Dynamic Healthcare M&A Database

Acquiring Party	Healthways, Inc. (NASDAQ: HWAY), a leading provider of Health and Care SupportSM services.
Transferring Party	Axia Health Management, LLC, a leading national provider of preventative health and wellness programs.
Sector	Medical Services
Date	December 1, 2006
Analysis Adds to Healthways' spectrum of integrated, personalized, evidence-based health and wellness services. Axia’s national network enables consumers to obtain in-person health coaching, fitness center access, online communities of interest, telephonic lifestyle management, condition and disease management, high-risk care management and end-of-life support in the manner that best suits their needs and lifestyles. Deal value -- $450m, on revenue of $150m (3.0x). This deals follows the terminating of the Lifemasters Deal.
The Walden Group is a leading healthcare investment banking firm specializing in mergers, acquisitions and strategic transactions. It also invests its own funds and, together with its expert operational partners, provides value-added services to help special companies reach critical milestones. This information is copyright © 2004-2007 The Walden Group, Inc. This information is provided as a service to the public but remains the intellectual property of The Walden Group, Inc and may not be reproduced in any manner without the written permission of The Walden Group, Inc. The information contained in the transactions table was derived from publicly available and other sources. Transaction analysis and other information are based, in part, upon public comments, Walden Group research and judgments, and reporting and research of others. The information is not intended to be relied upon as pronouncements by the transaction participants or for any other reason.

Dynamic Healthcare M&A Database - 4Q06