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Hospital M&A volume jumps in Q1; $10B in target volume

The number of hospital and health systems mergers and acquisitions announced in the first quarter was substantially higher than the same period in 2023, according to an April 1 report by Cain Brothers, a division of Key Banc Capital Markets.

Eighteen transactions with $10 billion in total revenues for the targets were announced in the first quarter of 2024, compared to 12 deals with $3.4 billion in revenues for the targets in the first quarter of 2023, according to the report.

The 81 deals announced in the last 12 months is the highest in recent years, highlighting the increasing momentum of hospital and health system M&As nationwide. Seventy-five transactions were announced in 2023, compared to 59 in 2022 and 64 in 2021. 

Hospital and health system M&As announced in Q1:

Seller

Revenue

Buyer

Revenue

 

Weirton (W.Va.) Medical Center

$192 million

WVU Health System (Morgantown, WVa.)

$4.5 billion

 

Ascension Michigan (3 hospitals)

$360 million

MyMichigan (Midland)

$1.2 billion

 

Nacogdoches (Texas) Memorial Health

$76 million

Nacogdoches County Hospital District

N/A

 

Fulton County Hospital (Salem, Ark.)

$11 million

Baxter Health (Mountain Home, Ark.) 

$286 million

 

Tenet's Central Coast (2 California hospitals)

$307 million

Adventist Health (Roseville, Calif.)

$4.8 billion

 

Nuvance Health (Danbury, Conn.)

$2.5 billion

Northwell Health (New Hyde Park, N.Y.)

$15.4 billion

 

Evangelical Community Hospital (Lewisburg. Pa.)

$249 million

WellSpan Health (York, Pa.) 

$3.7 billion

 

Ascension Via Christi Hospital (Pittsburg, Kan.)

$100 million

Mercy (St. Louis)

$8 billion

 

Helena Regional Medical Center (Helena-West Helena, Ark.)

$13 million

Progressive Health Systems (Oxford, Miss.)

N/A

 

M Health Fairview University of Minnesota Medical Center (Minneapolis) 

$1.9 billion

University of Minnesota

N/A

 

Tenet's Pacific Coast Network (4 Southern California hospitals)

$1 billion

UCLA Health (Los Angeles)

$19.3 billion

 

Saint Peter's Healthcare (New Brunswick, N.J.)

$583 million

Atlantic Health (Morristown, N.J.)

$3.7 billion

 

West Hills Hospital and Medical Center (Los Angeles)

$225 million

UCLA Health (Los Angeles)

$19.3 billion

 

LaPorte (Ind.) Hospital

$8 million

Franciscan Alliance (Mishawaka, Ind.)

$3.2 billion

 

Summa Health (Akron, Ohio) 

$1.9 billion

General Catalyst / HATCo

N/A

 
     

Doylestown (Pa.) Health

$400 million

Penn Medicine (Philadelphia) 

$9.9 billion

 

DeKalb Regional Medical Center (Fort Payne, Ala.)

$60 million

Huntsville (Ala.) Hospital Health

$1.8 billion

 

 

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