The business of dialysis can often resemble a game of musical chairs with clinics being swapped from one provider to another every few years.

The latest move came in early August 2011 when Fresenius announced that it had agreed to acquire Liberty Dialysis and Renal Advantage.

The $1.7-billion deal was big, and it continued the march towards industry consolidation that started many years ago. The following slides provide some insight into the biggest mergers and acquisitions in dialysis dating back to 2004 when DaVita purchased Physicians Dialysis Inc.