From the Zoo

Australian health services deal review

We track Australian health services deals that are documented in the public domain, back to November 2025, and are building an index with enough data that buyers and sellers can see more of what happens in this market. General practice comes first, then dental, imaging, pathology, allied health, digital health, hospitals and aged care. If we have missed a deal, tell us.

Deal register current to 4 October 2026. Published by Medius Global.
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The deal register

28 deals, 5 November 2025 to 28 September 2026.

All the data we list here is in the public domain: announced by the parties or reported by a named outlet, and each row links to its source. Where a deal has no buyer yet, we show the buyer as 'Not yet named'. Where no figure is public, the value shows as 'Undisclosed'.

Australian health services deals, 28 rows, newest first. Values in Australian dollars.
DateTargetBuyerVerticalDeal typeValueStatusSource
28/09/2026MedcorAPM GroupAllied and corporate healthAcquisitionUndisclosedAgreed, subject to FTC reviewDealroom
25/09/2026Agilex BiolabsNovotech (TPG-controlled)Pathology and diagnosticsAcquisitionA$160m, party-disclosedAgreed, subject to FIRB and ACCCHealius ASX announcement
23/09/2026Converge InternationalThe Riverside Company (for Altius)Allied and corporate healthAcquisitionUndisclosedAgreed; at ACCC Phase 1The Riverside Company
22/09/2026Southern Cross Care (Tasmania)Calvary Aged Care (Little Company of Mary Health Care)Aged careChange of controlUndisclosedAt ACCC, Phase 1ACCC acquisitions register
22/09/2026Combined diagnostics groupGenetic Signatures and Microba Life SciencesPathology and diagnosticsMergerA$51m, party-disclosedPrincipal terms agreed, not binding; implementation deed to follow a shareholder voteTradingView (Small Caps)
22/09/2026HeidiBlackbird (Series C lead) and General CatalystDigital healthCapital raiseA$475m, party-disclosedCompletedSmartCompany
21/09/2026MedcastBest Practice Software (lead)Digital healthCapital raiseA$5.4m, party-disclosedCompletedPulse+IT
14/09/2026HealthscopeCalvary Health Care (14 hospitals), Healthe Care (Pacific Equity Partners-backed, 6), Acurio Health (3), KnG Group (2)HospitalsAcquisitionUndisclosedLender-endorsed; transaction documents and state licence approvals pending; completion due by 30.11.2026Calvary Health Care
09/09/2026Perth Radiological ClinicPacific Equity PartnersImagingAcquisitionUndisclosedExclusive bidder namedAFR Street Talk
08/09/2026EarworxHearing AustraliaAllied and corporate healthAcquisitionUndisclosedCompletedBusiness News Australia
31/08/2026RadiaAdvent Partners (Imaging Associates) and Radiology SAImagingMergerA$700m, press-reportedCompletion expected 31.08.2026, not confirmedAFR
30/08/2026Dental Boutique (growth partner)Not yet namedDentalMinority stake saleA$500m-plus, press-reportedSale processAFR Street Talk
25/08/2026Bupa aged care (Australia and New Zealand)Not yet namedAged careSale processA$2bn-plus, press-reportedSale processThe Australian
25/08/2026Everlight RadiologyRadiology PartnersImagingAcquisitionA$1bn, press-reportedAgreedRadiology Partners
17/08/2026Altius GroupNot yet namedAllied and corporate healthSale processA$500m-plus, press-reportedSale processAFR Street Talk
07/08/2026Peninsula Private Hospital, LangwarrinBarwon Investment Partners (Hillhouse-controlled)HospitalsAcquisitionA$291.25m, press-reportedSold (settlement date not confirmed)AFR
31/07/2026The DoctorsTend HealthGeneral practiceAcquisitionA$245m (NZ$270m, converted), party-disclosedCompletedNZX announcement 477118
28/07/2026QscanPacific Equity PartnersImagingStake acquisitionA$900m, press-reportedExclusivity reportedAFR Street Talk
24/07/2026Six aged care homesEstia Health (majority owned by Bain Capital; being sold to a Stonepeak-led consortium)Aged careAcquisitionUndisclosedApproved by ACCC 18.08.2026ACCC acquisitions register (mergers.fyi copy)
03/07/2026Medicine on Second, MaroochydorePH Medical Centres (Partnered Health)General practiceAcquisitionUndisclosedApproved by ACCC 08.08.2026ACCC acquisitions register
18/06/2026National Dental CareNot yet namedDentalSale processUndisclosedSale processAFR Street Talk
18/06/2026Partnered Health GroupBupa Health ServicesGeneral practiceAcquisitionA$450m, press-reportedAt ACCC, Phase 1Bupa media release
17/06/2026EverlabAirtree (lead)Digital healthCapital raiseA$65m, party-disclosedCompletedPulse+IT
01/06/2026Newstead Medical groupOchre Health (Genesis Capital-backed)General practiceAcquisitionUndisclosedCompletedOchre Health
27/05/2026Estia HealthStonepeak-led consortium (with Axight Capital)Aged careAcquisitionA$2.5bn, press-reportedCleared by ACCC 22.07.2026; close expected late 2026Stonepeak
22/05/2026Riverstone Family Medical PracticePH Medical Centres (Partnered Health, Quadrant Private Equity)General practiceAcquisitionUndisclosedCompletedPartnered Health
18/02/2026HotDoc (majority stake)Potentia Capital (with Acclivis and Airtree)Digital healthMajority stakeA$250m to A$300m, press-reportedCompletedStartup Researcher
05/11/2025Better MedicalMedibank (Amplar Health)General practiceAcquisitionA$159m, party-disclosedCompleted 16.12.2025Medibank newsroom

Status as at 4 October 2026. New deals are added from the weekly Zoo scan. Missed deals and corrections to kate.marie@mediusglobal.com.au. Free to use with attribution to gpzoo.com.au (Medius Global). Not financial, legal or tax advice.

The same register in Looker Studio has filters by vertical, buyer type and deal type, counts by vertical and buyer type, and a download of the full table.

Open the register in Looker Studio

July 2026 edition: general practice

Australian general practice M&A re-rated between November 2025 and June 2026. The July edition reads each move from the owner's side and the buyer's side.

~$450m
Bupa buys Partnered Health (press-reported)
~$159m
Medibank buys Better Medical
9-13x
Platform EBITDA band [inferred]

Insurers are now the marginal price-setter for GP platforms. The two largest GP platform deals of the past two years are both insurer-funded, and private equity is exiting rather than rolling forward. The review reads each move from the owner's side and the buyer's side, because the same fact prices differently depending on which side you are on.

What is in the July edition

Download the July edition (PDF)

The comp set here is disclosed-only. Where a value is press-reported rather than party-disclosed, the text says so. Where a number rests on structural reasoning, it is marked [inferred] and does not anchor conclusions. No invented deal counts, no unsourced multiples.

Practice owners and buyers

For practice owners

The same market picture buyers work from, because information asymmetry is what this market's intermediaries sell. What the platform premiums do and do not mean for your practice, which attributes move price at your scale, and why the CGT changes give the decision a date.

For buyers

Where competitive tension now comes from, what the notification regime does to serial acquisition, which operators are adding sites and which are exiting, and the counterparty structure below the platform tier where most transactions clear.

The weekly Zoo

Each Thursday the Zoo scan reports new deals, practices for sale and new practice openings in Australian general practice. Free, one email a week.

Get the weekly Zoo

Past editions: the Zoo scan archive. Also from the Zoo: new practices and practices for sale.