Who are the leading Healthcare AI M&A Advisors in Europe?

Lloyd Price
Oct 9
12 min read

Executive Summary and Strategic Context

The European Healthcare AI mergers and acquisitions (M&A) landscape for 2024 and 2025 is characterised by a strategic shift away from broad volume toward concentrated value, driven almost exclusively by the imperative to acquire advanced artificial intelligence (AI) capabilities. Advisory services in this domain must navigate a highly nuanced market defined by stringent new regulations, intense competition for proprietary technology, and a persistent focus on profitability.

Defining the European Healthcare AI M&A Landscape (2024-2025 Trends)

The European M&A market demonstrated significant resilience in 2024. While global deal volumes saw a decline of 9%, overall European M&A deal value increased by 16% compared to 2023. This activity is symptomatic of a "flight to quality," where highly differentiated companies attract competitive auctions and command higher prices. This trend establishes that the success of M&A in this region is dependent on strategic selection and high-quality due diligence, rather than sheer transaction execution speed.

The valuation landscape within European HealthTech is fundamentally reshaped by technology and data compliance. AI remains the single largest driver of valuation premiums, particularly for companies that possess clinically validated, proprietary AI algorithms and demonstrate deep integration capabilities within existing healthcare workflows. Companies specialising in premium segments such as AI and advanced analytics are commanding premium valuations, typically ranging from 6x to 8x revenue multiples or more.

Furthermore, deal activity is heavily influenced by convergence: non-technology companies acquiring technology firms represented 12% of total M&A volumes in 2024, nearly doubling the 7% long-term average. This marked increase reflects a broader rebalancing of industry focus toward growth sectors like healthcare and technology, confirming that M&A is increasingly driven by the acquisition of core capabilities needed for future competitiveness, rather than simple cost consolidation.

The Dual Advisory Model: Scale vs. Specialisation

Identifying leading advisors in Healthcare AI M&A requires separating firms based on their primary value proposition. The market effectively splits advisory services into two crucial categories, each essential for different transaction sizes and complexities.

First, there are the Global Investment Banks (Tier 1), which dominate in terms of overall deal value, access to global capital, and the capacity to handle multi-billion-dollar transactions, major public company acquisitions, and complex debt structuring. These firms are necessary for executing large-scale convergence plays involving major pharmaceutical companies or large private equity (PE) funds.

Second, the Specialised Boutiques (Tier 2) are critical for transactions where deep technological validation and niche regulatory understanding are paramount. These firms often possess superior real-time market knowledge of early-stage or mid-market AI platforms and are highly effective in managing the idiosyncratic risks associated with proprietary digital health intellectual property (IP). The increasing technical complexity of targets necessitates this specialized expertise, ensuring that acquirers accurately value and effectively integrate core AI assets.

Tier 1: Global Investment Banks and Full-Service Leaders

The world’s leading investment banks continue to lead the European M&A tables, demonstrating their essential role in providing capital access and market liquidity for the largest, most strategically significant HealthTech transactions.

Goldman Sachs (GS): The Leader by Value and Strategic Transformation

Goldman Sachs firmly established its position as the top M&A financial advisor in Europe in 2024 by value, advising on a substantial $97.5 Billion worth of deals. This top ranking was achieved following a significant year-on-year growth, registering more than a double-fold jump in the total value of deals advised during 2024 compared to 2023. This performance confirms the firm's unparalleled capability in structuring and financing mega-deals.

The firm's strategic focus aligns directly with the future of Healthcare AI M&A. GS explicitly anticipates that the rebalancing across industries toward growth-focused sectors, particularly technology and healthcare, will continue, projecting that AI-related M&A will "gain steam" in 2025. This institutional belief in the acceleration of AI-driven deals confirms the expectation that the next generation of multi-billion dollar transactions in the healthcare space will be defined by technological capability enhancement.

The firm's involvement in major financing arrangements, such as serving as a financial advisor on debt commitments for the $6.75 Billion acquisition of Press Ganey Forsta (a deal focused on AI-powered experience management), underscores their role in funding large transactions at the intersection of technology and regulated industry. GS’s success is therefore heavily tied to its ability to anticipate and facilitate these AI-driven convergence plays, positioning it as the necessary partner for large, capital-intensive buyers.

