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Healthcare M&A Revenue Reaches $13.3 Billion in Q3 2024 Amid Surge in Hospital Transactions

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Healthcare mergers and acquisitions (M&A) surged in Q3 2024, with total transacted revenue reaching $13.3 billion, the highest third-quarter total in eight years, according to Kaufman Hall’s M&A Quarterly Activity Report. A significant portion of this activity was driven by the Steward Health Care bankruptcy, which contributed to 11 of the 27 announced transactions. This quarter marked the busiest period for hospital M&A in 2024, matching pre-pandemic activity levels. Steward Health Care’s bankruptcy reshaped the market, with Health Care Systems of America assuming operations at eight Steward hospitals in Florida, Louisiana, and Texas. This transaction was one of four “mega mergers,” where the seller’s annual revenue exceeded $1 billion. Other notable mega mergers included Orlando Health’s acquisition of Brookwood Baptist Health from Tenet Healthcare, Prime Healthcare’s purchase of eight Ascension hospitals in Illinois, and the combination of Sanford Health and Marshfield Clinic Health System. While mega mergers contributed to the quarter’s high transaction volume, the average seller size decreased to $492 million, reflecting a broader trend of smaller-scale acquisitions. Seven of the 27 transactions involved for-profit acquirers, while not-for-profit systems, academic institutions, and religious organizations comprised the remainder. The Steward transactions, spanning multiple states, highlight the difficulties financially distressed hospitals face in finding buyers. Established health systems like CHRISTUS Health and Orlando Health stepped in to acquire key assets, while some Steward facilities struggled to attract interest, leading to closures in Massachusetts. Overall, Q3 2024 saw a mix of portfolio realignments, expansions into new markets, and the absorption of struggling facilities, reflecting both opportunity and ongoing financial challenges in the healthcare sector. Source: techtarget

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What Cava’s CEO Learned from the ‘Painful’ Acquisition of Zoe’s Kitchen

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In 2018, Cava Group CEO Brett Schulman faced a significant challenge: integrating two vastly different company cultures after acquiring Zoe’s Kitchen in a $300 million all-cash deal. The acquisition, while transformative for Cava, was an arduous process that tested the company’s leadership. Cava, a fast-growing Mediterranean fast-casual chain, was known for its aggressive startup energy and entrepreneurial spirit. In contrast, Zoe’s Kitchen, though three times Cava’s size, was a struggling public company with financial difficulties and low employee morale. As Schulman described it, Cava was “the minnows swallowing the whale,” and the culture clash soon became apparent. The weight of Zoe’s internal struggles began to affect Cava. Leadership quickly realized that to succeed, they needed to reevaluate the newly merged company’s culture and realign it with Cava’s core mission: bringing “heart, health, and humanity to food.” Schulman noted that embedding this philosophy into an organization with 10,000 employees was an overwhelming task. Despite the difficulties, the acquisition became a valuable learning experience. Schulman emphasized the importance of prioritization, strategic planning, and culture alignment. After a six-hour whiteboarding session in mid-2019, the executive team distilled Cava’s strategy into five key pillars. Schulman focused on the top two priorities, delegating the rest to trusted leaders. By August 2019, Cava saw revenue improvements, and Zoe’s Kitchen posted its first positive financial comp since 2017 by early 2020. Schulman’s approach—prioritize, simplify, and focus—was critical in turning around the merged company. Reflecting on the experience, Schulman now seeks leaders with high emotional intelligence and broad business acumen, recognizing that the right team is essential for navigating cultural integration and business growth. Source: Fortune. com

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Josh Bersin Company Unveils 30 AI HR Tech Trailblazers Transforming Human Capital Management

