Healthcare M&A Quarterly Update: Q4 2023

We are happy to announce ECG’s Healthcare Mergers and Acquisitions (M&A) Update for Q4 of 2023! This edition includes a spotlight on the M&A regulatory environment.

Here are four key takeaways.

• Announced US transaction volume decreased slightly quarter over quarter, with 381 announced transactions in Q4 2023 compared to 393 in Q3 2023.
  • Notable transactions from the quarter include the following:

• The FTC and DOJ finalized their new Merger Guidelines, which will likely bring enhanced regulatory scrutiny to healthcare transactions. Most notably, the guidelines expand the scope of transactions that will be reviewed by the FTC for anticompetitive impacts, meaning more transactions will go under review.
• Freestanding emergency departments are growing in popularity as care continues to shift away from the traditional hospital setting.
• Q4 2023 saw 132 announced US healthcare private equity deals, down from 152 in the prior quarter. The quarter’s transaction volume was lower than that of any quarter over the last two years.
  • Notable healthcare private equity deals from the quarter include the following:

In October 2023, Mountain Health Network, Marshall University, and Marshall Health successfully formed an integrated academic health system—Marshall Health Network. ECG served as the strategic adviser to all parties. Learn more about the transaction here.

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