Healthcare mergers and acquisitions are in no short supply as providers, health tech companies, payers and other industry players look to expand their businesses and gain a competitive edge. Here’s a roundup of new deals that were revealed, closed, rumored or called off during the month of May.
Provider
Sutter Health and Allina Health took another step toward their planned $26 billion cross-market merger with the signing of a definitive agreement. The arrangement, expected to close before the end of the year, would establish Allina as a division of Sutter in return for more than $2 billion of investment in its markets. Should the deal close, the resulting organization would span 39 hospitals as well as more than 400 primary and specialty care sites that collectively see over 5 million patients annually.
WakeMed Health announced it’s looking to join up with Atrium Health and its parent system Advocate Health. The North Carolina nonprofits’ proposed deal would bring $2 billion of investment to WakeMed campuses. The deal faced swift pushback from local leaders concerned over increasing provider consolidation, and a key vote by the Wake County Board of Commissioners on the issue was delayed to give time for review. After the deal’s announcement, WakeMed also received an unsolicited, and substantially greater, offer from nearby UNC Health, but declined to accept it.
Sanford Health has a newly announced definitive agreement to pickup the Twin Cities’ North Memorial Health, which includes the promise of a $600 million investment in the latter. The deal is expected to close before the year’s end, pending regulatory review, and would see North Memorial become a subsidiary of Sanford and serve as the “anchor” of the parent’s new Twin Cities care delivery region.
CommonSpirit locked in a definitive agreement to hand Trinity Health System, a three-hospital network in eastern Ohio, to UPMC. Financial terms have not been disclosed for the pending transaction, which was first floated last fall.
HCA Healthcare unveiled a deal to acquire The College of Health Care Professions, an in-person and online educator that prepares more than 8,000 students per year for non-physician healthcare positions. Financial terms were not disclosed, though the transaction is set to close “in the coming months, subject to customary regulatory approvals.”
Kinderhook Industries finalized its announced $1.1 billion take-private buyout of Enhabit, a provider of home health and hospice care.
York Hospital notched a needed certificate of need from the Maine Department of Health and Human Services that paves its path toward joining MaineHealth. The deal for the independent, 79-bed hospital was unveiled back in October.
Christus Health took over operations at the 174-bed Titus Regional Medical Center, which is now known as CHRISTUS Health - Mount Pleasant Hospital.
Monument Health added Rapid City Medical Center as its sixth hospital. The pair had signed a letter of intent back in January.
Quorum Health said it will merge under a newly formed nonprofit, called Healthside Partners, in a maneuver that will allow the 11-hospital system to transition from for-profit to nonprofit status. The transaction is expected to close in the fall, pending regulatory review.
Payer
CVS' Omnicare unit has secured court approval to sell its business to virtual care company GenieRx Holdings. GenieRx, which offers an array of virtual health and medication services, is a joint partnership between Milrose Capital, a private equity firm, and Integro Asset Management, a healthcare-focused investment firm. Per court documents, the deal includes $250 million in cash as well as certain other liabilities, such as payroll expenses.
Tech
Qualtrics closed its $6.75 billion acquisition of Press Ganey Forsta, a deal it said creates “the world’s largest AI dataset for human experimental context.” Press Ganey’s measurement systems are employed by more than 41,000 healthcare facilities, including the majority of U.S. hospitals.
Innovaccer, a provider of data and automation software for payers and providers, acquired CaduceusHealth to combine its AI platform with the company's revenue cycle management services and staff to serve ambulatory care providers. Innovaccer said it will incorporate CaduceusHealth’s solutions and ambulatory RCM expertise into its Flow agentic AI RCM platform. Financial details were not disclosed.
Swoop, an AI-powered healthcare marketing company, acquired prescription management platform Nimble for an undisclosed sum. The deal adds prescription fulfillment and pharmacy connectivity to Swoop’s portfolio.
Carlyle said it acquired majority stakes in Knack RCM and EqualizeRCM, both healthcare revenue cycle management companies, and plans to create an “AI-native, global, multi-specialty RCM platform.” The investment firm did not disclosed the terms of its deals.
Med Tech Solutions, which provides managed health IT services, is acquiring health IT advisory firm Avarion (formerly Huntzinger Management Group) for an undisclosed sum. Med Tech Solutions said the deal better positions the company to serve provider customers across the full continuum of care, including various care settings.
CareCloud, a health tech and revenue cycle management vendor, acquired Empower Health & Compliance Partner, a full-service healthcare compliance and advisory firm. Financial terms were not disclosed.
IKS Health, which makes a revenue cycle management and workflow platform, acquired AI services and consulting company ARAI Solutions for an undisclosed sum. IKS said the deal will accelerate development on its platform of autonomous coding, clinical decision-making, denial prevention, prior authorization reasoning and precision medicine.
Miscellaneous
Global Healthcare Opportunities and CBC Group announced plans to merge and form the world’s largest healthcare-focused investment manager in early 2027. The pair have over 21 billion in assets, and more than 200 investment and operating professionals across 13 offices in North America, Europe and Asia-Pacific. The new combined firm plans to back innovation-led healthcare businesses spanning pharmaceuticals, medical devices, life science tools, diagnostics, healthcare infrastructure and healthcare IT.
Cross Country Healthcare, a 40-year-old healthcare staffing and services company, will go private in a $437 million deal with investment firm Knox Lane. The pair said they arrangement will better position Cross Country for future growth.
HealthScape Advisors, a Chartis subsidiary that advises payers, acquired independent pharmacy consulting firm PayerAlly. The deal will help the companies better serve plans and employers as the address prescription medication costs. Financial terms were not disclosed.
VMG Health, a healthcare consulting firm, acquired Community Link Consulting, which specializes in community health centers, Federally Qualified Health Centers and other healthcare organizations. Terms were not disclosed.
Impact Advisors said it has acquired Canopii Collaborative, a fellow consulting firm founded in 2021 that specializes in Epic payer, revenue cycle, and managed services solutions. Terms were not disclosed.