Lifepoint Health Explores $8.2B Sale Process
Lifepoint Health, owned by Apollo Global Management, is exploring strategic alternatives including a potential sale valued at $8.2B including debt. The company operates 89 hospitals across 29 states with $10.4B in annual revenue. Potential acquirers include HCA Healthcare and a consortium of infrastructure investors. The implied EV/EBITDA multiple of ~11.5x sets a benchmark for mid-market hospital valuations.
HCA Healthcare Completes $2.1B Acquisition of Steward Health Assets
HCA Healthcare completed the acquisition of select Steward Health Care assets for $2.1B, adding 14 hospitals across 6 states. The transaction was structured as an asset purchase from bankruptcy, allowing HCA to cherry-pick the strongest facilities. Entry multiples averaged 8.5x trailing EBITDA — below the 10-11x market average — reflecting the distressed seller dynamics. HCA plans $400M in capital improvements over 3 years.
Private Equity Hospital Deal Volume Down 22% YoY in Q1 2026
PE-backed hospital transactions fell 22% year-over-year in Q1 2026, driven by higher financing costs (+150bps vs 2021 trough) and FTC scrutiny of market concentration. Average hold periods extended to 5.8 years (vs 4.2 historically). The gap between buyer and seller price expectations remains wide: sellers anchor to 2021-vintage 12x multiples while buyers bid 9-10x reflecting current rates.