Healthcare M&A activity declined by 2.8% in Q3 2024, reaching its lowest level since Q3 2020, influenced by high borrowing costs and regulatory scrutiny. Notable transactions included Orlando Health's acquisition of three Florida hospitals from Steward Health Care for $439.4 million, part of Steward's divestiture following bankruptcy. The Professional Services sector led in transaction volume, particularly in dentistry, while private equity funding in announced deals fell to 7%.
Clayton Dubilier & Rice's pursuit of a €16 billion deal to acquire half of Sanofi's consumer arm, Opella, highlights the resurgence of the leveraged-finance market. Despite past setbacks with the Morrisons buyout, banks are eager to provide funding, driven by a need to generate fees as interest rates begin to stabilize.
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