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Last fall, privateequity and hedge fund investors were given a reprieve from the prospect of increased oversight of healthcare transactions when California Governor Gavin Newsom unexpectedly vetoed Assembly Bill 3129 (AB 3129). By: Husch Blackwell LLP
The Bank of England’s Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA) recently delivered a series of speeches1 raising their concerns about the evolution of privateequity financing and the banking sector’s exposure to the privateequity industry.
antitrust regulators, particularly the Federal Trade Commission, have been stepping up scrutiny of privateequity investments in healthcare. On March 5, the FTC, along with the U.S. Department of Justice and the U.S.
All indications appear to point toward a robust market for health care mergers and acquisitions (M&A) in the coming year. Inflation finally appears to be easing. With that, we may continue to see interest rate cuts from the Federal Reserve.
Despite initial expectations for a strong rebound in M&A activity driven by pent-up demand, privateequity managers saw a slower recovery in 2024 than initially expected, with improvement in the latter half of the year. By: Akin Gump Strauss Hauer & Feld LLP
USAP”), and the privateequity firm Welsh, Carson, Anderson & Stowe (“Welsh Carson”), which created USAP, executed a multi-year anticompetitive scheme to consolidate anesthesiology practices in Texas, drive up the price of anesthesia services provided to Texas patients and boost their own profits. Anesthesia Partners, Inc.
These include the likelihood of a more merger friendly regulatory environment in the United States for cross-border transactions, lower inflation, stabilized interest rates, a continued surplus of institutional capital and the necessity of privateequity groups to effect exits.
privateequity market. Read our latest insights into the U.S. We cover monthly deal activity and size, fundraising, exits, leveraged loans, and a look ahead. PE dealmaking had a slower start in 2025. YTD deal numbers through February were below those for the same period in the past five years. By: Ropes & Gray LLP
After a subdued 2023 during which it was challenging for privateequity (PE) to raise debt financing as a result of elevated interest rates and a difficult syndicated lending market, 2024 featured a material shift in the global credit landscape. By: Akin Gump Strauss Hauer & Feld LLP
California’s Senate Appropriations Committee will hold a hearing on California’s privateequity bill, AB 3129, on August 15, 2024. This proposed legislation would expand existing California Attorney General authority to include review and approval authority over most healthcare privateequity transactions.
The company's spyware, dubbed Graphite, is capable of hacking phones and stealing private communications. 2024 TechCrunch. All rights reserved. For personal use only.
California is looking to take the lead on regulating privateequity deals in the health care space by introducing bill AB 3129, which requires privateequity groups or hedge funds to receive the state attorney general’s approval before purchasing a health care entity.
USAP”) and its privateequity sponsor, Welsh, Carson, Anderson & Stowe (“Welsh Carson”) alleging an anticompetitive scheme to consolidate anesthesiology practices in Texas through a series of systematic roll-ups; price setting arrangements; and a market allocation agreement to dominate the anesthesia market in Texas.
Privateequity firms can breathe a sigh of relief after a federal judge dismissed claims that threatened to establish a precedent for holding privateequity firms liable for certain actions by their portfolio companies. By: Troutman Pepper
Technology continued to be an industry of particular focus for privateequity (PE) through 2024. Blackstones $16 billion acquisition of data center platform Airtrunk was the largest deal of Q3 2024, according to Ernst & Young data, and tech deals accounted for 40% of all privateequity deployment by value in the third quarter.
What do privateequity and growth capital investors look for when adding new companies to their portfolio, and what strategies do they apply to help those companies optimize capital? They covered the current privateequity landscape, strategies for creating value, industry trends, various investment structures, and more.
As we begin 2024, we have highlighted the issues and trends that privateequity (PE) investors should consider when evaluating transactions in the healthcare sector. W ith various headwinds resulting in down volume in 2023, buyers and sellers alike find themselves asking whether 2024 will see a rebound in deal activity.
Sluggish M&A and IPO markets have put the brakes on privateequity exit activity across Europe, but as pressure builds to clear the backlog of unsold portfolio companies, firms are taking innovative approaches to selling businesses - Europes privateequity firms have a large backlog of unsold portfolio companies sitting on their books, and the (..)
