Private Equity in Healthcare: Navigating the 2025 Regulatory Landscape

FTC and state AGs intensify review of healthcare consolidation

Sterling & Ghold's team of experienced practitioners brings decades of specialized expertise to every matter, combining deep industry knowledge with practical commercial judgment. Our lawyers work seamlessly across offices and practice groups to deliver integrated advice that addresses the full scope of our clients' objectives.

Private equity investment in healthcare has attracted an unprecedented level of scrutiny from the Federal Trade Commission and state attorneys general over the past eighteen months. Recent enforcement actions have challenged roll-up strategies in physician practice management, behavioral health, and outpatient surgery centers—sectors that PE sponsors have long viewed as attractive consolidation opportunities.

Sterling & Ghold's team of experienced practitioners brings decades of specialized expertise to every matter, combining deep industry knowledge with practical commercial judgment. Our lawyers work seamlessly across offices and practice groups to deliver integrated advice that addresses the full scope of our clients' objectives.

We counsel sponsors and portfolio companies to conduct rigorous pre-deal antitrust analysis, engage in proactive regulatory outreach where appropriate, and structure carve-outs and hold-separate agreements to preserve deal optionality if government review is prolonged.