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At the end of 2024, we predicted that the healthcare mergers and acquisitions (M&A) market would pick up steam in 2025 given the combination of decreasing interest rates, a potential shift in the regulatory landscape with the new presidential administration and growing comfort and familiarity with new state reporting requirements related to physician practice management (PPM) and other healthcare transactions. However, the general sentiment appears to be that 2025 was more of the same—a generally steady year from a deal volume standpoint, marked by strong lower middle market activity and some high-dollar, headline-making transactions, such as Ascension entering into a definitive agreement to acquire AmSurg for a reported $3.9 billion, private equity (PE) firm Sycamore Partners' take-private acquisition of Walgreens Boots Alliance for $10 billion, UnitedHealth Group's (NYSE: UNH) successful antitrust approval in its long-running effort to acquire home health and hospice provider Amedisys for $3.3 billion, and Cencora's (NYSE: COR) agreeing to buy out partner TPG's interest in oncology platform OneOncology for $3.6 billion.
That said, a steady healthcare M&A market should be viewed favorably after the tumult and variability of the early 2020s. Moreover, the year seems to have ended on a positive note—early indications are that deal values increased significantly from Q3 to Q4 of 2025.
Below are some of the notable healthcare transactions announced or closed in 2025 within the following sectors:
- Physician Practice Management
- Clinical Research Organizations
- Ambulatory Surgery Centers
- Hospitals & Health Systems
- Home Health, Hospice & Personal Care Services
- Managed Care
- Digital Health & Health Information Technology
- Pharma Services, Pharmacy & Pharmacy Benefit Managers
- Behavioral Health
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