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The Josh Bersin Company, a leading human capital advisory firm, has announced the release of two new market analyses, AI Trailblazers and 2025 Outlook, highlighting how artificial intelligence (AI) is revolutionizing the $200 billion global HR technology market. These analyses were unveiled during CEO Josh Bersin’s keynote address, HR Technology 2025: An Existential Change Driven by AI, at the HR Technology Conference. Bersin emphasized that Chief Human Resources Officers (CHROs) who fail to integrate AI into their strategies risk falling behind. AI is already delivering substantial returns across several HR domains, such as talent acquisition, corporate training, and employee services. This growing impact of AI is reshaping HR functions and offering businesses a competitive advantage. In his keynote, Bersin explained that AI is fundamentally transforming HR systems, enabling innovative solutions in talent management, recruitment, internal mobility, and employee experience. As AI-driven platforms like generative AI tools integrate into job applications, learning systems, and HR workflows, the role of HR professionals is being redefined. A significant feature of Bersin’s analysis is the AI Trailblazers list, which identifies the top 30 vendors that are leading the charge in harnessing AI’s potential in HR technology. Notable names include Workday Illuminate, SAP SuccessFactors Joule, ServiceNow NowAssist, and talent intelligence platforms like Eightfold.ai, Gloat, and Draup. The list also features The Josh Bersin Company’s own AI tool, Galileo™, an expert assistant for HR professionals that is already utilized by over 10,000 users. Bersin urged companies to embrace AI in HR by leveraging internal experts to guide their teams through the transition. “AI is the language of the future, and engaging with these trailblazing technologies is essential for staying competitive,” he noted. Attendees of the keynote received complimentary copies of the AI Trailblazers and 2025 Outlook reports, providing a comprehensive view of AI’s transformational impact on HR technology. Both reports are available for download on The Josh Bersin Company’s website. Source: prnewswire

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Flipkart Appoints Seema Nair as Chief Human Resources Officer Ahead of Festive Season Sales

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Walmart-owned Flipkart has appointed Seema Nair as its new Chief Human Resources Officer (CHRO), according to an internal email from Group CEO Kalyan Krishnamurthy. In her new role, Nair will oversee human resources functions across the company, working closely with leaders and HR teams to drive strategic initiatives. Nair joins Flipkart after more than six years at Reliance Industries, where she managed key group-level HR assignments, including HR digitisation and group HR office leadership. She brings extensive experience to the role, having previously served as CHRO for India and SAARC at Hindustan Coca-Cola Beverages and held senior HR roles at Cisco Systems. This leadership change comes at a significant time for Flipkart, just ahead of its annual festive season sales set to begin on September 27. The company has ramped up preparations by launching 11 new fulfilment centres across India, spanning over 1.3 million square feet, to meet the surge in demand. Flipkart has seen significant senior leadership changes in recent months. In February, four senior vice presidents, including heads from Cleartrip, marketplace categories, fintech, and growth, exited the company amid performance-based restructuring. Earlier in January, the company trimmed its workforce by 5-7%, impacting around 1,100-1,500 employees as part of cost management efforts. Seema Nair’s appointment signals Flipkart’s focus on bolstering its leadership team and enhancing its HR strategies as it prepares for one of the biggest retail periods of the year. Source: MNS.com

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Vahan.ai Secures $10 Million in Series B Funding to Expand AI-Powered Recruitment for India’s Blue-Collar Workforce

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Vahan.ai, an AI-powered recruitment platform focused on India’s blue-collar workforce, has secured $10 million in Series B funding. The funding round was led by Khosla Ventures, founded by renowned AI expert Vinod Khosla, who was recently recognized as one of Time Magazine’s Top 100 Most Influential People in AI for 2024. Madhav Krishna, Founder and CEO of Vahan.ai, shared the news in a LinkedIn post, expressing his excitement for the company’s growth: “What began as a mission to address economic inequality has evolved into Vahan.ai. Our journey continues as we aim to create job opportunities for a billion people in India and beyond.” The Series B funding round also saw participation from notable investors, including Y Combinator, Gaingels, and Paytm Founder Vijay Shekhar Sharma. Krishna expressed gratitude for the support from these key partners, stating, “We are deeply grateful to our investors, partner organizations, and the gig workers we serve, along with the incredible team at Vahan.ai.” Bengaluru-based Vahan.ai leverages AI technology to simplify the recruitment process for both employers and blue-collar workers. Their AI-driven platform connects companies with skilled candidates and helps workers find job opportunities in India’s expanding gig economy. With this new funding, Vahan.ai plans to expand its AI-powered recruitment tools and enhance its ‘AI Recruiter,’ which currently conducts interviews in English and Hindi. The platform aims to extend its language capabilities to cover other major Indian languages in the coming year, furthering its mission to revolutionize blue-collar recruitment in India and beyond. Source: People’s matter  

