share about the same as 2015 to 2019 |
| Banking and lending | 4.5 | 5.1 | 4.2 | Share about the same as 2015 to 2019 |
| Data centres and hosting | Other | Other | 3.8 | No earlier period to compare. |
| Utilities (energy networks, generation and water) | 5.1 | 2.8 | 3.5 | Share about the same as 2015 to 2019 |
| Wholesale and distribution | 5.1 | 3.6 | 3.5 | Share about the same as 2015 to 2019 |
| Telecommunications and networks | 3.4 | 4.7 | 3.2 | Share down on 2015 to 2019 |
| Insurance | 4.5 | 4.0 | 2.2 | Share down on 2015 to 2019 |
| Early learning and childcare | Other | Other | 1.8 | No earlier period to compare. |
| Hotels and accommodation | Other | Other | 1.8 | No earlier period to compare. |
| IT services | Other | Other | 1.8 | No earlier period to compare. |
| Diagnostic imaging | Other | Other | 1.5 | No earlier period to compare. |
| Equipment hire and pooling | Other | 2.0 | 1.5 | Share about the same as 2015 to 2019 |
| Forestry | Other | Other | 1.5 | No earlier period to compare. |
| Packaging | Other | Other | 1.5 | No earlier period to compare. |
| Fuel wholesale and distribution | Other | 2.4 | 1.2 | Share down on 2015 to 2019 |
| Funds management | Other | Other | 1.2 | No earlier period to compare. |
| Funeral services | Other | Other | 1.2 | No earlier period to compare. |
| Pharmaceutical and health products | Other | Other | 1.2 | No earlier period to compare. |
| Property development | Other | Other | 1.2 | No earlier period to compare. |
| Chemicals and plastics | Other | 2.0 | Other | |
| Industrial and engineered products | Other | 3.2 | Other | |
| Mining (producers) | Other | 4.0 | Other | |
| Restaurants and food service | 3.4 | Other | Other | |
| Road freight and logistics | Other | 3.2 | Other | |
| Other | 48.9 | 34.4 | 31.8 |
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.