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 of listed companies under the Takeover Code, from offer documents and announcements.
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 | 5.7 | 4.9 | 9.2 | Share up on 2015 to 2019 |
| Food and beverage manufacturing | 4.7 | 3.7 | 4.8 | Share up on 2015 to 2019 |
| Wholesale and distribution | Other | 2.7 | 3.6 | Share about the same as 2015 to 2019 |
| Industrial and engineered products | 5.7 | 2.7 | 3.0 | Share about the same as 2015 to 2019 |
| Aerospace and defence | Other | Other | 2.5 | No earlier period to compare. |
| Building materials | Other | 4.2 | 2.5 | Share down on 2015 to 2019 |
| Insurance | Other | 1.7 | 2.1 | Share about the same as 2015 to 2019 |
| IT services | Other | 2.0 | 2.0 | Share about the same as 2015 to 2019 |
| Payments | Other | 2.2 | 2.0 | Share about the same as 2015 to 2019 |
| Engineering consulting | 4.7 | 2.5 | 1.8 | Share about the same as 2015 to 2019 |
| Financial platforms and broking | Other | Other | 1.8 | No earlier period to compare. |
| Insurance broking | Other | Other | 1.8 | No earlier period to compare. |
| Pharmaceutical and health products | 5.7 | 1.5 | 1.8 | Share about the same as 2015 to 2019 |
| Restaurants and food service | Other | Other | 1.8 | No earlier period to compare. |
| Data and information services | 5.7 | 1.5 | 1.6 | Share about the same as 2015 to 2019 |
| Digital media and online platforms | Other | 1.5 | 1.6 | Share about the same as 2015 to 2019 |
| Funds management | Other | Other | 1.6 | No earlier period to compare. |
| Gaming and wagering | Other | 4.4 | 1.6 | Share down on 2015 to 2019 |
| Pubs, taverns and bars | Other | 2.2 | 1.6 | Share about the same as 2015 to 2019 |
| Semiconductors and electronics | Other | 1.2 | 1.6 | Share about the same as 2015 to 2019 |
| Utilities (energy networks, generation and water) | Other | 2.0 | 1.6 | Share about the same as 2015 to 2019 |
| Video games | Other | Other | 1.6 | No earlier period to compare. |
| Accounting and advisory | Other | Other | 1.5 | No earlier period to compare. |
| Chemicals and plastics | Other | Other | 1.5 | No earlier period to compare. |
| Management consulting | Other | 1.2 | 1.5 | Share about the same as 2015 to 2019 |
| Facility and asset services | Other | 2.2 | 1.3 | Share about the same as 2015 to 2019 |
| Medical devices | Other | 1.7 | 1.3 | Share about the same as 2015 to 2019 |
| Cybersecurity | Other | 1.2 | 1.2 | Share about the same as 2015 to 2019 |
| Testing and inspection | Other | 1.5 | 1.2 | Share about the same as 2015 to 2019 |
| Waste and recycling | Other | Other | 1.2 | No earlier period to compare. |
| Advertising and marketing | Other | 1.5 | 1.0 | Share about the same as 2015 to 2019 |
| Biotechnology | Other | Other | 1.0 | No earlier period to compare. |
| Events and exhibitions | Other | Other | 1.0 | No earlier period to compare. |
| Financial advice and licensee services | Other | Other | 1.0 | No earlier period to compare. |
| Legal services | Other | Other | 1.0 | No earlier period to compare. |
| Packaging | Other | 2.0 | 1.0 | Share down on 2015 to 2019 |
| Specialty construction trades | Other | Other | 1.0 | No earlier period to compare. |
| REITs and property investment | Other | Other | 0.8 | No earlier period to compare. |
| Telecommunications and networks | Other | 2.2 | 0.8 | Share down on 2015 to 2019 |
| Airports | 5.7 | Other | Other | |
| Automotive parts | Other | 2.0 | Other | |
| Mining (producers) | Other | 1.2 | Other | |
| Publishing and print media | Other | 2.0 | Other | |
| Scientific instruments | Other | 1.2 | Other | |
| Travel services | Other | 1.5 | Other | |
| Other | 62.3 | 38.0 | 27.1 |
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.