Vahan.ai Secures $10 Million in Series B Funding to Expand AI-Powered Recruitment for India’s Blue-Collar Workforce Read More »

Boston Scientific and Silk Road Medical to Finalize $1.26 Billion Merger

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Boston Scientific and Silk Road Medical are set to finalize their $1.26 billion merger in the “coming days,” following the expiration of the antitrust waiting period. Silk Road Medical, known for its stroke prevention devices, confirmed the update in a federal securities filing, stating that the Federal Trade Commission (FTC) had completed its review. The merger, initially announced in June, values Silk Road at $27.50 per share. Silk Road’s transcarotid artery revascularization devices, used to treat plaque buildup in carotid arteries, will complement Boston Scientific’s vascular product portfolio. The combined entity is expected to bring in a revenue range of $194 to $198 million in 2024. Boston Scientific had resubmitted its merger filing in August, triggering a new waiting period under the Hart-Scott-Rodino Antitrust Improvements Act to allow for FTC review. With the expiration of this period, the companies are now moving toward completing the deal. This acquisition follows Boston Scientific’s active mergers and acquisitions strategy, with several billion-dollar deals announced this year. The company’s proposed $3.7 billion acquisition of Axonics, however, remains under FTC scrutiny due to concerns about market dominance in urinary incontinence devices. Boston Scientific is cooperating with the FTC to address regulatory concerns and has delayed the Axonics deal closure to the second half of 2024. Source: Med Tech Dive

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CCI to Review M&A Deals Over ₹2,000 Crore with Substantial India Operations

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The Competition Commission of India (CCI) has introduced a new deal value threshold (DVT) criterion for mergers and acquisitions (M&A) exceeding ₹2,000 crore, provided the target company has substantial business operations in India. This move is aimed at bringing more deals, especially in the digital and start-up sectors, under regulatory scrutiny. Previously, regulatory approval was based on asset or turnover values, such as ₹2,500 crore in assets or ₹7,500 crore in turnover. Under the new rules, deals involving target companies with substantial business operations in India, based on metrics like the number of users, gross merchandise value, or turnover, will now require CCI review if these exceed 10% of global figures in the preceding 12 months. Experts believe the DVT will significantly impact the M&A landscape, with more transactions now subject to CCI scrutiny. “The new threshold broadens the range of transactions subject to CCI oversight, potentially increasing compliance costs and extending deal timelines,” said Prithiviraj Senthil Nathan, partner at King Stubb & Kasiva. Legal professionals view the DVT as a necessary step to address high-value deals in technology sectors that often escape traditional thresholds. “The DVT is a valuable tool for capturing deals that might otherwise have gone unnoticed,” noted Avaantika Kakkar, Partner at Cyril Amarchand Mangaldas. However, the introduction of DVT may also increase the CCI’s workload, with experts calling for a capacity enhancement at the commission to handle the expected rise in notified transactions.    

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White & Case Advises Air France-KLM on Strategic Stake Acquisition in Scandinavian Airlines

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Global law firm White & Case LLP has advised Air France-KLM on acquiring a 19.9% non-controlling stake in Scandinavian Airlines (SAS AB), Scandinavia’s leading airline. The transaction, which follows regulatory approvals in Europe and the US, enables SAS AB to exit its Chapter 11 reorganization and Swedish restructuring proceedings. Air France-KLM’s investment was part of a broader consortium, including Castlelake L.P., Lind Invest ApS, and the Danish State, which now collectively holds an 86.4% stake in the reorganized airline. The consortium invested $1.2 billion in total, subscribing to $475 million of common shares and purchasing $725 million of senior secured convertible notes. Air France-KLM’s contribution amounted to $144.5 million, consisting of $109.5 million in common shares and $35 million in senior secured convertible notes. Agreements within the consortium allow Air France-KLM to potentially increase its stake to a controlling position after a minimum of two years, subject to regulatory approvals and the airline’s financial performance. The White & Case team advising on this transaction included partners from Miami, New York, Chicago, Stockholm, Düsseldorf, Brussels, and Paris, along with counsel and associates providing cross-jurisdictional expertise to facilitate the deal. Source: White case  

