2026 Australian Telecommunications Services: M&A Overview

By Morgan Business Sales | Updated July 2026

Sector Overview

The Australian telecommunications sector generates A$34.7 billion in annual revenue, but performance varies dramatically depending on which part of the market you sit in. The big incumbents — Telstra, Optus, and TPG — have been focused on cutting costs and defending market share. The challengers have been growing fast: Aussie Broadband grew revenue by 18.7% to A$1.19 billion in FY25, and Superloop grew 31.2% to A$546.5 million in the same year. Both growth stories have been driven largely by acquisition. Industry analysts Venture Insights described the sector as having split into "four camps": incumbents managing decline, challengers growing through deals, infrastructure platforms targeting enterprise and government, and a new data centre and fibre layer attracting global investment at premium valuations.

Below these large platforms, the market is heavily fragmented. There are approximately 1,288 internet service providers, 855 telecoms resellers, and 710 mobile virtual network operators (MVNOs) operating in Australia today. The top three carriers still hold around 84% of overall market revenue — but they have largely lost the premium broadband segment. Smaller and challenger providers now hold 81% of 500 Mbps NBN plans and 88% of 1,000 Mbps plans. Mid-market operators have already won the high-speed tier. The M&A consequence is straightforward: smaller ISPs and resellers that cannot scale on their own are increasingly being absorbed by the consolidators who are growing quickly.

A second major shift is blurring the line between a "telco" and an "IT business." As broadband margins tighten under rising NBN wholesale costs (up around 3.63% from 1 July 2026), operators are adding cloud communications, managed network services, and cybersecurity to their offering. This is attracting a new type of buyer that would not traditionally have looked at a telecoms business: IT services consolidators, managed service provider (MSP) roll-up platforms, and private equity firms focused on tech-enabled services. MSP Awards Australia recorded 14 managed services acquisitions in the first quarter of 2026 alone — a record quarter — and forecasts between 45 and 55 total transactions for the full year.

A third factor is the data centre boom. Australia is now the world's second-largest data centre investment destination, attracting US$6.7 billion in 2024. Microsoft has committed US$25 billion to expand its Australian infrastructure; AWS has committed US$20 billion. Investment of this scale creates urgent demand for the connectivity infrastructure that feeds into these facilities — fibre networks, enterprise ethernet, structured cabling — and is pulling adjacent telecommunications businesses into deals they would not previously have been involved in. Both of Superloop's most recent major acquisitions — the A$17.5 million purchase of Optus's Uecomm fibre network and the A$165 million acquisition of Lightning Broadband in 2026 — were driven directly by this dynamic.

ANZSIC Classification

Australian telecommunications services businesses are classified across several ANZSIC Division J codes. Businesses focused on managed IT services and cloud infrastructure may also be classified under Division M (Professional Services) depending on their primary activity. Structured cabling and telecommunications infrastructure installation is separately classified under heavy and civil engineering construction.

51 Verified M&A Transactions (2021–2026)

Mid-market transactions from A$1M to approximately A$500M in the Australian telecommunications services and communications technology sector. Carrier-level mega-deals (Vocus take-private A$4.6B EV; Vocus/TPG fibre A$5.25B; Uniti Group A$3.73B) are excluded from the count and noted as context only. All values in AUD unless otherwise noted.

Transaction Commentary

Aussie Broadband — Transformational Consolidation

Aussie Broadband is the standout acquisition story of the past five years in Australian telecommunications. It entered this period as a growing residential broadband provider and is now the third-largest NBN retail provider in the country, with over 1.3 million connections. That transformation has been almost entirely driven by deals. The A$344 million acquisition of Over the Wire in 2022 gave it enterprise connectivity and data centre capability. The A$262 million acquisition of Symbio in 2024 — won in a competitive process against Superloop, which had offered A$250 million — added wholesale voice and cloud communications. Nexgen added cloud and business communications for SMEs. And the A$115 million AGL Telco deal in June 2026 added around 350,000 broadband and mobile customers in a single transaction. Aussie Broadband's publicly stated "Look-to-28" strategy signals it intends to keep acquiring through 2028. For business owners in this sector, that matters: it means there is a well-funded, motivated buyer actively looking for the right opportunities.

