London-based PE firm CapVest has bought a 70% stake in German pharma company Stada, in Europe’s biggest healthcare deal of 2025 so far. Bain Capital and Cinven, the company’s joint PE owners since 2017, will continue to hold the remaining 30%.
This week’s infographic showcases the top five for-profit diagnostic laboratory service groups in the EMEA region based on their most recent revenue figures. These companies have established themselves as leaders across Europe, the Middle East, and Africa.
Infrastructure investor Macquarie has bought a 40% stake in Luz Saude, Portugal’s second largest private hospital group by revenue, for a base consideration of €310 million. The deal values Luz Saude at €1.1 billion in terms of enterprise value, a 9.5x multiple of the group’s 2024 EBITDA.
OrganOx, an Oxford University spinout that has developed a new technology for preserving organs, has been bought by Japan-based med tech firm Terumo Corporation for $1.5 billion. This makes it the largest ever Oxford University spinout deal.
US PE firm Sycamore Partners has completed its $10 billion take-private of Walgreens Boots Alliance (WBA), a US healthcare, pharmacy and retail company that owns UK pharmacy chain Boots. Sycamore has decided to separate off Boots, as expected.
Last week Bloomberg accused US private equity firm TPG of putting profit before the interest of patients in various emerging market hospitals it has invested in. We spoke to TPG to get their response to the specific accusations made against them. We also spoke to others operating in Africa about whether there is, at a more general level, a tension between seeking profit whilst simultaneously seeking to achieve impact investing goals in emerging market healthcare.
Last week I had the pleasure of making a business trip to Bavaria to spend time with a key long-term business partner. Although like many business trips this was just a brief overnight visit, my colleagues and I did get the chance to walk around the imposing Nuremberg Castle, which dates back to 1140 AD, and through the historical mile which rewards visitors with its enchanting medieval architecture.
Microsoft is releasing its AI scribe for clinicians, Dragon Copilot, in the UK on Thursday September 4. In a demo with HBI, Dr Simon Wallace, Chief Clinical Information Officer at Microsoft, explained why he believes the product has an edge over the numerous competitors in this space and a good shot at becoming the dominant supplier to the NHS.
Long-standing tensions between private Indian healthcare providers and insurers erupted into a major stand-off over the past two weeks. Many North Indian providers unilaterally decided to suspend cashless treatment for people insured by Bajaj Allianz, one of India’s biggest health insurers, because of complaints that claims were not being settled on time. This dispute has now been resolved, but we hear such tensions between providers and payors are a widespread issue in the Indian market and likely to continue in the near term.
Germany will make the lump sum payments that primary care providers receive conditional on providing certain services, as part of the sector’s funding reforms laid out in the Health Care Strengthening Act. The intention is to incentivise practices to provide a full suite of basic services.
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