The Australian GP business deal review
Who bought what, at what price, and what it means whichever side of the table you sit.
A market review for both sides of an Australian general practice transaction: owners weighing their position and buyers building a pipeline. Compiled from Medius Global's daily GP market monitoring, so owners get the same market picture buyers work from.
July 2026 edition. Managing editor, Adam Mazzaferro.
July 2026 edition · Free download · A Medius Global review
What the review covers
The review sets out the deals, the prices and the buyers, and reads each from both sides. Three parts.
The transaction record
Every named transaction with a public record from November 2025 to July 2026, sourced. Who acquired, from whom, what was in the deal, and where the value came from the parties rather than the press. No invented deal counts for the transactions that clear under NDA, because no public count of those exists.
What practices trade at
The disclosed-only comp set and the observable 9-13x forward EBITDA band for platform assets. Press-reported values are marked as such, multiples derived from partial disclosure are marked [implied], and numbers resting on structural reasoning are marked [inferred] and do not anchor a conclusion.
The buyer universe and the tests
Who is buying at each scale, from insurers down to individual clinicians, and what each needs to see. The attributes that moved price in the platform deals, the ACCC merger notification regime, the CGT changes before parliament, and the diligence items a prepared vendor removes from the price conversation before it starts.
The July 2026 edition
Australian general practice M&A re-rated between November 2025 and June 2026. Both sides of the market should reset their assumptions.
Bupa buys Partnered Health (press-reported)
Medibank buys Better Medical
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. Private equity is exiting rather than rolling forward, and a reported ~$1bn ForHealth process would put two of the three largest GP corporate operators in insurer hands by the end of 2027. 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.
The same review is published on the Zoo for the buyer and market-monitoring audience: read the Zoo edition.
Inside this edition
What changed hands. The named deal record, November 2025 to July 2026, and four observations from it.
What practices are trading at. The disclosed comp set, the platform band, and what does and does not flow down to individual practices.
The buyer universe. Insurers, private equity, corporate strategic operators, group practices and individual clinicians, and what each buyer class needs to see.
What buyers test and sellers should prepare. Workforce, billing mix, regulatory approval, tax timing, property and systems.
The Bupa transaction. What Bupa bought, why the multiple is a platform multiple and not a premium one, and where the risks sit.
The group operator base. 336 group operators, 2,028 practice sites and 14,026 GP positions, from the Zoo dataset current to 5 July 2026.
For owners and for 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 a serial acquisition strategy, which operators are adding sites and which are exiting, and the counterparty structure below the platform tier where most transactions clear.
Author and editorial panel
Who it is for
- GP practice owners, solo and group, weighing a sale, partial sale, merger or capital raise.
- Group operators and corporate development teams building an acquisition pipeline.
- Insurers and private equity assessing the platform tier.
- Accountants, lawyers and brokers advising on GP practice transactions.
- Anyone who wants the deal record and the price picture without the intermediary's framing.
Thinking about selling, or looking to buy?
Whether you are weighing up your own practice or building an acquisition pipeline, we can help you make sense of where the market sits.
For practice owners
Tell us your location, size and timeframe, and what you are weighing up, whether that is a sale, a partial sale, a merger or raising capital. It is confidential and free, with no obligation. Nothing is listed or shared without your say-so.
For buyers
Tell us the geography, size and type of practice you are looking for. We watch the market and the data, and let you know when something fits.
Talk to us about a project
Tell us what you are trying to work out and we will tell you whether we can help.