HealthSpan Partners, an affiliate of Cincinnati-based Bon Secours Mercy Health, signed a definitive agreement Oct. 26 to acquire Brentwood, Tenn.-based Surgery Partners. The all-cash deal values Surgery Partners at about $5.7 billion including debt, according to a news release shared with Becker’s.
Surgery Partners shareholders will receive $23.50 per share in cash. Affiliates of Bain Capital Private Equity own about 39% of Surgery Partners’ shares and will not be cashed out. They will roll their stake into equity in the acquiring entity and remain a significant partner after closing.
The deal adds more than 200 locations across 30 states and about 5,000 affiliated physicians to HealthSpan Partners. Surgery Partners’ facilities include ASCs, surgical hospitals and physician practices in specialties including orthopedics, spine, cardiology, gastroenterology and ophthalmology.
John Starcher Jr., president and CEO of Bon Secours Mercy Health, said the deal was an important step toward advancing the system’s goal of serving more communities across more care settings.
A special committee of Surgery Partners’ independent directors led the negotiations, and the company’s board approved the deal. HealthSpan Partners has secured financing commitments and will pay with cash on hand and new debt. The deal is expected to close in the first quarter of 2027, pending shareholder and regulatory approvals.
Surgery Partners will keep its name, brand and headquarters after closing. It will remain a secular organization and will not be treated as a Catholic ministry. Its shares will be delisted from Nasdaq.
The talks come 16 months after Surgery Partners ended discussions with Bain Capital over a nonbinding proposal to buy the shares it did not already own. In June 2025, a special committee of independent directors decided that Surgery Partners would be worth more as an independent public company than Bain Capital’s offer.
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
