Healthcare merger and acquisition (M&A) activity remained steady through the second quarter of 2026 (Q2), continuing many of the themes that shaped the first quarter, including consolidation, artificial intelligence (AI) integration, and cross-sector transactions. The physician practice management (PPM) sector continued to see persistent deal activity, even as regulatory scrutiny of private equity (PE)-backed management services organization (MSO) arrangements intensified in certain states. Outpatient growth strategies remained a focus in the quarter, with the completion of Ascension’s acquisition of AMSURG in a transaction that established Ascension as the country’s third-largest ambulatory surgery center platform. Meanwhile, digital health and health information technology dealmaking was characterized by the premiums buyers were willing to pay for demonstrated AI execution and proprietary deal assets, as underscored by Qualtrics’ $6.75 billion acquisition of Press Ganey Forsta, a healthcare experience management platform. This report provides an overview of some of the notable transactions in these and other healthcare sectors.
Physician Practice Management
We reported in Q1 that lawmakers across several states proposed legislation specifically targeted at restricting PE-backed MSO arrangements with physician practices (state-level healthcare transaction notice and approval requirements that are already enacted can be viewed on our interactive healthcare transactions map). Additionally, regulatory enforcement of corporate practice of medicine (CPOM) restrictions and scrutiny of “friendly PC” arrangements have become more robust in certain states, as evidenced by the California Attorney General’s settlement with Carbon Health to resolve allegations that the entity violated the state’s CPOM laws. Despite the prospect of some heightened regulatory requirements (albeit, mostly in already more conservative CPOM states), the PPM sector saw persistent deal activity—a trend that continued into Q2. PE-backed acquisitions remained a driver of this activity. For example, Singlepoint Healthcare, a specialty care platform focused on comprehensive care for patients with inflammatory disease, acquired Healix, a Texas-based national infusion services provider that supports more than 220 ambulatory infusion centers.
Beyond traditional PE-backed platform acquisitions and roll-ups, physician enablement platforms have continued to offer an alternative structure for practices seeking scale and operational support without ceding full ownership. Privia Health Group, Inc. (NASDAQ: PRVA) illustrates this model. The company is a physician practice enablement platform that partners with physician practices by establishing MSO arrangements that seek to increase efficiency and lower direct costs for providers by providing cloud-based software, population health tools and management services while maintaining physicians’ autonomy. Neurology Group of Bergen County, a 25-clinician independent neurology practice, has signed a definitive agreement to partner with Privia Health Group, Inc. This deal expands the company’s network to include operations in 25 different states.
Another common structure in the PPM sector involves transactions between physician practices or between independent practices and health systems. For instance, Clearview Cancer Institute, a physician-owned cancer care center in northern Alabama operating on the OneOncology platform, has partnered with Alliance Cancer Care, a radiation oncology practice, to establish a Radiation Oncology Division. Eight radiation oncologists will lead this effort as the groups aim to offer 58,000 treatments for patients across the region. A similar transaction took place in Florida, where Lee Health, a leading health system in Southwest Florida, entered into a definitive agreement to establish a long-term relationship with Florida Heart Associates, an independent cardiology practice. The transaction pairs a notable integrated health system with a highly respected independent cardiology practice. In the dermatology and aesthetics space, DermDox Group, a Pennsylvania dermatology MSO, acquired Modern Aesthetics Plastic Surgery, a plastic surgery and aesthetic medicine practice in Pennsylvania.
Another recurring theme in the PPM sector—acquisitions of long-tenured practices with deep local roots—was evident in Q2. Pediatrica Health Group, a pediatric primary care organization with multiple sites throughout Florida, acquired the Westchester, Florida practice of Dr. Juan Ruiz-Unger. With this acquisition, Pediatrica Health Group expands its footprint and adds the services of a physician who has served Miami-Dade County families for over 40 years. Similarly, in North Carolina, Dr. Sanjay Batish (founder of Batish Family Medicine, which has operated for 28 years) retired and, in connection therewith, sold the practice to Dawson Med, an independent primary and urgent care practice.
