If you're investing in, advising or operating healthcare businesses, understanding where capital is flowing can provide valuable clues about which sectors, business models and markets are attracting the greatest attention.
So far in 2026, European healthcare dealmaking has delivered several transactions worth hundreds of millions and, in some cases, billions of euros.
Below, we look at five significant healthcare deals announced this year and what they reveal about the trends shaping healthcare investment across Europe.
Deal #1.
CVC and GBL launch €10.7bn take-private offer for Recordati
CVC Capital Partners and Groupe Bruxelles Lambert launched a €10.7bn offer to take Italian pharmaceutical company Recordati private. The consortium is betting heavily on the company's rare disease platform, which has become a major driver of growth and profitability in recent years.
What you can learn from this deal: Rare disease businesses continue to attract significant investor interest due to their strong growth potential and attractive margins. The transaction also highlights how investors are willing to commit substantial capital to pharmaceutical companies that can accelerate growth through acquisitions and international expansion.
Deal #2.
EQT completed its exit from Swiss dermatology company Galderma through a CHF 4.9bn (~€5.29 bn) block trade, ending a highly successful investment that began when the firm acquired the business from Nestlé in 2019. During EQT's ownership, revenue nearly doubled and EBITDA more than doubled.
What you can learn from this deal: Healthcare remains one of the few sectors capable of generating exceptionally large private equity exits. Galderma demonstrates how investors can create substantial value by acquiring non-core corporate assets, improving operations and supporting long-term growth. It also highlights continued investor confidence in specialist areas such as dermatology, where demand is being supported by both medical need and consumer-driven aesthetics trends.
Deal #3.
Astorg acquires Thermo Fisher's microbiology business for $1bn
Astorg reached an agreement to purchase the microbiology division of Thermo Fisher Scientific in a deal valued at $1bn (~€876.2 million). This strategic acquisition focuses on a global leader in clinical and industrial testing, providing a robust platform for further international expansion.
What you can learn from this deal: Diagnostics continues to attract investor interest due to its recurring revenues, resilient demand and opportunities for operational improvement. The transaction also reflects a broader trend of large healthcare companies selling non-core assets while investors seek opportunities to build standalone businesses.
Deal #4.
Mehiläinen acquires Aleris to create a €3.7bn healthcare group
Finnish healthcare provider Mehiläinen agreed to acquire pan-Nordic outpatient group Aleris from Triton, creating a business with €3.7bn in revenue operating across nine countries. The deal expands Mehiläinen into Norway and Denmark while strengthening its position in specialist outpatient care.
What you can learn from this deal: The transaction represents a major milestone for Triton Partners after a seven-year ownership period and provides a strong example of private equity value creation in healthcare services. More broadly, it highlights how scale continues to matter in healthcare delivery. While many hospital groups have struggled to expand internationally, outpatient-focused providers are increasingly finding ways to standardise care, share best practices and build larger regional platforms across multiple countries.
Deal #5.
Terveystalo acquires Silmäasema
Terveystalo announced the acquisition of ophthalmology provider Silmäasema in a deal valued at approximately €574m (partial share-swap deal). The acquisition expands Terveystalo's presence in specialist healthcare and creates a Nordic eye-care and vision-services leader with around €1.55bn in combined revenue.
What you can learn from this deal: Ophthalmology remains one of Europe's most attractive healthcare specialties, benefiting from ageing populations, rising demand for outpatient procedures and growing private-pay spending. The deal also highlights continued investor interest in specialist healthcare services with strong growth fundamentals.
What do these deals tell us about where investment is heading?
Looking across these transactions, several themes emerge: continued investor interest in specialist healthcare services, strong appetite for carve-outs and platform acquisitions, growing consolidation across European healthcare markets and sustained demand for assets with exposure to demographic tailwinds.
These five deals represent just a small sample of the healthcare transactions HBI has reported on this year.
HBI Deals & Insights helps healthcare investors, advisors and operators stay informed about the transactions, strategic moves and market developments shaping healthcare across Europe and beyond. Members receive news, analysis and commentary designed to help them understand not just what happened, but why it matters.
