Bon Secours Mercy Health to take Surgery Partners private in $5.7 billion deal

HealthSpan Partners, an affiliate of Catholic nonprofit hospital system Bon Secours Mercy Health, agreed on Oct 26 to buy outpatient surgery operator Surgery Partners in an all-cash deal at an enterprise value of about $5.7 billion [1]. Shareholders other than Bain Capital affiliates will receive $23.50 per share in cash [1]. That is about 49% above the prior close of $15.75, and Surgery Partners shares rose 46.3% in morning trading on Oct 26 [2].

• Bain Capital affiliates, the largest holder with about 39% of the shares, will roll their stake into the buyer and agreed to vote for the deal [1].
• A special committee of independent directors led the talks, and the Surgery Partners board approved the deal on its recommendation [1].
• HealthSpan will fund the purchase with cash on hand and new debt, for which commitments are secured [1].
• Surgery Partners runs more than 200 locations in 30 states with about 5,000 affiliated physicians [1].
• The company reported $3.31 billion of revenue for 2025, and Bain offered $25.75 per share for it in January 2025, an offer later rejected [3].
• Ascension, another nonprofit system, paid $3.9 billion for surgery-center operator Amsurg earlier in 2026 [4].

The deal needs approval from Surgery Partners shareholders and regulators and is expected to close in the first quarter of 2027, after which the stock will leave Nasdaq [1].