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On December 1, 2016, Parker Hannifin Corporation and CLARCOR Inc. announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt. The transaction has been unanimously approved by the board of directors of each company. Upon closing of the transaction, expected to be completed by or during the first quarter of Parker’s fiscal year 2018, CLARCOR will be combined with Parker’s Filtration Group to form a leading and diverse global filtration business. Bass, Berry & Sims has served CLARCOR as primary corporate and securities counsel for 10 years and served as lead counsel on this transaction. Read more here.

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Securities Law Exchange BlogSecurities Law Exchange blog offers insight on the latest legal and regulatory developments affecting publicly traded companies. It focuses on a wide variety of topics including regulation and reporting updates, public company advisory topics, IPO readiness and exchange updates including IPO announcements, M&A trends and deal news.

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Consolidation Expected to Increase for Hospitals, IT Companies

June 30, 2014

Report predicts spike in deal activity following decline in 2013

Nashville, Tenn., (June 30, 2014) – Hospitals and healthcare providers, as well as healthcare IT companies, are the subsectors most likely to see increased consolidation in 2014-2015, according to a report published today by Bass, Berry & Sims PLC.

Published in association with Mergermarket, the "Healthcare & Life Sciences M&A Outlook" cites capital needs and economies of scale as the two major drivers for consolidation among hospitals and providers.

"This year we're seeing significant implications from the Affordable Care Act take hold," said Angela Humphreys, a Member of the firm and healthcare transactions attorney. "Reforms like these are pushing providers to do more, better, for less – which in turn drives them to consolidate to become stronger in this new healthcare climate."

Deal activity took a downward turn in 2013, dropping to 385 deals worth $97 billion from 459 deals worth $124 billion in 2012, according to Mergermarket data. 

"Last year's decline was due to uncertainty around implementation of the ACA – much of which has been clarified," said Leigh Walton, a Member of the firm and healthcare transactions attorney member of the firm's healthcare and corporate practices. "We now have a clearer picture of how the law will affect healthcare organizations.

"As the reimbursement and regulatory landscapes change dramatically, healthcare companies are jockeying to be better positioned to leverage capital resources and a stronger infrastructure."

Overall, 86 percent of respondents expect M&A activity to increase in healthcare and life sciences. Specifically, respondents pointed to these top strategic drivers: 

  • Increased demand for facility and equipment improvement – 46 percent
  • Need for IT support/capabilities – 42 percent
  • Rising compliance costs – 42 percent

Respondents believe private equity will be most interested in the hospital and biotechnology/pharmaceutical sectors, with 42 percent of respondents choosing each as their top choice.

The "Healthcare & Life Sciences M&A Outlook" is based on interviews with healthcare and life sciences professionals. View the full report here.

About the Healthcare Practice of Bass, Berry & Sims
Marked by an integrated approach and unmatched regulatory experience, the healthcare practice of Bass, Berry & Sims PLC is a team of more than 100 experienced attorneys who leverage their diverse strengths to meet the unique demands of our clients. Throughout our history, Bass, Berry & Sims has contributed to the evolution of Nashville as the nation’s capital of healthcare delivery and entrepreneurialism. From this experience, we know that issues impacting healthcare organizations require a multidisciplinary team informed by historical perspective. For more information, visit www.bassberry.com or follow us on Twitter: @BassBerryHealth.

About Mergermarket
Mergermarket is the leading provider of forward-looking M&A news and intelligence for M&A professionals and corporates. With an unrivalled network of 300+ journalists based in 65 locations worldwide, Mergermarket is the only specialized media service that offers active analysis of corporate strategy before it becomes public knowledge, and a historical deals database to analyze past deals. Mergermarket is part of The Mergermarket Group, a Financial Times Group company. For more information visit www.mergermarket.com or follow us on Twitter: @mergermarket.


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