2025 was a banner year for physician practice consolidation, with the physician practice management sector seeing 367 transactions through the first three quarters of the year.
Private equity remained the main driver of deal activity. Through September, PE firms or their portfolio companies announced 507 healthcare transactions, and 35% of those were in the PPM space.
Here are eight of the most significant physician group and practice deals announced in 2025:
1. Conshohocken, Pa.-based pharmaceutical company Cencora plans to acquire the majority of the outstanding equity interests it does not currently own in OneOncology from TPG for approximately $3.6 billion. The OneOncology network includes about 1,750 providers across more than 565 care locations nationwide.
2. Fairview Health Services and University of Minnesota Physicians finalized a framework for a new 10-year partnership that includes a $1 billion capital commitment aimed at supporting Minnesota’s academic healthcare infrastructure. The University of Minnesota has criticized the agreement, set to take effect Jan. 1, 2027, calling it a “hostile takeover” of its medical school.
3. Cardinal Health subsidiary The Specialty Alliance completed its $1.9 billion acquisition of Solaris Health, one of the nation’s largest urology MSOs. Solaris Health includes more than 750 providers across more than 250 practice locations in 14 states.
4. Brown Health finalized its merger with Brown Physicians after receiving approvals from the Federal Trade Commission and Rhode Island Attorney General Peter Neronha. BPI is a multispecialty practice group founded and led by faculty at The Warren Alpert Medical School of Brown University.
5. UnitedHealth’s Optum acquired Holston Medical Group, a roughly 200-provider organization based in Kingsport, Tenn.
6. HonorHealth announced it will acquire Phoenix-based Evernorth Care Group and its 18 clinics from Cigna. The deal is expected to close in January 2026.
7. In July, AdventHealth acquired Bond Clinic, a 90-provider group in Winter Haven, Fla. AdventHealth purchased the clinic’s 28-specialty assets and care sites throughout Polk County.
8. NYU Langone Health and NYU Langone Orthopedics announced the acquisition of Rothman Orthopaedics of Greater New York, expanding NYU Langone’s orthopedic footprint in New York City.
