In another preview of our upcoming Healthcare Services Acquisition Report, we’re examining the top deals from health systems in 2025. Healthcare M&A activity from health systems fell by roughly 10% in 2025, to 121 deals. There were 15 large-scale health system mergers, but most deals in the Hospital sector were for single facilities, such as short-term acute care hospitals or critical access hospitals. However, health systems focused most of their M&A on the outpatient market, which accounted for 77% of their activity throughout the year.
Here were the top health systems deals in 2025.
PurHealth Expands in Europe
Based on cash consideration alone, PureHealth’s $936 million purchase of Hellenic Healthcare Group (HHC) in Athens, Greece, was the largest Hospital deal of the year, including the U.S. market. HHC is one of the largest healthcare organizations in Greece, operating 10 hospitals and more than 1,600 beds.
This deal gives PureHealth, a major hospital operator based in the United Arab Emirates, a much larger presence in Europe. The group already owned Circle Health Group in the United Kingdom. It even owns Ardent Health Services here in the United States.
NYC Health + Hospitals and Maimonides Health Merge
The largest U.S.-based transaction was announced at the end of the year in New York City. NYC Health + Hospitals and Maimonides Health announced on December 29 that Maimonides will be joining NYC Health, the largest municipal health care delivery system in the United States.
Maimonides is based in Brooklyn and has three hospitals, 1,800 physicians, and more than 80 community-based practices and outpatient centers. According to its 2024 financial audit, the system generated $1.6 billion in net patient revenue, but its financial reports for 2025 show it incurred severe operating losses.
The merger is supported by a $2.2 billion grant from New York Governor Hochul and public support from former New York Mayor Eric Adams. By joining the public health care system, Maimonides’ facilities will be reimbursed at a higher rate by Medicaid, bolstering its financial position.
More Divestments from Community Health Systems
Community Health Systems‘ portfolio-balancing campaign has led to some of the year’s largest transactions. In October, it sold an 80% stake in two joint ventures that operate Tennova Healthcare-Clarksville, for $600 million in cash to Vanderbilt University Medical Center. In April, it divested its 80% stake in Cedar Park Regional Medical Center, selling it to Ascension for $575 million.
Lehigh Valley Health Network Adds Gastro Physician Group
Back in January, Lehigh Valley Health Network added Eastern Pennsylvania Gastroenterology and Liver Specialists (EPGI) to its network, which has nearly 30 physicians and locations in Lehigh, Northampton, Monroe and Lackawanna counties. In addition to providing colonoscopy and advanced endoscopy services, EPGI clinicians treat a broad range of gastrointestinal illnesses.
Lehigh Valley Health Network includes eight hospital campuses, more than 140 physician practices, 21 urgent care locations and 26 health centers, as well as rehabilitation, pediatric specialties and community clinics. It is part of Jefferson Health.
MedStar Health Grows Digital Health Portfolio
MedStar Health, one of the largest health systems in the mid-Atlantic, acquired a national non-profit organization focused on patient experience and engagement. The non-profit, Hope for Henry Foundation, uses behavioral economics to motivate step-by-step adherence, reduce anxiety, and improve clinical and operational outcomes for pediatric patients. According to the organization’s website, it has partnered with more than 40 hospitals and has assisted more than 150,000 pediatric patients.
The deal is a full-circle moment, since Hope for Henry was founded at MedStar Georgetown University Hospital in 2003.
MedStar Health is the largest healthcare provider in Maryland and the Washington, D.C. region with 10 hospitals and a comprehensive network of outpatient centers and physician offices.
No financial terms were disclosed, but MedStar aims to integrate Hope For Henry’s evidence-based patient engagement models directly into its clinical operations.
