Post-pandemic, several deals have entered the healthcare M&A pipeline. LaingBuisson reports that advisers have appointed to help sell businesses in children’s services (Keys Group, Sandcastle Care and Priory Group), mental health (Huntercombe Group and Priory Group), private hospitals (Aspen Healthcare) and specialist care (Active Care Group). Competition and Markets Authority (CMA) intervention will be a…
Leading up to Christmas 2019, the tension between competition oversight of M&A in children’s services and wider concerns about private providers of children’s services was illustrated once again. In mid-December, the Competition & Markets Authority (CMA) unconditionally cleared National Fostering Agency’s (NFA’s) acquisition of Outcomes First Group (OFG). But, shortly after, the Children’s Commissioner called on the Government to address…
The level of merger control risk in the children’s residential homes market is currently regarded by Aldwych Partners as low to moderate. Pockets of concentration in local markets could mean that mergers between the largest operators require divestments to secure Competition and Markets Authority (CMA) clearance. Transactions involving smaller operators with a regional focus may…
Last week Barchester Healthcare announced that it would be acquiring 24 brighterkind care homes in what may be one of the largest care home deals since HC-One’s purchase of 122 care homes from Bupa in 2017. Few care home transactions are large enough to give rise to competition-related concerns, and Barchester’s acquisition provides a good…
Last year saw the CMA’s first review of a merger in child fostering services. These businesses place children with foster parents when a local authority cannot place a child using its own in-house service. The merger was cleared on the condition that services were divested in three regions. Now, with two fostering services businesses (Core…
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Buy-and-Build Strategies: Managing the risk of UK Competition and Markets Authority intervention
This paper draws on our experience as former competition regulators, and our research on buy-and-builds, to identify opportunities that can mitigate the risk of CMA intervention for these platforms.
It contains practical advice around:
- The likelihood of deals being called-in by the CMA
- Influencing the CMA’s view of a market
- How to best engage with the CMA
- Drivers of CMA review costs
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