Superloop — Infrastructure-Led Roll-Up

Where Aussie Broadband has focused on adding customers, Superloop has focused on owning the network. Its A$110 million acquisition of Exetel in 2021 — at 10x EBITDA before synergies — gave it a large consumer and business customer base to build from. Since then it has been systematically adding owned fibre: 2,100km of Optus fibre duct bought from Uecomm for A$17.5 million in December 2024, and 54,000 secured fibre-to-the-premises lots acquired through the A$165 million Lightning Broadband deal in 2026. Owning the network rather than just reselling NBN access gives Superloop better margins and a genuine competitive advantage. Its new "neoloop" wholesale brand, launched in June 2026, signals it is now looking to monetise that network by selling access to other providers. For potential sellers in the fibre infrastructure space, Superloop is one of the most active and motivated buyers in the market.

Atturra — IT/Telco Convergence Acquirer

Atturra (ASX:ATA) is a good example of the broader IT and telecoms convergence playing out in the mid-market. It started as an IT services business and has been building toward a full managed services and network services platform through acquisitions. Its A$49.3 million purchase of Cirrus Networks in December 2023 gave it a national managed services presence. Since then it has completed at least ten further acquisitions covering cloud and network connectivity, SAP consulting, cybersecurity, and most recently Blue Connections IT in Melbourne (A$18–25 million). The result: FY25 revenue of over A$300 million, roughly double what it was before the Cirrus deal, with almost all of that growth coming through acquisitions. Atturra typically pays 5x–10x EBITDA for add-on businesses — making it a realistic buyer for well-run managed services and network businesses in the mid-market range.

Swoop Telecommunications — Regional Roll-Up Strategy

Swoop carried out the most active regional acquisition programme in the sector between 2021 and 2024, completing at least nine deals. It acquired regional broadband providers including Speedweb, ComComs, Beam Internet, and Countrytell, added dark fibre networks through iFibre and Luminet, picked up a wholesale voice business (VoiceHub) and a national mobile virtual network operator (Moose Mobile). The logic was straightforward: regional broadband operators are often too small to absorb rising NBN wholesale costs on their own, which makes them natural candidates for acquisition by a larger platform that can spread those costs across a bigger customer base. Swoop later sold VoiceHub to Pivotel for A$9 million, choosing to exit non-core assets and focus on its fixed wireless and fibre strengths — a sign of a maturing roll-up strategy rather than a business collecting assets for their own sake.

Vonex / MaxoTel — Cloud Communications Consolidation

The Vonex story is worth understanding if you operate a cloud communications business. MNF Group sold its consumer VoIP and internet arm to Vonex for A$31 million in 2021 (roughly 5.6x EBITDA), as part of a decision to simplify and focus on wholesale. Vonex then became the subject of a contested takeover that played out over several years. Swoop took a 17% stake in September 2024, but MaxoTel ultimately won, taking Vonex fully private at an enterprise value of A$34.1 million in October 2025. The key takeaway for business owners: even a relatively small cloud communications platform with a recurring customer base and an established partner network attracted multiple competing buyers willing to pay a meaningful premium. These businesses are genuinely scarce, and buyers know it.

4Cabling, Stealth Group, Legrand — Equipment Distribution Consolidation

The structured cabling and equipment distribution segment is also consolidating, though largely on its own track separate from the ISP and cloud communications roll-ups. PE-backed 4Cabling acquired DataWorld in 2023 and Design Data in January 2025 to expand its wholesale cabling and accessories business. Infinigate Group took a majority stake in Wavelink in July 2024 to enter the Australian cybersecurity and mobility distribution market. Legrand acquired Australian Plastic Profiles in September 2024 as a cable management add-on. Stealth Group Holdings acquired Force for approximately A$9.5 million (under 4x EBITDA) and Hardware and Building Traders for approximately A$22 million in successive transactions. The common thread: larger operators are buying smaller, independent distributors to gain purchasing scale, logistics advantages, and broader supplier and customer relationships. Businesses with exclusive or preferential manufacturer agreements and a diversified customer base are the most attractive targets in this segment.

Valuation Benchmarks by Subsegment

Multiples are indicative ranges based on verified transactions, broker data, and advisory benchmarks for the A$1M–A$500M mid-market band. Single-digit multiples dominate below A$5M EBITDA; double-digit multiples require platform scale, high recurring revenue, and enterprise/government customer mix. All figures in AUD unless otherwise stated.

