Surgery Partners to be taken private by Bon Secours affiliate in $5.7 billion deal
SGRY•Surgery Partners said it will be taken private by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, in a deal valued at about $5.7 billion including debt. Remaining shareholders will receive $23.50 per share, a 49% premium to the last close, and the deal is expected to close in the first quarter of 2027.
1. Deal terms
HealthSpan Partners will take Surgery Partners private in a deal valued at about $5.7 billion including debt. Bain Capital, a minority shareholder since 2017 with a 39% stake, will back the deal and retain a major ownership stake after closing. Remaining shareholders will receive $23.50 per share, a 49% premium to the stock’s last close.
2. Expanded network
The deal is expected to close in the first quarter of 2027. Surgery Partners’ more than 200 sites across 30 states and about 5,000 affiliated physicians would expand Bon Secours Mercy Health’s US footprint beyond its more than 45 hospitals. Surgery Partners generated $3.31 billion in revenue in 2025 and reported adjusted profit of 47 cents per share.
