Premier to be Acquired by Patient Square (~11x EBITDA)
- Will Hamilton
- Sep 24, 2025
- 2 min read
On September 22, 2025, Premier, Inc. a Charlotte‑based, technology‑driven healthcare improvement company specializing in supply chain solutions, data analytics, consulting and collaborative services for hospitals, health systems and other providers, agreed to be acquired by an affiliate of dedicated healthcare investment firm Patient Square Capital in a take‑private transaction valued at approximately $2.6 billion. Under the terms of the deal, Premier stockholders are receiving $28.25 in cash per share, representing a premium of roughly 23.8 % to the company’s 60‑day volume‑weighted average stock price prior to the announcement. The definitive merger agreement was unanimously approved by Premier’s board and is expected to close in early 2026.
The acquisition reflects broader investor interest in healthcare services and technology platforms that enable cost efficiencies and data‑driven performance improvements across provider networks. For Patient Square, the transaction builds on its strategy of consolidating and scaling healthcare businesses with entrenched customer relationships and recurring revenue profiles, giving the firm a foothold in Premier’s expansive group purchasing and analytics platform. The move to private ownership is intended to provide Premier with enhanced financial flexibility and an influx of capital to accelerate innovation in its technology offerings and expand its service portfolio amid evolving industry dynamics.
Outsourced Services EBITDA Multiples
According to the FY 2026 guidance included in Premier's FY 2025 earnings release, revenue and adjusted EBITDA are projected to be within the range of $940 million to $1 billion and $230 million to $245 million, respectively, each of which is slightly below FY 2025 results. The midpoints imply multiples of 2.7x revenue and 11x EBITDA.
The implied EBITDA multiple is slightly below the trendline when graphed with other outsourced services organizations in terms of both size and timeline.
Healthcare Outsourced Services M&A Deal Volume
The number of announced provider outsourced services deals increased slightly in 2025 breaking a two consecutive year trend of small declines. Volume averaged 64 per quarter in 2025, up from 62 per quarter in 2024. The billing / revenue cycle sub-segment was the best performer, with most other segments posting results that approximated the prior year.
Other Outsourced Services Deals
Read Scope Research's take on other outsourced services to the healthcare industry M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 283 outsourced services deals, segmented by type, including 219 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.