Updated: March 22, 2023
- Chicago-based CommonSpirit Health and Alamonte Springs, Florida-based AdventHealth unwound their longtime Centura Health joint venture on Feb. 14, leaving most of Centura’s 20 hospitals to CommonSpirit. The following day, CommonSpirit said it would acquire Steward Health Care's five Utah hospitals. In 2021, the Federal Trade Commission sued to block Steward’s proposed sale of those hospitals to HCA Healthcare and the organizations nixed the deal in mid-2022.
- University of Alabama-Birmingham Health System and Anniston, Alabama-based Northeast Alabama Regional Medical Center signed a non-binding letter of intent on Feb. 8 to merge.
- Sioux Falls, South Dakota-based Sanford Health and Minneapolis-based Fairview Health Services are postponing their $14 billion merger until May 31. They delayed the transaction after Minnesota Attorney General Keith Ellison (D) asked the companies to slow down the deal, which was to close by March 31.
- St. Augustine, Florida-based Flagler Health+ and UF Health, the University of Florida’s academic health center based in Gainesville, said on Feb. 2 that they signed a non-binding letter of intent to merge.
- The North Carolina health systems CarolinaEast Health System and UNC Health will break up their merger on March 31, less than two years after the nonprofits combined.
- Tewksbury, Massachusetts-based Covenant Health called off its proposed acquisition of Putnam, Connecticut-based Day Kimball Healthcare on March 15.
About the Transaction Data
Ponder & Co. records transactions upon announcement of a definitive agreement, or letter of intent if the transaction involves a for-profit system. If no announcement was made prior to closing of the transaction, the effective date is recorded.
Deals are divided into three groups based on the most recent estimated revenue of the targeted firm:
Large = More than $1 billion in estimated revenue
Medium = $100 million to $1 billion
Small = Less than $100 million
Transactions by Quarter
Small, medium and large deals by estimated total revenue of targeted entity.
Largest Deals - Q1 2023
Largest Deals - Full Year 2022
2022 recorded lowest announced change of control activity in recent history.Download
Annual “third quarter slump” further mutes already depressed announced transaction volume.Download
Continuing low levels of announced hospital transaction volume marked by several notable major mergers and reorganizations.Download
Moderate pace of announced change of control transactions continues led by for-profit divestitures.Download
Sources and Methodology
M&A data on this page is provided by Ponder & Co.
Ponder & Co. is a healthcare finance and strategic advisory firm focused exclusively on providing leading capital advisory, mergers & acquisitions, strategic advisory and management consulting services to not-for-profit hospitals and healthcare systems. With 45 years of experience in healthcare and integration, Ponder & Co. has perfected the art of objective advice, and the science of skilled transaction, to bring seamless financial, strategy, and organizational transformation services to their healthcare clients.
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Modern Healthcare Data & Insights is produced by Tim Broderick, Sam McBroom, Michael Palazuk, and the Modern Healthcare editorial staff. All data and information are the property of Modern Healthcare and other sources where cited and are protected by copyright and other intellectual property laws. All rights are reserved by Modern Healthcare. Data and information may not be resold, republished, redistributed, sublicensed, or publicly displayed without the permission of Modern Healthcare.