Surgery Partners

HealthSpan Partners to acquire Surgery Partners for $23.50/share in all-cash deal at ~$5.7B enterprise value, expected to close Q1 2027.

Surgery Partners has entered into a definitive merger agreement with HealthSpan Partners, an affiliate of Bon Secours Mercy Health, in an all-cash transaction at $23.50 per share representing approximately $5.7 billion in enterprise value — the company's most consequential strategic event in its history. Bain Capital, Surgery Partners' largest shareholder at approximately 39% of outstanding shares, will roll over its equity into the acquiring entity and remain a significant partner post-closing. The transaction, approved unanimously by a Special Committee of independent directors, is expected to close in Q1 2027, subject to stockholder and regulatory approvals; upon closing, Surgery Partners will be delisted from Nasdaq and operate as a privately held company.

Surgery Partners owns and operates a national network of ambulatory surgery centers, short-stay surgical hospitals, and ancillary services across 30 states, serving patients and physicians with high-quality, cost-effective outpatient surgical care. The company operates 176 surgical facilities as of December 31, 2025, partnering with physicians and health systems in majority- and minority-ownership structures. Its integrated outpatient delivery model focuses on non-emergency, scheduled surgical procedures across multiple specialties.

Primary products

• Ambulatory surgery centers (ASCs)
• Short-stay surgical hospitals
• Multi-specialty physician practices
• Anesthesia services
• Urgent care facilities
• Management and administrative services

“We are one of the largest and fastest growing surgical services businesses in the United States, with more than 200 locations in 30 states, including ambulatory surgery centers, short-stay surgical hospitals, and multi-specialty physician practices, among others.” Competitive position, as stated in the filing