Demand Drivers

NBN Maturation and Margin Compression

The NBN build is done. The challenge now is making money from it. NBN Co raised its wholesale prices by around 3.63% from 1 July 2026, which feeds directly into the cost base of every ISP and reseller in Australia. Major providers including Aussie Broadband, Superloop, Telstra, and Optus have all passed on increases of A$2–A$10 per month to customers. For a small reseller with thin margins, that kind of sustained cost pressure is hard to absorb without either raising prices or adding higher-margin services. That dynamic is pushing operators toward a sale or merger: either they grow large enough to get better wholesale terms, or they add services that justify higher margins, or they sell to someone who can. Separately, NBN Co removed capacity charges (CVC) from 1 July 2026 for most networks, which is good news for high-volume resellers with large customer bases at the premium speed tiers — these businesses become more profitable and, in turn, more attractive to buyers.

5G Rollout and Competitive Dynamics

5G is growing quickly — it accounted for 48% of Australian mobile connections in 2024 and is expected to reach 86% by 2029. For mid-market operators, the practical implication is that 5G fixed wireless is becoming a genuine alternative to NBN broadband in regional and price-sensitive markets. That creates both an opportunity and a risk. Businesses that have built a differentiated position — such as enterprise 5G services, regional fixed wireless, or device connectivity — are well positioned as that demand grows. But a business that is purely reselling NBN broadband on consumer plans, without any mobile or 5G offer, faces growing substitution risk from 5G home internet products being pushed hard by Telstra and Optus. From a valuation standpoint, buyers are increasingly asking: what happens to this customer base if 5G home internet becomes the default option in this market? Having a credible answer matters.

Cloud Communications Adoption

Australian businesses are switching from traditional phone systems to cloud-based communications at a rapid pace, and that shift is creating significant M&A activity. More than 65% of Australian SMEs have already moved to a hosted phone system, and Telstra's decommissioning of the old ISDN and copper networks is accelerating the remaining holdouts. The Australian cloud communications market is forecast to grow from A$2.16 billion in 2024 to A$6.27 billion by 2030 — a near-tripling in six years. For businesses providing cloud phone systems, unified communications, or VoIP services, this is a strong tailwind. Customers are on recurring monthly billing by seat, churn is typically low once the system is embedded, and the revenue is predictable. These characteristics make cloud communications businesses highly attractive acquisition targets for larger telco and IT services platforms that want to diversify away from declining fixed-line margins. The Symbio, Nexgen, Vonex, and Access4/Channel UC transactions in this report all reflect that buyer demand.

IT/Telco Convergence and Managed Services M&A

The line between a telecoms business and an IT business has blurred considerably, and the M&A market has responded. MSP Awards Australia recorded 14 managed services acquisitions in the first quarter of 2026 alone — a record quarter — and forecasts 45–55 deals for the full year. Businesses that provide managed network services, SD-WAN, or managed IT alongside their connectivity offering are now attracting two separate buyer pools: telco consolidators who want to add managed services capability, and IT services consolidators who want to add network and connectivity capability. That competitive dynamic is supportive of prices. Offshore buyers are also actively participating: Integris, backed by Canadian pension fund OMERS, entered the Australian market in 2026 by acquiring First Focus, one of the country's largest SMB-focused managed service providers. Buyers today are increasingly favouring businesses with specialist capability in cloud, cybersecurity, or AI over generic IT generalists — a distinction worth considering if you are building or planning your business ahead of a potential sale.

Private Equity and Infrastructure Fund Activity

Private equity and infrastructure funds have been heavily involved in Australian telecommunications over the past five years, primarily at the larger end. Macquarie Asset Management and Aware Super took Vocus private in 2021 at approximately A$4.6 billion, and Vocus then acquired TPG's enterprise and government fibre business for A$5.25 billion in 2025. Brookfield and Morrison & Co bought Uniti Group in 2022 for A$3.62 billion. These are large-scale, infrastructure-oriented deals — but they matter to mid-market owners because they reshape the competitive landscape and affect who is buying what further down the market. More directly relevant: PwC expects PE firms to shift from net buyers to net sellers in 2026 as they face pressure from their investors to return capital. That typically generates a new wave of platform exits and secondary deals. In the mid-market, domestic funds including Pemba Capital Partners, Potentia Capital, and BGH Capital are actively looking at telco-adjacent and managed services businesses in the A$3M–A$20M EBITDA range.

