We are happy to announce that ECG’s Healthcare Mergers and Acquisitions Update for Q4 of 2025 is now available! This edition includes a spotlight on urgent care.

Here are three key takeaways:

• There were 416 announced US transactions in Q4 2025, compared to 409 in the prior quarter.
  • Notable transactions from the quarter include the following:

• Announced US healthcare private equity transactions decreased from 152 deals in Q3 of 2025 to 129 transactions in Q4 of 2025.
  • The quarter was marked by the $18.3 billion acquisition of Hologic, a medical technology company focused on women’s health through diagnostics and treatment solutions, by funds managed by TPG and Blackstone. Significant healthcare private equity transactions announced in the quarter included the following:

• The continued shift to ambulatory care settings has led to major health system players making significant urgent care investments in 2025. Urgent care–related joint ventures have grown in recent years as health systems partner with urgent care operators to rapidly expand their footprint.

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