Surgery Partners (SGRY) will be taken private by HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health, in a deal valued at about $5.7bn including debt. Shares in the outpatient surgery operator rose 46 per cent.
Bain Capital, which has been a minority shareholder since 2017 and owns 39 per cent of Surgery Partners, will back the deal and retain a major ownership stake after closing, the companies said. Remaining shareholders will receive $23.50 per share, a 49 per cent premium to the stock’s last close.
The transaction, expected to close in the first quarter of 2027, underscores a growing push into outpatient surgery by healthcare operators. Nonprofit health system Ascension bought surgical company AmSurg for $3.9bn earlier this year.
Surgery Partners will expand Bon Secours Mercy Health’s US footprint well beyond its more than 45 hospitals, adding over 200 sites across 30 states and about 5,000 affiliated physicians, the hospital system said. Surgery Partners operates outpatient surgery centers, short-stay hospitals and related healthcare services across the US.
The deal ends a two-year strategic review during which Surgery Partners attracted interest from potential buyers. They included Bain Capital, whose bid to take the company private last year was rebuffed.
Mizuho analyst Ann Hynes said the two groups overlap in Ohio and Kentucky, but the deal would substantially broaden Bon Secours Mercy Health’s national footprint. “We do not expect meaningful FTC antitrust risk issues,” she said. Hynes added that Bain’s retained stake should help the deal close.
Surgery Partners generated revenue of $3.31bn in 2025 and reported an adjusted profit of 47 cents per share.