Taken together, the quarter’s activity underscores that the PPM sector’s continued activity and potential growth spans a variety of structures, even as regulatory scrutiny of MSO arrangements and CPOM compliance intensifies in certain states.
Clinical Research Organizations
In the clinical research organizations (CRO) sector, the primary notable transaction in the quarter was THL Partners’ announcement of its intent to acquire a majority stake in Celerion from H.I.G. Capital for approximately $1.8 billion (~12x EBITDA). Celerion is a leading clinical research organization specializing in early-phase clinical research, bioanalytical services, and drug development expertise. This acquisition marks THL’s third clinical research investment in three years, following Headlands Research (2025) and Red Nucleus (2024)—which reflects the sustained PE conviction that specialized, high-touch CRO platforms command premium valuations in the current market. This transaction is anticipated to close later this year. With outsourcing penetration climbing and protocol complexity increasing across therapeutic areas, we expect deal activity in the CRO sector to remain consistent through the remainder of 2026.
Ambulatory Surgery Centers
Several notable deals were announced in the ambulatory surgery center (ASC) space in Q2, consistent with the overall steady pace of healthcare dealmaking in Q2. By far, the banner transaction of Q2 was Ascension’s long-anticipated acquisition of AMSURG, which closed in June, after the deal received Federal Trade Commission (FTC) approval. The deal added more than 250 ASCs across 34 states to Ascension’s network, establishing the system as the country’s third-largest ASC platform with more than 300 locations across 35 states. With this new network, Ascension seeks to increase access to and affordability of outpatient care. As part of the transaction, Ascension was required by the FTC to divest seven ASCs in five states.
Fairview and Atlas Healthcare Partners announced a new joint venture in April to develop and operate a network of ASCs across Minnesota and surrounding regions. The transaction aims to strengthen physician alignment, expand patient access, increase capacity, and support sustainable growth. Atlas is an established joint venture partner for several major nonprofit health systems, underscoring this model’s staying power as a growth structure for nonprofit systems seeking to expand into outpatient care. In April, Community Health Systems, Inc. (CHS) expanded its ASC network by acquiring a majority ownership interest in South Anchorage Surgery Center, a gastrointestinal and interventional pain procedure facility in Anchorage, Alaska, and, in June, CHS acquired a majority ownership interest in Surgical Institute of Alabama, a multispecialty facility located outside Birmingham, Alabama. The acquisitions brought CHS’s total to 37 affiliated ASCs. Further, CPIhealth, an interventional pain management platform backed by PE firm Iron Path Capital, acquired Serenity Surgical Center in Indiana.
Tenet Healthcare’s ASC growth strategy also continued to be a driver of activity in the sector. Tenet disclosed that it committed $125 million to acquire seven ASCs through United Surgical Partners International, its ASC subsidiary. Tenet emphasized that the growth strategy remains selective.
Overall, Q2 ASC deal activity remained steady, driven by strategic transactions aimed at long-term goals that balance quality of care and access with efficiency and profitability. We expect ASC deal activity to remain resilient through the remainder of 2026, as health systems and PE-backed platforms continue to pursue outpatient growth strategies.
Hospitals & Health Systems
Q2 also continued to reflect a hospital M&A market shaped by portfolio optimization, with for-profit operators divesting non-core facilities, even as rural and regional systems pursued affiliations with larger partners to secure investment and long-term stability. Alongside this consolidation activity, the quarter also saw continued momentum toward large-scale nonprofit combinations. The hospital and health system sector saw continued divestment activity in Q2, continuing a multi-year trend of for-profit health systems carefully examining their portfolios and shedding non-core assets to more regional or rural acquirers. CHS kicked off the quarter by closing its sale of Crestwood Medical Center, a 180-bed acute care hospital in Huntsville, Alabama, to Huntsville Hospital Health System (HH Health) in a deal valued at $459 million. CHS also sold four hospitals in Arkansas to Joplin, Missouri-based Freeman Health System for $110 million. The transaction doubled Freeman’s hospital count and marked its expansion into Arkansas. These transactions are part of a broader divestiture strategy under which CHS has announced plans to divest nine hospitals in four states for more than $1.2 billion. CHS CEO Kevin Hammons noted in Becker’s that this “refocusing has allowed us to hone in on our core markets, where we have the full continuum of care and can truly leverage our scale.” Lifepoint acquired eight acute care hospitals from ScionHealth in six states in Q2.
