Pro Tip: Learn how to use HBI Alerts to follow your favorite topics

Europa Stream

 

HBI Deals+Insights briefing September 2025: Deals+Insights members

Click here to download your August/September 2025 Deals+Insights double edition. In September’s double edition we cover two major M&A deals in Europe’s dental sector: the acquisition of the UK’s largest dental group, mydentist, by Bridgepoint, and the acquisition of Spain’s largest dental group, Donte, by Canadian pension fund Ontario Teachers’ Pension Plan. Other deals covered […]

Macquarie buys 40% stake in Luz Saude

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.

Boots to be spun off from WBA

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.

Is the profit motive at odds with impact investing goals in emerging market healthcare?

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. 

Microsoft launches its AI scribe in the UK

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.

Tensions between Indian providers and insurers “likely to continue” in the near term

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.

Two Aussie imaging groups snapped up by PE firms

Two medium sized Australian radiology providers have been bought by private equity firms in separate transactions this month. Meanwhile, reports have emerged that the country’s largest imaging group, I-MED, may IPO, after a failed sale attempt.

Gimv buys Novicare from Gilde Healthcare

Belgian PE firm Gimv has bought a majority stake in Novicare, a Dutch healthcare staffing company, from Dutch specialist healthcare PE investor Gilde Healthcare. Rune Aresvik, an expert on the Dutch healthcare market, tells us Novicare’s relatively unique business model has potential to be scaled within the Netherlands and possibly exported to other European countries.

Find Us