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Health services M&A has weathered a complicated macroeconomic and political environment. This year the market had 445 announced transactions through May 15, 2025, driving the last-twelve-month (LTM) volume to 1,265 deals (down 7% versus 2024’s 1,355) and disclosed value to about $64 billion (down 8% versus 2024 but still 2% above 2023). There was only one announced megadeal (greater than $5 billion). However, with a $17.9 billion headline price, the Walgreens Boots Alliance/Sycamore megadeal contributed about 28% of all disclosed value, cushioning the headline value decline.
Key takeaways:
The deal environment is a mix of persistent headwinds and emerging opportunities. We’re watching several key trends and dealmakers should be ready with strategic responses:
“Despite constant market shifts, healthcare deal activity has remained durable, with strong fundamentals and momentum signaling continued growth across diverse sub-sectors.”
Nick Donkar, Partner,US Healthcare Deals LeaderDealmakers should balance caution with flexibility to navigate today’s headwinds and capitalize on health services opportunities in the coming months. Strong growth in subsectors like home health care and behavioral health signal the resilience of the sector.
LevinPro HC: The merger and acquisition data contained in various charts and tables in this report have been included only with the permission of the publisher, Irving Levin Associates LLC. All rights reserved.
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