Surgery Partners, Inc. (NASDAQ: SGRY) has entered into a definitive agreement to be acquired by HealthSpan Partners, a contractual affiliate of Bon Secours Mercy Health. The transaction is valued at an enterprise value of approximately $5.7 billion and will be executed as an all-cash deal.
Under the terms of the agreement, HealthSpan Partners will merge with Surgery Partners. At the effective time of the merger, each share of Surgery Partners common stock held by unaffiliated stockholders will be converted into the right to receive $23.50 in cash per share. Affiliates of Bain Capital, the company’s largest shareholder with approximately 39% ownership, will roll over their shares into the acquiring entity.
The transaction is expected to close in the first quarter of 2027, subject to the approval of Surgery Partners shareholders, the receipt of regulatory approvals, and the satisfaction of other customary closing conditions. HealthSpan Partners intends to finance the acquisition through a combination of cash on hand and new debt, with financing commitments already secured.
The deal was negotiated by a Special Committee of Surgery Partners’ Board of Directors, composed entirely of independent directors. Following the committee’s unanimous recommendation, the full board approved the agreement. Surgery Partners’ operations, including its name, brand, and headquarters in Brentwood, Tennessee, are expected to remain in place. Upon completion, the company will become a privately held entity and will no longer be listed on the Nasdaq Stock Exchange.
Surgery Partners operates a national network of more than 200 locations across 30 states, including ambulatory surgery centers, surgical hospitals, and physician partnerships. The company brings approximately 5,000 affiliated physicians to the combined platform.