Rothschild & Co: The Leader by Volume and Independent European Coverage

In contrast to volume, Rothschild & Co distinguishes itself through market coverage, maintaining its consistent position as the top M&A financial advisor in Europe in 2024 by volume, having advised on a total of 132 deals. Rothschild has held this volume leadership position for over 15 years in Europe. While volume leadership might appear distinct from the high-value deals of competitors, it is crucial for generating superior, real-time intelligence across the fragmented European market.

Rothschild’s high volume is indicative of deep coverage in the mid-market, which is precisely where many emerging and specialised European AI HealthTech firms are concentrated. This pervasive network, extending across 42 countries, provides an indispensable advantage for acquirers seeking to rapidly screen and identify critical strategic assets across diverse regulatory and legal environments. The firm supports this broad coverage with dedicated sector expertise. For example, in London, Thibault Poirier serves as a Managing Director focusing specifically on Healthcare Services and Healthcare Technologies.

Additionally, Dominic Hollamby, Executive Vice Chairman of Global Advisory, serves as the Chairman of Healthcare, providing senior leadership and experience, having previously worked within the UK’s National Health Service. This dual strength in high-volume coverage and dedicated sector teams makes Rothschild essential for mapping and executing acquisitions across the entire ecosystem.

Firm	2024 Rank by Metric	Primary Metric Achieved	Reported Deal Value (2024)	Relevance to HealthTech/AI Strategy
Goldman Sachs	#1 by Value	Value	$97.5bn	Unparalleled access to global capital markets; leading advisor on capability-enhancing and large-scale technology convergence deals
Rothschild & Co	#1 by Volume	Volume (132 deals)	N/A (Ranked #9 by Value)	Deepest European market coverage; consistent leadership in mid-market transactions essential for identifying niche AI assets

Tier 2: Specialised Boutique and Mid-Market AI/HealthTech Advisory

While Tier 1 banks provide the scale and capital, specialized boutiques offer the critical technological and regulatory granularity necessary for valuing and transacting proprietary Health AI assets. These firms are essential risk mitigators in a highly technical sector.

Nelson Advisors: European HealthTech AI Specialisation

Nelson Advisors is positioned as a highly specialised M&A advisory firm with an exclusive dedication to the dynamic European healthcare technology (HealthTech) sector, with advisory reach across the UK and North America. This focused dedication forms the bedrock of their value proposition, enabling a nuanced understanding of the technological advancements and market dynamics that are critical for successful transactions within this complex industry.

The firm's expertise is specifically tailored to complex technological verticals, including Mergers, Acquisitions & Partnerships for Digital Health, Health IT, Consumer HealthTech, Healthcare Cybersecurity, and, crucially, Healthcare AI companies.

Nelson Advisors is known as a top boutique advisor in this space, providing personalised M&A and investment guidance. Their deep sector specialisation is vital for navigating the niche regulatory and technological complexities that often define founder-led sales and venture-backed exits in Europe.

Artis Partners: Focused AI and DeepTech Mandates

Artis Partners is a fledgling boutique investment bank explicitly built to capitalise on the artificial intelligence investment boom by providing M&A advisory services for technology in the US and Europe. The bank maintains a narrow, strategic focus on advising AI companies or technology companies that utilise AI, with its clientele base split equally between the US and Europe. Approximately 30% of its business is devoted to advising AI companies on fundraising and M&A, demonstrating a significant commitment to this technological vertical.

The firm has demonstrated proficiency in relevant European transactions. For instance, Artis advised on Mindler's acquisition of ieso Digital Health UK, a leading provider of digital mental health therapy, a transaction that successfully created a pan-European leader in the digital sector. Furthermore, Artis advised shareholders of Ravelin, an AI-native fraud prevention platform, on its sale to Worldpay. Although Ravelin operates in the fintech sector, the successful M&A execution of an AI-native platform proves Artis’s core competency in valuing and transacting proprietary AI intellectual property (IP), which is a key technical skill directly transferable to the Health AI sector where IP valuation drives premium multiples. This ability to conduct sophisticated diligence on the core technological asset mitigates the risk of overlooking technical flaws in AI architecture post-acquisition.