Q2 also saw strategic acquisitions pursuant to which rural and mid-sized systems sought the capital, scale and clinical infrastructure of larger regional or academic health systems. In May, the University of Pittsburgh Medical Center and CommonSpirit Health entered into an agreement for UPMC to acquire Trinity Health System, a CommonSpirit-affiliated system based in Steubenville, Ohio. The transaction is expected to close in the fall of 2026 pending regulatory review. The deal marks UPMC’s expansion into Ohio, extending beyond Pennsylvania, New York, and Maryland. In June, West Virginia-based WVU Health System entered into a definitive agreement to acquire Independence Health System, a health system comprised of five hospitals. In connection with the transaction, WVU Health System announced plans to invest $800 million in EMR, facility upgrades and expanded clinical offerings. The transaction is also anticipated to close this fall. The parties anticipate that the transaction will bring scale, capital and clinical expertise that will increase accessibility and overall benefit Independence’s patient population. Atrium Health (part of Advocate Health, a large nonprofit academic health system) and WakeMed Health & Hospitals announced plans to combine into one health system aimed at expanding access to care in Wake County, North Carolina. The combination is expected to bring a $2 billion investment in Wake County, create over 3,300 health care jobs, expand services, and establish North Carolina’s largest nonprofit health network. WakeMed is currently comprised of three acute care hospitals, a rehabilitation facility, a mental health hospital, and four standalone emergency departments, while Atrium has 11 hospitals in the Charlotte region. The transaction is anticipated to be completed following regulatory review and reflects a broader industry pattern in which smaller systems collaborate with larger organizations to combat rising costs, competitive pressure, and anticipated Medicaid reimbursement reductions.
In Q1, we reported that Allina Health and Sutter Health signed a letter of intent for the systems to join and create a combined nonprofit health system that would span California, Minnesota and Wisconsin. In May, the parties entered into a definitive agreement under which Allina would become the Upper Midwest Division of Sutter Health, and Sutter Health would commit more than $2 billion in investments to expand care access and enhance patient experience, including new ambulatory and specialty care sites, physician recruitment, and expanded digital health capabilities. The combined system is expected to have $26 billion in revenue. The transaction is anticipated to close following receipt of applicable federal and state regulatory approvals.
Finally, not all activity in the quarter involved traditional hospital-to-hospital consolidation. HCA Healthcare (NYSE: HCA) announced in May that it entered into an agreement to acquire The College of Health Care Professions, a large allied healthcare training provider in Texas. The transaction follows HCA’s 2020 acquisition of a majority ownership in Galen College of Nursing as part of HCA’s broader strategy to expand into healthcare education and vertically integrate healthcare education and workforce pipelines to address ongoing staffing needs.
We anticipate hospital and health system activity will remain consistent through 2026, as systems large and small alike seek to remain profitable by shedding non-core assets and service lines or partnering with other systems to ensure stability and continued access to care.
Home Health, Hospice Care & Personal Care Services
Deal activity in the home health, hospice care, and personal care services space accelerated in Q2, building on the momentum established in Q1. The quarter’s headline activity centered on sizable home-based care platforms. In April, General Atlantic completed its acquisition of TEAM Services Group from Alpine Investors in a transaction reported to be valued at approximately $3 billion. San Diego-based TEAM operates in all 50 states and employs 100,000 caregivers, offering agency-based home care, household employment services, and financial management services for consumer-directed care. Also in Q2, Kinderhook Industries completed its take-private acquisition of Enhabit (NYSE: EHAB), a leading home health and hospice provider, for approximately $1.1 billion. Enhabit operates 249 home health locations and 117 hospice locations in 34 states. These transactions highlight a broader trend of PE investment in home care.