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Health Ministry Initiates Recruitment for Technical Resource Centres

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The Union Health Ministry, in collaboration with the Indian Council of Medical Research (ICMR), is advancing efforts to establish Technical Resource Centres (TRCs) aimed at synthesizing and evaluating evidence to develop and promote evidence-based healthcare policies. These centres will play a pivotal role in formulating clinical guidelines and enhancing the adoption of best practices within the healthcare sector. ICMR has issued a call for Expressions of Interest (EoI) from researchers, faculty, and scientists to join these centres. Each TRC will receive financial support of up to ₹20 lakh per year, with funding initially set for three years and subject to annual performance reviews. The TRCs will conduct systematic reviews and meta-analyses to generate high-quality evidence, utilizing the GRADE (Grading of Recommendations, Assessment, Development, and Evaluation) approach. The centres will also organize training programs and workshops to disseminate best practices and support effective guideline development. Regular monitoring visits, professional development plans, and biannual training programs are integral components of the TRCs’ operations. Manuscripts based on completed evidence tables are expected to be submitted within three months. The ICMR has outlined eligibility criteria for applicants, including regular employment at medical institutes, research centres, universities, or colleges, along with the necessary experience, resources, and preferably access to relevant databases. Applications will be reviewed by an expert committee, with selected participants to be notified via email and the DHR website in September 2024. The evaluation of applications will be based on expertise in evidence synthesis, available infrastructure and resources, publication history, and the extent of collaboration and networking capabilities. Source: The Hindu

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M&As in India Hit New Highs: Key Deals of Q2 2024

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India’s dealmaking activity reached new heights in Q2 2024, with 501 deals valued at $21.4 billion—the highest quarterly volume since Q2 2022, according to Grant Thornton Bharat Dealtracker. Mergers & Acquisitions (M&A) and Private Equity (PE) deals collectively stood at 467, valued at $14.9 billion, marking a 9% increase in volume but a 28% decrease in value compared to Q1 2024, due to the absence of mega-mergers like the Reliance-Disney deal. Key Highlights: Surge in High-Value Deals: The quarter saw 30 high-value transactions, a 58% increase from Q1 2024. Indian companies showed strong confidence in the domestic market, driving significant investment. Sector Leaders: Traditional sectors like pharmaceuticals and manufacturing were key contributors, accounting for nearly half of the total deal values. Domestic Deals Dominate: M&A saw 132 deals worth $6.2 billion, driven by four high-value deals from the Adani Group in the industrial materials and ports sectors, which made up 52% of the total M&A value. Cross-Border Decline: Cross-border deals saw a decline, with a 24% drop in volume and an 85% reduction in value compared to Q1 2024. Deal of the Quarter: Ambuja Cement’s $1.3 billion acquisition of Penna Cements was the standout deal, boosting Adani Cement’s market share by 2% across India. Sector-Specific Investments: Notable investments included those in EVs, industrial materials, pharma & biotech, energy & renewables, and defense. PE Landscape: Private Equity saw 335 deals worth $8.7 billion, with a 9% increase in volume and a 55% jump in value. High-value deals (≥ USD 100 million) dominated, reflecting a shift towards investments in companies with proven business models. Notable investments included Zepto ($665 million) and Lenskart ($200 million). QIP & IPO Trends: Q2 2024 recorded 20 QIPs totaling $2.3 billion and 14 IPOs valued at $4.2 billion, marking the highest quarterly IPO size since Q2 2022. Sector Trends: Retail & Consumer: Topped overall volumes but saw a marginal 7% decline in volumes. Pharma, Healthcare & Biotech: Led values with $3.8 billion across 53 deals, driven by ten high-value transactions. Manufacturing: Saw a significant rise with values increasing ninefold to $3.5 billion, mainly due to Adani Group’s high-value deals. Conclusion: M&A and PE activity in India are on an upward trajectory, fueled by domestic confidence and strategic sector investments, signaling a robust deal landscape ahead. Source: Business Standard

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