HealthSpan Partners to Acquire Surgery Partners in $5.7 Billion Deal

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HealthSpan Partners, an affiliate and supporting organization of Bon Secours Mercy Health, will acquire Surgery Partners, Inc. in an all-cash transaction, the companies announced on October 26 in a release distributed by Business Wire. The deal values the Brentwood, Tennessee-based surgical facility operator at an enterprise value of approximately $5.7 billion and will take it private.

Key Takeaways

• HealthSpan Partners will buy Surgery Partners for $23.50 in cash per share, an enterprise value of about $5.7 billion.
• Bain Capital, which owns about 39% of Surgery Partners, will roll over its shares and vote in favor of the deal.
• The deal is expected to close in the first quarter of 2027, after which Surgery Partners will leave the Nasdaq.

What changed

Under the definitive agreement, shareholders other than affiliates of Bain Capital Private Equity will receive $23.50 in cash for each share, the release said. Reuters, reporting on October 26, noted that the price is a premium of about 49% to Surgery Partners’ last closing price and that the shares were halted in premarket trading. The Board approved the deal after the unanimous recommendation of a special committee of independent directors, the release said. HealthSpan Partners intends to finance it with cash on hand and new debt, for which commitments have been secured. Reuters reported the agreement ends a two-year strategic review in which an earlier Bain bid to take the company private was rebuffed.

Who it affects

Surgery Partners operates more than 200 locations across 30 states, including ambulatory surgery centers, surgical hospitals and physician practices, with about 5,000 affiliated physicians, the release said. The companies said the combination will create one of the country’s largest outpatient surgical care platforms and expand Bon Secours Mercy Health well beyond its more than 45 hospitals. Surgery Partners Chief Executive Officer Eric Evans said the deal delivers “an attractive all-cash premium to our shareholders” while benefiting patients and physicians. The company’s name, brand and headquarters are expected to remain in place after closing, and it is expected to remain a secular organization, the release said.

When it takes effect

The transaction is expected to close in the first quarter of 2027, subject to approval by Surgery Partners shareholders, regulatory approvals and other customary closing conditions, the release said. Bain Capital, the largest shareholder with about 39% of the shares, has signed a voting and support agreement in favor of the deal. On completion, Surgery Partners’ stock will no longer be listed on the Nasdaq Stock Exchange and the company will be privately held.

Sources: HealthSpan Partners and Surgery Partners, Inc. press release via Business Wire, October 26, 2026; Reuters, October 26, 2026.

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