Surgery Partners has agreed to be acquired by HealthSpan Partners in an all-cash transaction carrying an enterprise value of approximately $5.7 billion, extending consolidation across the rapidly expanding U.S. outpatient healthcare industry.
HealthSpan Partners is affiliated with Bon Secours Mercy Health, one of the country’s major nonprofit healthcare systems.
Under the agreement, Surgery Partners shareholders other than affiliates of Bain Capital will receive $23.50 per share in cash. Bain Capital, which owns approximately 39% of Surgery Partners, will roll its shares into the acquiring entity and remain a significant investor following completion.
The acquisition gives HealthSpan a substantially larger presence outside traditional hospitals.
Surgery Partners operates more than 200 locations across 30 states and works with approximately 5,000 affiliated physicians. Its network includes ambulatory surgery centers, surgical hospitals and physician partnerships covering specialties including orthopedics, cardiology, gastroenterology and ophthalmology.
The transaction reflects a broader shift in U.S. healthcare as increasing numbers of procedures move from full-service hospitals toward specialized outpatient facilities.
The acquisition will be financed through a combination of cash and new debt for which financing commitments have been secured.
The transaction is expected to close during the first quarter of 2027, subject to Surgery Partners shareholder approval, regulatory approvals and other customary closing conditions. Following completion, Surgery Partners will become privately held and its shares will no longer trade on Nasdaq.
