Overall transaction activity in the healthcare services sector ticked up slightly in the second quarter of 2025 compared to the prior quarter, though dealmaking still trails the robust levels seen in recent years, according to a blog post from consulting firm Ankura published on JDSupra.
Specialty outpatient services stood out, recording a 44.4% jump in total transaction volume.
Here are five notable deals to watch:
1. St. Louis-based Ascension signed a definitive agreement on June 17 to acquire AmSurg for $3.9 billion. The deal values the company at about 3.6 times its earnings before interest, taxes, depreciation and amortization, according to the report. Nashville, Tenn.-based AmSurg partners with roughly 2,000 physicians and operates 250 ASCs, making it the nation’s second-largest ASC chain behind Tenet’s United Surgical Partners International.
2. GI Alliance entered into a definitive agreement on April 30 to acquire Urology America, which delivers urology services across Colorado, Louisiana, Tennessee and Texas. The group has more than 110 providers at 30 sites.
3. Concentra said on April 21 it plans to purchase Pivot Onsite Innovations for $55 million. The price is based on expectations of how much revenue and profit Pivot will generate going forward. Pivot offers onsite occupational health services for employers across the U.S.
4. Bain Capital announced on April 10 that it will acquire HealthEdge for $2.6 billion. The deal’s price reflects high growth expectations, valuing the company at about 6.5 times its annual revenue and more than 30 times its EBITDA. HealthEdge is a software company that provides digital tools for health plans, healthcare providers and patients.
5. RadNet revealed on April 15 that it will buy iCAD for about $3.61 per share, a total value of roughly $85.8 million. The deal values iCAD at about 4.4 times its annual revenue. iCAD develops artificial intelligence-based tools for detecting cancer, with a focus on early diagnosis.