Data Centre Investment Boom

Australia is experiencing an extraordinary level of data centre investment. The country is now the world's second-largest data centre investment destination, and the forward pipeline of committed projects could exceed A$155 billion. Microsoft has committed US$25 billion to Australian cloud infrastructure; AWS has committed US$20 billion across Sydney and Melbourne. The practical consequence for telecommunications businesses is significant: every major data centre needs fibre connections, network infrastructure, and structured cabling — and those needs are urgent. Businesses with an established track record servicing hyperscalers or data centre operators are commanding higher multiples because that customer relationship is genuinely difficult for a new entrant to replicate. A government "triple lock" framework announced in June 2026 — requiring data centres to fund renewable energy, cover network infrastructure costs, and maintain flexible demand — adds compliance complexity that further favours established operators with the right credentials and existing relationships.

Cybersecurity Convergence

Cybersecurity has become one of the most active M&A areas sitting alongside telecommunications and managed services in Australia. Australian organisations spent A$6.2 billion on information security in 2025, up 14.4% year-on-year, with that figure forecast to exceed A$7.5 billion in 2026. About 77% of Australian organisations rely on managed service providers for security management. Accenture's acquisition of CyberCX — itself built through 12 acquisitions — for over A$1 billion shows just how valuable scaled cybersecurity capability has become. The practical implication for mid-market telco and managed services businesses: cybersecurity is no longer a bonus feature you can upsell to enterprise and government clients. It has become a baseline expectation. Businesses that have integrated managed security services into their offering alongside connectivity and network management are achieving higher margins and stronger customer retention — and are more attractive to buyers looking for a differentiated platform rather than a commodity provider.

Government Connectivity Programs

Government investment in regional connectivity has supported a number of mid-market telecoms businesses over recent years. The Federal Government's Regional Connectivity Program has allocated A$370.3 million across three rounds for around 298 projects. NSW alone has committed over A$400 million to its Regional Digital Connectivity program. However, the picture changed in May 2026: the Federal Budget cut the Better Connectivity Plan, removing A$116 million in 2026–27 funding and A$49.6 million from forward estimates. That is a meaningful reduction for any business that has built its revenue model around government co-funded connectivity projects. For buyers assessing a regional connectivity business, government funding dependency is now a specific due diligence question — and businesses that rely heavily on it will face more scrutiny than those with commercially generated recurring revenue. The NBN Co also selected Amazon's Project Kuiper in August 2025 to replace its ageing Sky Muster satellites in the early 2030s, signalling a long-term shift in how remote and rural areas will receive broadband that regional operators should be factoring into their planning.

Consolidation Pressure on Smaller Operators

Australia had 889 internet service providers in 2001. Today there are approximately 150 active NBN retail providers. That long-running consolidation is continuing, and the economics are making it harder for smaller operators to stay independent. As NBN wholesale costs rise annually and the market shifts toward flat-rate pricing that benefits high-volume players, a provider with fewer than 10,000 connections faces margin pressure it cannot solve through efficiency alone. The realistic options are: grow through acquisition, add higher-margin services that justify a price premium, or sell to a larger consolidator before the margin erosion affects the valuation. Industry analysts Venture Insights describe acquisition as "the key scaling tool" for smaller telecoms players, noting that operators like Swoop and Comms Group have built their platforms by acquiring smaller ISPs — and may themselves eventually be acquired once they reach sufficient scale. For owners of smaller ISPs and resellers, this dynamic makes timing important: a business in good shape today may be worth considerably more to an active consolidator than the same business after another two or three years of margin compression.

2026 Market Outlook: Timing, Trends, and Opportunities

2026 is shaping up as one of the better years in recent memory to sell an Australian telecommunications or communications technology business — if you are well prepared. The broader M&A environment is strong: Australian mid-market deal activity was up 8% in 2025, M&A had its best first half since 2021 in H1 2026, and the technology, media, and telecommunications sector led cross-border deal activity with US$2.2 billion in inbound transactions. Four ASX-listed consolidators are actively buying in this sector at the same time, which is unusual and creates genuine buyer competition.

Three things make this a particularly relevant moment for telecoms business owners. First, the active consolidators have already proven they will transact: Aussie Broadband and Superloop alone have completed over A$1 billion in documented mid-market acquisitions since 2021, and all four have publicly stated they intend to keep acquiring. Second, the blurring of the IT and telecoms boundary means a well-positioned managed services or cloud communications business can attract interest from both telco buyers and IT services buyers — that competitive tension is good for price outcomes. Third, private equity firms that invested in Australian telecoms-adjacent assets between 2019 and 2022 are starting to face pressure to return capital to investors, which tends to generate a new round of secondary deals and platform exits for strategic acquirers to capitalise on.