The year 2023 will be remembered as a challenging one for privateequity (PE), with complexities to navigate on many fronts. Although overall transaction volume was significantly down, privateequity funds still found. By: Akin Gump Strauss Hauer & Feld LLP
Privateequity (PE) firms play a critical role in revitalizing struggling businesses by providing, among other things, financial support and operational expertise. PE transactions are often driven by a combination of strategic growth objectives and tax planning opportunities. By: Bennett Jones LLP
Traditionally, privateequity firms were seen as benign investors from an antitrust perspective. This is changing. In the past 12 months, PE-funded acquisitions have faced progressively more rigorous scrutiny by antitrust authorities. By: Allen & Overy LLP
In recent years, the landscape of mergers and acquisitions (M&A) financing in privateequity (PE) has experienced significant changes. Rising costs of debt and fluctuating availability have compelled PE firms to reassess their financing strategies. By: Bennett Jones LLP
A recent wave of state legislation is changing the course of healthcare transactions, and organizations (particularly privateequity-backed organizations) that engage in mergers and acquisitions in the healthcare industry should prepare for increased scrutiny. By: BakerHostetler
As privateequity firms, sovereign wealth funds, and other investors seek new avenues for growth, the sports arena offers a promising and dynamic landscape. In recent years, the sports industry has become an increasingly attractive area for investment, driven by new opportunities, evolving regulations, and a growing global fan base.
Privateequity sponsors can exhale: A federal court recently stopped the Federal Trade Commission's (FTC) antitrust action that targeted privateequity sponsor Welsh, Carson, Anderson & Stowe for the healthcare "roll-up" strategy of its anesthesia practice management portfolio company. Anesthesia Partners, Inc.
The US Small Business Administration (SBA) recently issued a proposed rule impacting the ability of small business government contractors to continue performance of set-aside awards following a merger or acquisition. By: McDermott Will & Emery
Venable's PrivateEquity Investment in Healthcare webinar series explores the unique issues and timely developments that shape deals within the industry. Investment in the healthcare industry requires careful consideration, as it involves numerous distinct areas of the law. By: Venable LLP
On August 31, the last day of its 2024 Legislative Session, the California Legislature approved Assembly Bill 3129 (Wood), which provides for notification to and review by the Attorney General of health care transactions involving privateequity groups and hedge funds.
The California Legislature recently passed Assembly Bill 3129 (“AB 3129” or the “Bill”), which, if signed by California Governor Gavin Newsom, would increase oversight of healthcare entity transactions involving privateequity investment. Governor Newsom has until September 30, 2024, to sign or veto the Bill.
Episode 12: Exploring Consolidation and PrivateEquity Investment in Physician Practice Management - In this episode of BRight Minds in Healthcare Delivery, host Eric Tower interviews Robert Aprill, a partner at Physician Growth Partners. Eric and Robert examine privateequity (PE) investment in physician services, including various.
Privateequity is squarely in the cross hairs of regulators; the Department of Justice Antitrust Division, the Federal Trade Commission, and the U.S. Department of Health and Human Services recently announced the launch of a joint inquiry into privateequity ownership in the health care field. By: Ballard Spahr LLP
McGuireWoods recently held its 20th Annual Healthcare PrivateEquity and Finance Conference (HCPE Conference) in Chicago. The conference drew more than 1,000 professionals from privateequity funds, senior and mezzanine lenders, and investment banks, as well as C-level executives, consultants and principals in the healthcare industry.
Over the last decade, privateequity firms have acquired healthcare companies, hospitals, and clinics at an increasing rate. In fact, in those ten years, privateequity firms have spent roughly $1 trillion on an estimated 8,000 healthcare deals. This trend is only expected to increase through 2024.
Launching a privateequity fund is an exciting yet daunting endeavor; and a General Partner (GP) Advisory Board can be a critical asset in navigating the complexities. Thoughtfully designing and engaging a GP Advisory Board strengthens a privateequity firms capabilities by adding external expertise to the firms internal resources.
Privateequity investment in health care has grown significantly over the past two decades, and the US government is starting to pay attention. The False Claims Act (FCA) appears to be the first avenue of enforcement, but privateequity firms should be prepared for state. By: K&L Gates LLP
Driven by a growing wave of enforcer skepticism toward further healthcare consolidation, some state legislatures have begun to propose “mini-HSR” laws explicitly targeting healthcare transactions involving privateequity firms or sponsors. By: Morgan Lewis
As some packed the skis and headed to their favorite slopes this winter season, it is hard not to see the analogies to the healthcare privateequity (PE) transaction market as we ring in the New Year. Much like the Northern Rockies, there should be plenty of dry powder to support a robust dealmaking environment in 2025.
The Federal Trade Commission’s (FTC) push against privateequity roll-ups has hit a snag. Judge Hoyt found that the FTC had not adequately alleged that Welsh Carson “is violating” or “is about to violate” antitrust laws, as required under.
a federal district court granted privateequity firm Welsh, Carson, Anderson & Stowe's motion to dismiss it from the Federal Trade Commission's (FTC) lawsuit alleging an anticompetitive scheme to drive up the price of anesthesia services by orchestrating a decade-long "roll-up" strategy to consolidate anesthesiology practices in Texas.
The California legislature has introduced a bill that would implement some of the same restrictions on privateequity health care investments as last years AB 3129. By: Polsinelli
Privateequity acquisitions in healthcare will likely face increased scrutiny from multiple federal departments, as well as from state antitrust enforcement officials. By: Mayer Brown
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