Certain transactions in the quarter involved managed care organizations exiting non-core hospice and personal care service businesses. Humana (NYSE: HUM) signed a definitive agreement in June to sell its approximately 40% minority stake in Gentiva, the nation’s largest hospice provider, to a coalition of investors for approximately $900 million. Gentiva currently operates in over 430 locations across 35 states, and Humana intends to use the proceeds from the sale for general corporate purposes. The divestiture, which is expected to close in Q3, reportedly represents a long-term strategy by Humana to shed hospice, palliative care, and personal health care services businesses.
Several transactions in the quarter saw smaller hospice providers joining larger platforms to gain access to better resources and support. Stillwater Hospice, a Montana-based provider, acquired Campbell County Health Hospice in Gillette, Wyoming. The parties anticipate that the transaction will give Campbell County Health access to expanded clinical resources, support services, and a larger regional network. Similarly, Webster Equity Partners-backed Bristol Hospice acquired Memphis-based Hope Hospice & Palliative Care, expanding its Southeastern footprint. The acquisition comes amid growing demand driven by Tennessee’s aging population. In Oklahoma, Superior Health Holdings, a home health and hospice platform backed by Renovus Capital Partners, acquired Chant Healthcare, comprised of Compassion Home Care and Sans Bois Hospice. The deal marks Superior’s entry into Oklahoma with services across 11 counties. Chant, which serves a predominantly rural population with a large base of dual-eligible Medicaid waiver patients, has a business model centered around providing specialized knowledge and talent to rural Oklahoma communities. Also in Q2, Lucent Health Group, a veteran-owned home health and hospice provider serving North Texas, acquired Chambers Home Health & Hospice, a regional platform serving Northeast Texas. Finally, late in the quarter, HCA Healthcare (NYSE: HCA) agreed to sell 31 home health and hospice agencies across eight states to Deaconess Associations Incorporated (DAI), a Cincinnati nonprofit. Following the closing of the transaction, the agencies will become part of Central Pyramid, one of DAI’s subsidiaries. On par with national trends, swelling aging populations are continuing to drive demand for quality hospice and home-based care providers.
Within the sector, Q2 also saw tuck-in acquisitions in the personal care services space. On May 1, Addus HomeCare Corporation (NASDAQ: ADUS) made its entry into Indiana with the acquisition of HomeCourt Home Care, a personal care provider serving approximately 240 clients. Addus also entered into a definitive agreement to acquire a second Indiana provider of similar size, with the combined Indiana revenue from both acquisitions expected to be just under $20 million. Addus offers personal care, hospice and home health services through approximately 260 locations across 24 states.
Overall, deal activity in the home health, hospice and personal care services space accelerated in the second quarter and reflects continued strong strategic and financial investor interest in service lines centering around the aging population and prioritizing care delivery at lower costs and in home-based settings. We anticipate this momentum to continue through the remainder of the year, as PE sponsors and strategic acquirers continue to consolidate home-based care platforms to meet patient demand.
Digital Health & Health Information Technology
The first quarter’s shift toward fewer but larger, more strategically focused transactions continued through Q2, with multiple billion-dollar transactions across health IT, digital health, and medtech. A common thread ran through the quarter’s marquee deals: buyers paid premiums for demonstrated AI execution and proprietary data assets.