It is worth being honest about the headwinds too. NBN wholesale price increases are locked in through FY2029 under the current regulatory framework — buyers are pricing that ongoing cost pressure into their valuations, and a pure connectivity reseller without higher-margin services will face questions about its growth trajectory. The ACCC introduced mandatory merger notification requirements in January 2026, which has extended the timeline for larger transactions. And the May 2026 Budget cuts to regional connectivity funding create specific revenue risk for businesses that depend on government program participation rather than commercially generated customers.

The businesses that are attracting the strongest buyer interest right now share five characteristics. At least 70% of revenue is recurring — monthly service contracts, annual agreements, or subscription seat billing — rather than project-based. The customer mix leans toward enterprise, government, or wholesale rather than consumer residential. There is a meaningful services layer beyond pure connectivity: cloud communications, managed network services, cybersecurity, or cloud — something that commands a real margin and is not simply being repriced by NBN Co every year. The business does not fall apart if the founder steps back — there are documented processes, a capable team, and systemised delivery. And the business tracks and manages customer retention actively, with revenue growing from the existing customer base rather than just renewing at flat rates.

Key Operators

What Drives Value in Australian Telecommunications Services Businesses

Recurring Revenue and Contracted Income

Recurring contracted revenue is the single most important factor in determining what a telecommunications business is worth to a buyer. Businesses where 70–80% or more of income comes from monthly service contracts, annual agreements, or subscription-based billing consistently achieve 2x–5x higher valuation multiples than comparable businesses relying on project work or one-off sales. The reason is straightforward: predictable revenue is easier to finance, easier to grow, and carries less risk for the buyer. Managed service providers with over 85% recurring revenue and genuine scale reach 10x–15x EBITDA; those below 60% recurring are typically valued at 4x–7x. Aussie Broadband and Superloop both cited recurring revenue quality and low customer churn as key decision factors in their acquisition rationales — the 11.8x multiple paid for Over the Wire was explicitly supported by the business's 15% organic recurring revenue growth at the time. For cloud communications businesses, strong customer retention — where existing customers are growing their spend year on year — can add a further 1x–3x to the achievable multiple.

Customer Mix — Business vs. Consumer

Who your customers are matters almost as much as how many you have. Enterprise and government customers generate 2x–3x higher profit margins than residential NBN customers, are on annual or multi-year contracts rather than month-to-month plans, and are far less likely to churn because switching a managed network or cloud communications platform is genuinely disruptive for a business. A residential NBN customer can leave in 30 days; a business customer on a managed services agreement typically stays for years. Businesses that have shifted their mix toward corporate, SME, and government customers — or that have added a managed services layer on top of their connectivity offering — attract meaningfully higher multiples as a result. The 11.8x multiple Aussie Broadband paid for Over the Wire was a premium to what a comparable pure residential ISP would have achieved, and Over the Wire's enterprise and data centre customer mix was the primary reason for that premium.

Owned Network Assets vs. Pure Resale

Businesses that own their own network infrastructure — even a modest fibre run or a fixed wireless tower network — are worth more than businesses that purely resell access they buy from someone else. The reason is competitive advantage: owned infrastructure creates something a new entrant cannot simply replicate by signing up for an NBN wholesale account. It reduces your dependency on NBN Co pricing, improves your margins on the connectivity layer, and gives buyers something tangible and defensible. This is exactly why Superloop has spent so much acquiring fibre assets: Uecomm, Lightning Broadband, and Swoop's dark fibre acquisitions are all about owning infrastructure rather than renting it. For structured cabling businesses, a similar principle applies: if you have an established relationship servicing hyperscaler data centre builds — where cable runs are enormous and contracts are long — that is a customer relationship a competitor cannot easily step into without years of track record and the right certifications.

Customer Retention and Churn

How well you retain customers has a direct and significant impact on what a buyer will pay for your business. Research suggests that reducing annual customer churn by just one percentage point can increase the overall value of a business by around 12% over five years. High churn is an acknowledged challenge across the Australian telecoms market generally — month-to-month consumer broadband plans, easy SIM portability, and price comparison sites all make it easier for customers to leave. Businesses that can demonstrate below-market churn through strong service quality, active account management, and multi-year contracts are rewarded with meaningfully higher buyer confidence. Also important: it is not just about keeping customers — it is about whether those customers are spending more over time. A business where existing customers are regularly adding services or upgrading plans is structurally more valuable than one that retains customers but at flat or declining spend per customer.

