Q3 2023 Healthcare Mergers and Acquisitions Update

This document is a quarterly update report on healthcare mergers and acquisitions (M&A) for Q3 2023. It details the number of announced transactions, highlighting a total of 393 transactions in the US, a decrease from 464 in the previous quarter. Significant transactions include CommonSpirit's management of 20 hospitals and Froedtert's merger with ThedaCare. The report outlines trends in physician medical group transactions, with 118 deals reported, including notable acquisitions by Orlando Health and InterWell Health. It also discusses the impact of new merger guidelines released by the FTC and DOJ, which introduce a lower threshold for market concentration. The report presents a sector spotlight on laboratory transactions, noting a decline in activity and Labcorp's role as a key investor. Additionally, it covers private equity involvement in healthcare, reporting 152 deals in Q3, with significant transactions exceeding $1 billion. The document concludes with a year-over-year comparison of transaction counts across various healthcare sectors.