Deals involving AI-enabled platforms were again at the forefront of deal flow. In the healthcare experience management and AI analytics subsector, Qualtrics (backed by Silver Lake and CPP Investments) completed its acquisition in May of Press Ganey Forsta, the healthcare experience management and analytics company for $6.75 billion, uniting AI-powered experience management at scale with one of healthcare’s largest experience datasets, demonstrating the premium buyers will pay for production-grade AI deployed against proprietary data moats. In digital pathology, Roche agreed in May to acquire PathAI, a Boston-based digital pathology firm, for up to $1.05 billion ($750 million upfront plus up to $300 million in milestones), combining digital pathology with AI for cancer diagnosis and tailored treatment. In the emergency and health data intelligence space, ESO acquired d2i, combining d2i’s emergency department and hospital performance analytics—spanning more than 450 hospitals and 10 billion data points—with ESO’s prehospital and EMS data to build connected intelligence across the full emergency lifecycle. Relatedly, in May, IKS Health, a leader in care enablement solutions supporting clinicians, staff, and patients, acquired ARAI Solutions, an AI company whose biomedical knowledge graphs and clinical ontology add a reasoning layer to IKS Health’s agentic AI stack spanning autonomous coding, prior authorization, and denial prevention. One of the stated reasons for the acquisition was reduced dependence on third-party AI infrastructure in the areas of autonomous coding, clinical decisions, denial prevention, prior authorization reasoning and precision medicine.
Medtech strategics were also active across procedural subsectors. In April, Medtronic closed its $585 million acquisition of CathWorks, whose AI-enabled technology assesses coronary blood flow to guide treatment decisions. In the neurostimulation space, ResMed completed its $340 million takeover of Noctrix Health, maker of a neurostimulation therapy for restless legs syndrome. And in orthopedics, Johnson & Johnson’s DePuy Synthes agreed in May to acquire MinMaxMedical’s Gemtrack radiofrequency surgical-tracking technology, deepening its position in computer-assisted orthopedic surgery.
Consumer-facing and behavioral health technology continued to consolidate as well. CareTria acquired CaryHealth to build an AI-powered, direct-to-patient pharmacy platform. Spring Health combined with Alma, pairing an AI-native mental health platform with a network of independent clinicians to create what the companies describe as a lifelong mental health platform, and Kipu Health acquired Team Recovery Technologies in April, expanding an AI-native EHR, CRM, and revenue cycle management (RCM) platform serving more than 6,000 facilities. Rounding out the theme, Swoop acquired Nimble, adding prescription fulfillment and pharmacy connectivity to a platform serving roughly 16 million patients, and ModMed (backed by Clearlake Capital) acquired Bonsai Health, adding an agentic AI platform for automated patient reactivation and AI-driven self-scheduling to its AI-Powered Practice serving nearly 50,000 providers.
RCM remained a focal point for consolidation capital. The Carlyle Group acquired a majority stake in Knack RCM and EqualizeRCM to create an AI-native, global, multi-specialty RCM platform spanning the U.S., India, and the Philippines and serving physician groups, durable medical equipment providers, and rural hospitals, and signaled its intent to pursue further RCM acquisitions. TELCOR separately acquired SampleHealthcare’s AI-powered RCM workflow platform, and Innovaccer acquired CaduceusHealth, its fifth acquisition, expanding its Flow suite into a full-stack, AI-native platform that unifies scheduling, patient engagement, and end-to-end revenue cycle management for ambulatory care.
PE sponsors also drove a wave of go-private and platform transactions. In April, the quarter opened with the completion of the largest medtech take-private on record: Blackstone and TPG closed their acquisition of Hologic, a global medical technology company focused on diagnostics, surgical solutions, and medical imaging, for up to $79 per share in cash in a transaction valued at approximately $18 billion. The transaction also involved minority investments from the Abu Dhabi Investment Authority and GIC. Knox Lane agreed to take Cross Country Healthcare private in a $437 million all-cash deal in May (expected to close in the third quarter), and AIP agreed to acquire Avanos Medical, a medical technology company focused on pain management and chronic care medical devices, for $1.27 billion in April. Sponsors appeared to increasingly favor taking public medtech and health tech companies private to accelerate innovation and pursue operational transformation free from public market pressures.