Management Independence and Operational Systems

One of the most common reasons a buyer discounts their offer — or structures part of the price as an earnout rather than paying it upfront — is founder dependency. If the business runs primarily because of who the owner knows, or because the owner is the main technical resource, or because key supplier relationships sit with the owner personally, that creates risk for a buyer. Documenting how the business operates — service delivery processes, provisioning, billing, customer onboarding, escalation procedures — reduces that risk and supports a cleaner, higher-value transaction. For managed services businesses in particular, buyers are looking at whether there are structured operating procedures and whether the team can deliver consistently without the founder in the room. A business where the owner can step away without service quality dropping is simply worth more than one where everything flows through a single person.

Frequently Asked Questions

Sources

1. IBISWorld — Telecommunications Services in Australia (J5800); A$34.7B revenue, 2,896 businesses (2026)
2. IBISWorld — Internet Service Providers in Australia; A$6.5B revenue, 1,288 businesses (2026)
3. IBISWorld — Telecommunications Resellers in Australia; A$2.0B revenue, 855 businesses (2026)
4. IBISWorld — Telecommunications & Other Electrical Goods Wholesaling; A$62.4B revenue, 4,403 businesses (2026)
5. ACMA — Trends and Developments in Telecommunications 2024-25 (NBN market share, 5G sites, MVNO data)
6. ACCC — Communications Market Report 2024-25 (ARPU, wholesale pricing, market share data)
7. Aussie Broadband — FY25 Results Announcement (Revenue A$1,187.1M, EBITDA A$138.2M)
8. Superloop — FY25 Financial Report (Revenue A$546.5M, EBITDA A$92.2M)
9. Macquarie Technology Group — FY25 Annual Report (Revenue A$369.6M; Data Centres +14.1%)
10. ASX — Aussie Broadband / Over the Wire Scheme Implementation Deed (A$344M; 11.8x EV/EBITDA)
11. ASX — Aussie Broadband / Symbio Scheme Implementation Agreement (A$262M equity value)
12. iTnews — Aussie Broadband secures Symbio for A$262 million (outbid Superloop's A$250M)
13. ARN — Infotrust to reinvest A$50M from Nexgen sale (Aussie Broadband acquires Nexgen, Mar 2026)
14. Superloop ASX — Exetel acquisition announcement (A$110M; 10.0x pre-synergy / 6.9x post-synergy)
15. Superloop ASX — Lynham Networks / Lightning Broadband acquisition (A$165M; ~15x FY27 EV/EBITDA pre-synergies)
16. Telecompaper — Vocus/Amcom founders acquire Swoop in A$61.3M reverse takeover (Feb 2021)
17. ARN — Swoop acquires Beam Internet for A$6.7M (Jul 2021)
18. ARN — Swoop acquires Luminet's Sydney dark fibre network for A$8M (Feb 2022)
19. ASX — Vonex / MaxoTel Scheme Implementation Deed (A$34.1M EV; completed Oct 2025)
20. Vonex — MNF Group closes A$31M Direct business sale to Vonex (~2x revenue; ~5.6x EBITDA)
21. CRN — Symbio buys Intrado Australia UCaaS business for A$5M (~60,000 seats; ~A$12.5M ARR)
22. Access4 — Acquires Channel UC to scale cloud communications capabilities (Sept 2024)
23. ASX — Atturra / Cirrus Networks acquisition announcement (A$49.3M equity; ~8.8x EV/EBITDA)
24. Atturra — H1 FY25 Results (Exent, Chrome Consulting, Plan B, ComActivity bolt-on acquisitions)
25. CRN — Atturra acquires Blue Connections IT (A$18–25M; ~7–10x forward EBITDA)
26. Comms Group ASX — TasmaNet acquisition (A$9.43M; ~2.5x EBITDA; ~95% recurring revenue)
27. Telecompaper — Comms Group sells onPlatinum to efex for A$30M (2026)
28. DataCenterDynamics — Telstra acquires Boost Mobile MVNO for A$145M / US$94.1M (Dec 2024)
29. 4Cabling — Acquires DataWorld structured cabling wholesaler (May 2023)
30. 4Cabling — Acquires Design Data (Jan 2025)
31. Infinigate — Strategic majority stake in Wavelink (Jul 2024; Australian market entry)
