Dealmaking Insights report 2026

If you are an Australian mid-market business owner considering growth, succession, capital raising or an exit in 2026, the dealmaking landscape presents both challenges and opportunity.

From mergers and acquisitions (M&A) to private equity partnerships and selective IPOs, there is no single right pathway – but there is a right pathway for your business, your timing and your objectives.

William Buck’s 2026 Dealmaking Insights report examines deal activity across M&A, private capital and listed markets over the past decade and through 2025, highlighting what has changed. We call out what it means for business owners navigating an environment shaped by geopolitical uncertainty, tighter regulation, higher scrutiny from buyers and lenders and evolving capital structures.

For mid-market businesses, where most Australian deal activity occurs, preparation, clarity and optionality have never mattered more.

Key findings

720

deals in 2025 put Australian M&A deal volume at a 10-year low

74%

of Australian M&A deals
are under $50m

30%

of deals in 2025
involved foreign buyers

IPOs in 2025

80%

of 2025 IPOs occurred in H2

$489m

average PE deal size in 2025

Why dealmaking insights matter more than ever for mid-market business owners

Australia’s economy is built on small and medium-sized enterprises (SMEs). While SMEs dominate by number, mid-market businesses increasingly dominate deal activity, capital deployment and strategic interest.

In today’s environment, positioning your business for growth, investment or sale, while protecting value and control, demands more from owners.

Buyers are more selective, due diligence is deeper and takes longer, deal structures are more complex and regulatory oversight is increasing.

At the same time, Australia’s stable regulatory framework, strong institutions and scarcity of high-quality assets continue to attract both domestic and offshore capital.

Understanding your options, well before you need to act, is a competitive advantage.

This report, now in its 6th year, is designed to help business owners answer the critical question:

“Where to from here, and what do I need to do now to keep my options open?”

Deal-making markets are evolving

Across the past decade, 74% of all Australian transactions have been valued below $50 million, reinforcing that dealmaking in Australia is fundamentally a mid-market story.

For business owners, this reflects a clear buyer preference for strategic, bolt-on acquisitions, businesses that are easier to integrate and assets with proven cash flow and defensible market positions

While domestic deal volumes softened in 2025 to the lowest level in a decade, global dealmaking activity increased – and foreign buyers accounted for 30% of transactions within Australia, the highest share in ten years.

Foreign acquirers continue to pay premium multiples for Australian assets, particularly where there is earnings visibility, strong governance and reporting, and exposure to long-term growth.

At the same time, across the market we are seeing buyers and financiers taking longer to complete transactions. Extended due diligence periods reflect a sharper buyer focus on quality and sustainability of earnings, working capital needs, customer diversity or concertation, supplier risk, management depth and succession planning.

Private equity is adapting through creative deal structures, including partial takeovers and continuation funds, while technology and AI are playing a bigger role in valuation and risk assessment.

What this means for business owners

These dynamics highlight the need for preparation and clarity.

For sellers, it is essential to allow advisors adequate time to understand a business and assemble high-quality information, particularly given the deeper scrutiny from buyers and banks. Clean financials, credible forecasts and robust data rooms are now essential.

Businesses that can clearly demonstrate resilience, strong succession planning and a clear path to sustainable growth will gain buyer attention.

Despite the near-term caution, confidence in the Australian mid-market remains strong. As conditions stabilise, well-prepared businesses will be best placed to respond to shifting expectations and capture the opportunities that emerge in the year ahead.

William Buck – your trusted advisor

This dealmaking insights report is designed to help mid-market business owners plan with intent, not react under pressure.

Whether your goal is growth, capital access or exit, early preparation, informed decision-making and the right advice can materially improve outcomes.

We encourage you to explore the report and speak with our specialist advisers about how these trends apply to your business, your sector and your long-term goals.

Meet Corporate Finance

Sector analysis

Explore the key trends shaping today’s dealmaking landscape, with insights into Australian and Global M&A activity, IPO trends, private equity movements and sharemarket performance.

Our data was sourced from S&P Capital IQ 2025, Pitchbook and Preqin

Want to find out more?

Access the full Dealmaking Insights report for the 2024 calendar year