The transactions of Q2 reinforce a conviction shared by strategic and financial buyers alike: AI is no longer a differentiating feature of healthcare technology but a foundational layer of its infrastructure. Consolidation across subsectors—experience management and analytics, digital pathology, procedural medtech, telehealth, mental and behavioral health, and RCM—signals a continued maturation of the market, with capital concentrating around scaled, high-performing platforms. Market sentiment remains cautiously optimistic, tempered by tariff-driven macroeconomic volatility, widening valuation dispersion, and an increasingly demanding regulatory and antitrust environment. It remains to be seen whether the pace and character of dealmaking established in the first half of 2026 will define healthcare technology M&A through the remainder of the year.
Behavioral Health
Behavioral health remained a sector of interest for investors through the second quarter, with several transactions announced or completed.
PE investors continued to expand multistate behavioral health platforms, particularly focused in the substance use disorder and mental health treatment space. Florida-based investment firm MKH Capital Partners acquired Haven Health Management, which operates 22 mental health and substance use treatment locations in nine states and Puerto Rico. The acquisition also included MKH’s purchase of Haven’s behavioral health-centered billing organization that supports Haven’s in-network billing. Similarly, Curio FZ LLC acquired Noral Mental Health, a network of community-based mental health clinics that offer therapy and medication management (both in-person and virtually). The acquisition will allow Noral to leverage Curio’s digital behavioral health platform, which includes digital therapeutics, care navigation, and telehealth services. These transactions are representative of the broader industry push toward hybrid delivery models that combine in-person service offerings with telehealth and digital health tools. Finally, Recover Now, an addiction treatment provider, merged with Widespread Wellness, a mental health and substance use disorder treatment provider operating in Tennessee, Georgia, and Florida. The merger expands Recover Now’s operations to five states and marks Recover Now’s entry into primary mental health residential treatment.
Another theme in the sector focused on consolidation among nonprofit, community-based, and publicly governed behavioral health organizations. Primary Health Solutions, a nonprofit Federally Qualified Health Center in Ohio, entered into a definitive agreement to acquire South Community Behavioral Health, an Ohio nonprofit behavioral health provider. The acquisition will allow behavioral health services to be structurally integrated into a broader primary care system. Vaya Health and Partners Health Management, each of which is a North Carolina Local Management Entity/Managed Care Organization, announced a merger. In May, the combination was approved by the North Carolina Department of Health and Human Services, to be effective as of October 1. The combined entity will create Vaya Partners, a publicly governed behavioral health organization focused on integrated care for individuals with complex needs related to mental health, substance use disorders, intellectual and developmental disabilities and traumatic brain injuries.
Given continued fragmentation in the mental health and substance use disorder markets, demand for integrated and hybrid care models, and ongoing reimbursement and cost pressures, we anticipate that deal activity in the sector will remain robust through the remainder of 2026.
Managed Care & Value-Based Care
The second quarter saw a series of strategic transactions in the managed care and value-based care space, as payors combined subsidiary plans and affiliated with complementary organizations to expand scale and specialized service capabilities. Centene Corporation (NYSE: CNC), a Fortune 500 managed care company, combined its North Carolina subsidiaries Carolina Complete Health and WellCare of North Carolina into a single statewide health plan. Post-merger, the organization now operates as the Carolina Complete Health Brand and serves more than 980,000 members and remains partially owned by the North Carolina Medical Society, the North Carolina Community Health Center Associations, and individual Federally Qualified Health Centers. Separately, CareSource, a nonprofit managed care organization, completed its affiliation with Wisconsin-based Community Care, Inc., a nonprofit serving over 15,000 adults aged 55 and older as well as adults with disabilities. First announced in September 2024, the affiliation brings together two mission-driven nonprofits to address Wisconsin’s long-term care needs, which are expected to nearly double over the next five years.
