HealthSpan Partners, an affiliate of Cincinnati-based Bon Secours Mercy Health, signed an agreement Oct. 26 to acquire Brentwood, Tenn.-based ambulatory surgical center operator Surgery Partners.
John Starcher Jr., president and CEO of Bon Secours Mercy Health, said the deal is an important step toward the system’s goal of providing improved access to affordable care.
Bon Secours Mercy Health is a global Catholic health system operating more than 1,200 sites of care and 47 hospitals in the U.S., Ireland and the Philippines.
Ten things to know:
1. The deal would add more than 200 locations — including ASCs, surgical hospitals, multi-specialty physician practices and urgent care facilities — across 30 states and about 5,000 affiliated physicians to HealthSpan Partners.
2. The acquisition would make Bon Secours Mercy Health one of the nation’s largest ASC operators.
3. United Surgical Partners International, the outpatient arm of Dallas-based Tenet Healthcare, leads the pack with ownership interests in 535 ASCs and 25 surgical hospitals. SCA Health, an Optum subsidiary, includes more than 340 ASCs. Ascension now operates more than 320 ASCs after acquiring Amsurg for $3.9 billion in June. Surgery Ventures, a subsidiary of Nashville, Tenn.-based HCA Healthcare, operates and jointly owns about 150 surgery and endoscopy centers.
4. Surgery Partners shareholders, other than affiliates of Bain Capital, will receive $23.50 per share in cash. Bain Capital, which currently owns approximately 39% of Surgery Partners’ outstanding shares, will roll over its shares for equity interests in the acquiring entity and will remain a significant partner in Surgery Partners following closing. After the transaction, Surgery Partners will become a privately held company.
5. In September, Surgery Partners sold two hospitals to Salt Lake City-based Intermountain Health for $797 million, with most of the net proceeds going toward debt repayment.
6. HealthSpan intends to finance the acquisition through a combination of cash on hand and new debt, for which commitments have been secured.
7. Surgery Partners’ revenue was $3.3 billion (an 11.8% operating margin) in 2025, compared to revenue of $3.1 billion (a 12.5% operating margin) in 2024.
8. Bon Secours Mercy Health recorded an operating income of $305.6 million (2.2% operating margin) on revenue of $14 billion in 2025, .up from $133.3 million (1% margin) on revenue of $13.3 billion in 2024.
9. Surgery Partners’ operations, name, brand and headquarters are expected to remain in place and will not be characterized as a Catholic ministry entity.
10. The transaction is expected to close in the first quarter of 2027 and is subject to shareholder and regulatory approvals.
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