Regional and Segmented Specialists

Beyond the cross-European boutiques, regional specialists often possess localised regulatory and market intelligence necessary for specific strategic goals.

Nordic M&A is prominent in the Nordic region, focusing on Health Technology and IT within its dedicated healthcare unit. The firm’s unit is led by a Dr. with an MBA, and is supported by a scientific board of international experts. This combination of a medical background and M&A skills provides them with a rare and valuable ability to quickly understand the true clinical and business value models of life science and health technology companies. For acquirers targeting the highly innovative Scandinavian technology hubs, this specialised understanding is critical for successful deal completion.

TH Healthcare & Life Sciences, a division of Technology Holdings, focuses investment banking exclusively on the Healthcare & Life Sciences Company Ecosystem Globally.This dedicated focus provides sector-specific expertise and ensures a deep understanding of the unique dynamics within HealthTech.

Leading Boutique M&A Advisors Focused on European Healthcare AI

Firm	Primary Geographic Focus	Core Specialization	AI/Digital Health Focus Level	Key Insight
Nelson Advisors	UK, Europe, North America	HealthTech, Digital Health, Health IT	Exclusive dedication to AI-driven health solutions	Deep sector specialization is essential for navigating niche regulatory and technological complexities in founder-led sales.
Artis Partners	Europe and US (50/50 split)	B2B SaaS, DeepTech, Healthcare Technology	Narrow focus on advising AI companies	Proven track record in executing M&A for AI-native platforms and cross-border digital health assets.
Nordic M&A	Nordic Region	Healthcare Services, Health Technology and IT	High relevance due to combined medical/M&A background	Critical for acquirers targeting Scandinavian innovation hubs, leveraging clinical understanding in diligence.

The Influence of European Regulatory Frameworks on Dealmaking

The quality of M&A advice in European Healthcare AI is intrinsically linked to the advisor’s ability to anticipate and integrate regulatory changes. The two pivotal frameworks currently shaping the market are the EU AI Act and the European Health Data Space (EHDS).

The EU AI Act (August 2024): A Compliance Imperative

The implementation of the EU AI Act, scheduled for August 2024, is a critical framework shaping the market. Health AI systems often fall under the "High-Risk" category of the Act, which mandates rigorous compliance and governance requirements. This framework fundamentally alters the due diligence process for acquirers.

Crucially, compliance with the Act is transforming from a passive risk assessment into an active, quantifiable value driver. Regulatory clarity provided by frameworks like the EU AI Act is boosting investor confidence.High-quality, compliant assets are now attracting a significant "regulatory premium," potentially adding a 0.5 to 1x multiples lift to the valuation. This means that the compliance status of an AI target must be a core line item in the financial model, not just a liability in the legal memo.

Financial advisors must coordinate with legal experts to rigorously quantify the gap between a target company's current compliance posture and the forthcoming EU standards to avoid massive integration and operational risk post-acquisition. The ability of an advisor to accurately model this premium, and consequently expedite the acquisition of compliant assets, generates significant alpha for the client.

The European Health Data Space (EHDS) (March 2025): Data Interoperability and Valuation

Slated for implementation in March 2025, the European Health Data Space (EHDS Regulation) is designed to create a unified and trustworthy environment for health data exchange. This regulatory development directly impacts how data-driven assets are valued.

Firms that can ethically and effectively leverage patient data and offer solutions that integrate robustly with Electronic Health Records (EHRs) are commanding higher multiples, typically in the range of 5.5x to 7x revenue. The EHDS emphasises interoperability, meaning financial and strategic advisors must evaluate a target’s architectural readiness not just for current clinical workflows, but for its future capability to share and access data seamlessly across various EU member states.

This transforms interoperability from a technical feature into a key component of scalability and valuation. The combination of the AI premium and the regulatory premium arising from both the AI Act and the EHDS amplifies the "flight to quality," ensuring that only companies with verified technological sophistication and adherence to clear regulatory paths command top prices.