32. Legrand — Acquisition of Australian Plastic Profiles (Sept 2024)
33. Stealth Group Holdings — Acquires Force (~A$9.5M; <4x EV/EBITDA; Jun 2024)
34. Zhone Technologies — Acquires NetComm Wireless from DZS (A$6.5M via Deed of Company Arrangement; Dec 2024)
35. TheNewswire — Carrier Connect Data Solutions acquires Nexion Group Perth data centre (A$2.5M; Jul 2025)
36. Macquarie Group — Vocus completes A$5.25B TPG EG&W acquisition (Jul 2025) — mega-deal context
37. Dgtl Infra — Vocus Group / MIRA take-private (A$4.6B EV; 12.0x EV/EBITDA) — mega-deal context
38. NBN Co — Wholesale Price Changes from 1 July 2026 (~3.63% CPI-linked increase)
39. NBN Co — FY27-FY29 SAU Pricing Roadmap (CVC charges drop to $0 from 1 July 2026)
40. Grand View Research — Australian UCaaS Market (A$2.16B to A$6.27B by 2030; 19.1% CAGR)
41. Telnyx — Hosted PBX Australia: UCaaS adoption data (73% of businesses use cloud comms; 10.2% CAGR)
42. MSP Awards Australia — 14 MSP acquisitions in Q1 2026; 45–55 forecast full-year 2026 transactions
43. GlobeNewswire — Australia Data Center Market Investment Analysis 2026-2031 (145 operational colocation data centres)
44. Stockexchangeyard — Australia's data centre investment pipeline exceeding A$155 billion
45. iTnews — 2026 Cloud Covered Report (Microsoft US$25B + AWS US$20B Australian commitments)
46. Reuters — Accenture acquires CyberCX for reported >A$1 billion (Aug 2025)
47. ACCC — Vocus / TPG EG&W acquisition not opposed (Mar 2025; regulatory clearance)
48. PwC — Australia M&A Outlook 2026 (US$79.5B total 2025 deal value; PE buyouts +32%)
49. CPA Australia / INTHEBLACK — Australian and global M&A trends for 2026 (Pitcher Partners: 1,132 mid-market deals, +8%)
50. Pitcher Partners — M&A has best half since 2021 in H1 2026 as foreign investors move on market
51. White & Case — Australia's cross-border appeal; TMT tops deal count (12 deals) and value (US$2.2B) in early 2026
52. RL Hulett — Telecommunications M&A Update Q3 2025 (deal volume +15.4% QoQ; PE median 6.9x)
53. FOCUS Investment Banking — Telecom Technology Fall 2025 (Telecom Technology sector at 20.7x EBITDA, 3.8x revenue)
54. FOCUS Investment Banking — Telecom Business Services Summer 2025 (Engineering & Construction at 9.4x–10.5x EBITDA)
55. Venture Insights — FY25 Australian Telco Earnings Wrap ("industry splits into four camps"; M&A as key scaling tool)
56. TAMIM Asset Management — Comms Group: a prime ASX takeover target (trading at ~3.5x FY25 EV/EBITDA)
57. CT Acquisitions — IT Services Valuation Multiples 2026 (MSP EBITDA multiple tiers by recurring revenue %)
58. Aventis Advisors — MSP Valuations 2025 Webinar Recap (median ~9x EBITDA across 80–100 disclosed deals)
59. Blackpeak Capital — IT Services Sector Update Oct 2025 (ANZ MSP median EBITDA multiples 8.0x–12.1x)
60. ACCC — Residential broadband market: smaller telcos gain wholesale market share (top 3 share declining)
61. MSP Channel Insights — Integris (OMERS) acquires First Focus, Australia's largest SMB-focused MSP
62. Cliffside Cybersecurity — Australian information security spend A$6.2B (2025, +14.4% YoY); A$7.5B+ forecast 2026

Disclaimer: This report has been prepared by Morgan Business Sales for general information purposes only. It does not constitute financial, legal, or investment advice. Transaction values, multiples, and market data are sourced from publicly available information and third-party research. Actual outcomes vary depending on individual business characteristics, market conditions, and negotiated terms. Readers should seek independent professional advice before making any business or investment decisions. Morgan Business Sales is not responsible for decisions made based on information contained in this report.