Surgery Partners said on 26 October 2026 that it had agreed to be acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, for US$23.50 per share in cash. The deal gives the outpatient surgical care operator an enterprise value of about US$5.7bn.
Why HealthSpan Partners (affiliate of Bon Secours Mercy Health) is buying Surgery Partners, Inc.
The buyers said the combination would create one of the largest outpatient surgical care platforms in the United States and expand HealthSpan's presence in the fast-growing outpatient surgery segment. Surgery Partners has more than 200 locations across 30 states and about 5,000 affiliated physicians, with capabilities in orthopaedics and spine, cardiology, gastroenterology and ophthalmology.
“We believe this transaction represents the best path forward for Surgery Partners”
Deal terms and financing
Shareholders other than Bain Capital affiliates will receive US$23.50 per share in cash. Bain Capital, the largest shareholder with about 39%, will roll over its shares into the acquiring entity, remain a significant partner and has agreed to vote in favour. The deal is funded with cash on hand and new debt, with Jefferies providing committed financing, and is not subject to a financing condition. The board approved the deal on the unanimous recommendation of a special committee of independent, disinterested directors. Surgery Partners will keep its name, brand and headquarters, will remain a secular organisation and will be delisted from Nasdaq.
Regulatory approvals and timing
Completion requires approval by a majority of outstanding shares and a majority of votes cast by disinterested shareholders, expiry of the Hart-Scott-Rodino waiting period and other customary conditions. It is expected in the first quarter of 2027.