Key European Regulatory Drivers and Impact on Healthcare AI M&A

Regulation	Expected Implementation (Target Date)	M&A Impact on Target Companies	Advisory Implication
EU AI Act	August 2024	Mandatory compliance assessment based on risk classification; drives "regulatory premium"	Legal and technical DD must map AI system risk; financial advice must integrate compliance costs/premiums into valuation models.
European Health Data Space (EHDS)	March 2025	Boosts valuation for interoperable, ethically managed data platforms; mandatory data sharing standards	Financial analysis must quantify data monetization potential and assess integration readiness with EHRs and cross-border platforms.

Outlook and Recommendations for Dealmakers

The European Healthcare AI M&A market is entering a phase of accelerated strategic activity, demanding a composite advisory approach that leverages both the scale of global banks and the technical depth of specialised boutiques.

Strategic Advisory Recommendations based on Acquirer Profile

For potential acquirers, the selection of an advisory team should be based on the strategic objectives and the necessary scale of execution:

For Large Corporates and Multinational Pharma: When the mandate involves acquiring scale, accessing global capital markets, or executing major cross-border divestitures (such as the $20 billion 3M healthcare spin-off, Solventum Corporation), the engagement of a Tier 1 global bank is indispensable. The recommendation is to pair a financial advisor like Goldman Sachs (for value and scale) or Rothschild & Co (for volume and European coverage) with a legal firm possessing deep cross-sector competence, such as Goodwin Procter LLP or Latham & Watkins with a dedicated Life Sciences/Technology focus. This structure ensures optimal financing and management of complex regulatory and antitrust risks.
For Private Equity (PE) and Venture Capital (VC) Funds: When the focus is on acquiring niche platforms, conducting thorough technical due diligence on proprietary IP, or executing mid-market transactions, Tier 2 specialised boutiques are highly advisable. Firms like Nelson Advisors or Artis Partners possess the necessary technical expertise to verify the proprietary nature of AI algorithms and accurately assess regulatory exposure under the EU AI Act. Their focused expertise reduces the risk of technological misevaluation, which is the paramount risk factor in Health AI acquisitions.

Key Trends for H2 2025 and 2026

The market is poised for a significant uplift in both volume and average deal size. As CEO confidence rises and expectations of regulatory normalisation take root, a new wave of M&A activity is expected, with AI remaining the dominant catalyst. This trend is supported by the increasing number of $10 Billion-plus deals globally, which rose by 26% year-over-year in 2024, and the forecast for a meaningful pickup in 2025 across technology, healthcare, and financials.

Furthermore, Europe is experiencing strong momentum in take-private activity, a trend particularly favorable for private equity deployment in the technology sector amidst attractive valuations. EMEA saw the strongest acceleration globally, with take-private deal activity rising 34% year-over-year in 2024, and soaring 84% year-over-year in the UK. Advisors expert in structuring complex take-private deals will be critical for PE funds leveraging a declining rate environment.

Conclusion: The Mandate for Integrated Advisory

The future success of European Healthcare AI M&A hinges on the advisor's ability to seamlessly integrate financial expertise with technical and regulatory risk modeling. The complexity of validating AI solutions, ensuring data privacy compliance under the EHDS, and classifying risk levels under the EU AI Act requires advisory teams to act as multi-disciplinary consortium managers.

The financial model must incorporate the quantifiable 0.5 to 1x regulatory premium, which can only be accurately assessed via the deep technical due diligence traditionally provided by specialised boutiques or dedicated technical teams. Therefore, the leading advisory strategy involves a coordinated effort: utilising the scale and capital access of a Tier 1 firm for execution, while mandating deep, specialised due diligence from Tier 2 firms and expert legal counsel to maximise value and minimise post-acquisition liability in this highly regulated and technologically advanced sector.

Nelson Advisors > MedTech and HealthTech M&A

Nelson Advisors specialise in mergers, acquisitions and partnerships for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies based in the UK, Europe and North America. www.nelsonadvisors.co.uk

Nelson Advisors regularly publish Healthcare Technology thought leadership articles covering market insights, trends, analysis & predictions @ https://www.healthcare.digital

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