Surgery Partners, the Brentwood-based operator of outpatient surgery centers and short-stay hospitals, has agreed to be acquired for roughly $5.7 billion in an all-cash deal that will take the company private. The buyer, HealthSpan Partners, is an affiliate of Cincinnati-based Bon Secours Mercy Health, and the announcement sent Surgery Partners shares surging nearly 50 percent at one point.
The transaction values the deal at an enterprise value of approximately $5.7 billion, according to a statement from Surgery Partners. Under the agreement, shareholders other than Bain Capital affiliates will receive $23.50 in cash per share, while Bain Capital — currently Surgery Partners' largest shareholder — will roll its stake into equity interests in the acquiring entity rather than cash out. HealthSpan Partners is described in the release as a contractual affiliate and supporting organization of Bon Secours Mercy Health.
As reported by Reuters, the news sent shares up 46 percent, and the outlet notes that Surgery Partners operates outpatient surgery centers, short-stay hospitals and related healthcare services across the country. The same report states that Surgery Partners generated $3.31 billion in revenue and reported an adjusted profit of 47 cents per share in 2025.
What Happens to Bain Capital's Stake
Bain Capital collectively owns approximately 39 percent of Surgery Partners' outstanding shares, making it the company's largest shareholder, per the Surgery Partners release. Rather than receiving the $23.50-per-share cash payout extended to other investors, Bain's affiliates will convert their holdings into equity in the combined company, positioning the private equity firm as what the release calls a significant partner once the deal closes.
The deal still needs to clear several hurdles before it's final. Per the Surgery Partners release, the transaction is expected to close in the first quarter of 2027, subject to shareholder approval, regulatory sign-off and other customary conditions. The Surgery Partners board approved the transaction following a unanimous recommendation from a special committee of independent and disinterested directors, the same release states.
Once the deal closes, Surgery Partners' common stock will no longer trade on the Nasdaq Stock Exchange, and the company will become privately held, according to the release. On the regulatory front, Mizuho analyst Ann Hynes told Reuters the potential transaction isn't expected to create meaningful FTC antitrust risk, even though Surgery Partners and the acquiring platform have overlapping markets in Ohio and Kentucky.
Financing the Deal and a Bigger Platform
HealthSpan Partners intends to pay for the acquisition using a combination of cash on hand and new debt, with commitments for that financing already secured, the company's release states. Combined, the two organizations would add more than 200 locations across 30 states and roughly 5,000 affiliated physicians to HealthSpan's platform, according to the same announcement.
Per law firm Ropes & Gray, which advised Surgery Partners on the transaction, the combination would establish one of the country's largest outpatient surgical care platforms. Reuters frames the acquisition as part of a broader trend, noting that it highlights a growing push into outpatient surgery by healthcare operators nationally.
That push has shown up elsewhere in recent months. Reuters notes that Ascension purchased surgical firm AmSurg for $3.9 billion earlier in 2026, a deal that closed just months before the Surgery Partners announcement. Surgery Partners itself has also been reshaping its holdings recently, having finalized the sale of its stake in two Idaho hospitals and associated clinics to Intermountain Health for $795 million in September, according to ASC News.
A Brentwood Company With National Reach
Surgery Partners is headquartered in Brentwood, Tennessee, and the pending sale was first detailed locally by the Nashville Post. The company's chief executive officer, Eric Evans, said HealthSpan Partners represents an exciting next chapter for Surgery Partners, per the Post's reporting.
For now, the deal remains a pending agreement awaiting shareholder and regulatory approval, with the parties targeting a close in the first quarter of 2027. Surgery Partners shareholders and industry watchers alike will be tracking the review process as one of the largest healthcare consolidation deals of the year moves toward a final vote.
