Bon Secours Mercy Health Affiliate HealthSpan Partners to Acquire Surgery Partners for $5.70 Billion

HealthSpan Partners, an affiliate of U.S.-based Bon Secours Mercy Health, entered into a merger agreement on October 26, 2026, to acquire Surgery Partners, Inc. (SGRY) for $5.70 billion.

Deal Structure:

Surgery Partners shareholders will receive $23.50 in cash per share, representing a premium of 49.21% over the stock’s last close.

Company Profile:

Surgery Partners is a U.S. healthcare company that owns and operates ambulatory surgery centers and surgical hospitals, providing outpatient surgical care across specialties such as orthopedics, ophthalmology, gastroenterology, and general surgery. The company also provides related services through physician practices, anesthesia services, and urgent care facilities.

HealthSpan Partners is a healthcare organization affiliated with Bon Secours Mercy Health that supports healthcare services and partnerships across multiple care settings.

Bon Secours Mercy Health is a U.S.-based nonprofit Catholic healthcare system that operates hospitals, physician clinics, ambulatory surgery centers, urgent care facilities, and other healthcare services across the United States and Ireland. The organization also invests in healthcare businesses and partnerships through its diversified portfolio, which includes HealthSpan Partners.

Deal Details and Timeline:

Bain Capital, which owns approximately 39% of Surgery Partners’ outstanding shares, has agreed to vote in favor of the transaction. At closing, its affiliates will exchange their existing shares for equity in the acquiring entity and remain a significant partner alongside HealthSpan Partners.

HealthSpan plans to fund the acquisition using a combination of available cash and new debt, with financing commitments already secured.

The deal is expected to close in the first quarter of 2027.

Jefferies is serving as HealthSpan’s exclusive financial advisor and sole initial underwriter, while Paul, Weiss, Rifkind, Wharton & Garrison is providing legal counsel, and McGuireWoods is advising on healthcare regulatory matters.

Centerview Partners and Leerink Partners are serving as financial advisors to Surgery Partners, while Moelis & Co is advising the Special Committee. Goodwin Procter is providing legal counsel to the Special Committee, while Ropes & Gray and McDermott Will & Schulte are advising Surgery Partners.

HealthSpan is paying 11.90 times EBITDA for Surgery.

Deal Metrics:

For those interested in a more in-depth analysis of this merger and acquisition transaction, you may visit the Deal Metrics page at the link provided below:

Deal Metrics for the acquisition of Surgery Partners, Inc. (SGRY) by HealthSpan Partners

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

Disclaimer: This article is for informational purposes only. Please conduct your own research and due diligence before engaging in any buying or selling of the securities mentioned. The completeness or accuracy of the content or data in this article is not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article