UnitedHealth Group’s (NYSE: UNH) activity during the quarter showed a broader refocusing on core U.S. healthcare operations. In April, United announced it entered into an agreement to acquire Alegeus Technologies, a healthcare technology platform providing benefits administration for consumer-directed accounts, such as HSAs and FSAs. The transaction is expected to close in the second half of 2026. Separately, UnitedHealth Group completed the divestiture of its Optum UK business, devoting the $400 million in net proceeds to the United Health Foundation. The divestiture is part of a broader effort by United to refocus the organization on U.S. healthcare operations.
In June, Wisconsin-based WPS, a Health Solutions Company, announced the acquisition of Mavida Health, a digital mental health company providing online therapy, psychiatry and medication management for women and families navigating the reproductive journey. WPS described the acquisition, its first under a new revenue diversification strategy, as a way to meet the growing demand for reproductive-related mental health services. In a related move, Sagility, a tech-enabled healthcare operations company, announced plans to acquire CareSeed, a Missouri-based healthcare data analytics company specializing in National Committee for Quality Assurance HEDIS reporting, medical record review, chart abstraction, and regulatory analytics for health plans. CareSeed serves 30 small and mid-sized U.S. payors and has an existing footprint in Medicare Advantage through its Forecast and Harvest platforms.
Overall, the pace of transactions was comparatively slow relative to other healthcare subsectors, in light of continued regulatory and reimbursement uncertainty; however, we expect deal activity in the sector to continue centering on targets with AI-enabled offerings and platforms that support alternative sites and modes of care as a means of driving down healthcare costs.
Pharma Services, Pharmacy & Pharmacy Benefit Managers
Several notable deals were announced in the pharma services, pharmacy, and pharmacy benefit manager space in Q2, in which PE investors and strategic operators alike were drawn to transactions in specialty pharmacy spaces that serve complex, high-needs populations. Frazier Healthcare Partners, a dedicated health care PE firm, announced its acquisition of Altruix, a behavioral health-focused pharmacy that operates 17 pharmacies and that serves patients with severe mental illness, substance use disorders and intellectual and developmental disabilities.. In the same vein, Pillr Health, a Florida provider of software and tech-enabled pharmacy solutions, announced its acquisition of CaptureRx, a Texas-based 340B technology and services organization. The acquisition will expand Pillr Health’s platform to support more than 500 hospitals, health systems and other health centers.
Also in Q2, CareMetx, a technology-enabled patient services provider, announced its acquisition of Cencora’s U.S. Hub consulting services operations. The transaction substantially scales CareMetx’s operations and accelerates its ability to serve more pharmaceutical brands and patient populations across pharmacy, medical, and dual benefit products. Similarly, Soleo Health, a national provider of specialty pharmacy and infusion services, acquired Realo Specialty Care, further expanding Soleo Health’s specialty pharmacy footprint in an effort to increase patient access to a broad range of specialty therapies.
Finally, Q2 saw an acquisition of a distressed asset in the pharmacy subsector. Omnicare LLC, CVS Health’s (NYSE: CVS) long-term care pharmacy subsidiary, received U.S. Bankruptcy Court approval in May for the sale of its business to GenieRx Holdings, a joint venture between investment firm Milrose Capital LLC and investment and management firm Integro Asset Management LLC. The sale followed Omnicare’s Chapter 11 bankruptcy filing in September 2025.
Overall, Q2 pharmacy deal activity remained steady from Q1. We expect deal activity to strengthen through the remainder of the year, as investors and strategic operators continue to pursue transactions with a continued focus on efficiency and specialization.
Conclusion
Looking ahead, the dynamics established in Q2 suggest that healthcare M&A activity will remain steady in the third quarter, with several significant transactions expected to close, while AI adoption and cross-sector consolidation are likely to continue to drive deal flow across the various sectors. Tariff-driven economic uncertainty and heightened regulatory and antitrust scrutiny remain headwinds, but with PE and strategic buyers continuing to show conviction for scaled, AI-enabled platforms, there is room for cautious optimism among industry stakeholders heading into the second half of 2026.