HealthSpan Partners has agreed to acquire Surgery Partners in an all-cash transaction valued at approximately $5.7 billion in enterprise value, creating a larger outpatient surgical care platform with a national footprint.
Under the agreement, Surgery Partners shareholders other than affiliates of Bain Capital Private Equity will receive $23.50 in cash for each share they own.
Bain Capital, currently Surgery Partners’ largest shareholder with approximately 39% of outstanding shares, will roll over its equity into the acquiring entity and remain a significant investor following completion of the transaction.
HealthSpan Partners is a contractual affiliate and supporting organization of Bon Secours Mercy Health. The acquisition is intended to expand its presence in outpatient care as more procedures move away from traditional hospital settings.
Surgery Partners operates a national network of ambulatory surgery centers, surgical hospitals, and physician partnerships. The company has more than 200 locations across 30 states and works with approximately 5,000 affiliated physicians.
Its capabilities span specialties including orthopedic and spinal care, cardiology, gastroenterology, and ophthalmology.
HealthSpan Partners said the combined platform will be positioned to expand access to high-quality outpatient care while supporting physicians and health system partners.
The acquisition will be financed through a combination of cash on hand and new debt. HealthSpan Partners has secured financing commitments for the transaction.
The deal was negotiated by a special committee of independent and disinterested Surgery Partners directors and was approved by the company’s board following the committee’s unanimous recommendation.
The transaction is expected to close in the first quarter of 2027, subject to shareholder approval, regulatory clearances, and customary closing conditions.
Following completion, Surgery Partners is expected to retain its name, brand, headquarters, and operating structure. Its common stock will be delisted from Nasdaq, and the company will become privately held.
Jefferies is serving as exclusive financial advisor to HealthSpan Partners and is also providing committed financing as sole initial underwriter. Centerview Partners is lead financial advisor to Surgery Partners, with Leerink Partners also advising the company. Moelis is advising the special committee.
KEY QUOTES:
“Our relationship with Surgery Partners represents an important step toward advancing that commitment. Surgery Partners has built a respected national platform rooted in strong physician relationships and a commitment to quality care. By combining those strengths with HealthSpan Partners’ long-term stewardship approach, we have an opportunity to strengthen access to more affordable care, support more patients and communities while continuing to advance our mission for years to come.”
John M. Starcher, Jr., President And CEO Of Bon Secours Mercy Health
“Patients increasingly expect healthcare to be accessible, convenient and centered around their needs. Our purpose is to make healthcare easier to access, easier to navigate and better for the people we serve.”
Dr. Wael Haidar, President Of Clinical Operations At Bon Secours Mercy Health And President Of HealthSpan Partners
“Joining HealthSpan Partners represents an exciting next chapter for Surgery Partners. Together, along with our physician and health system partners, we can expand on our mission to enhance patient quality of life through partnership.”
Eric Evans, CEO Of Surgery Partners
