Bon Secours Affiliate to Acquire Surgery Partners in $5.7 Billion Take-Private Deal

What happened

HealthSpan Partners, an affiliate of Bon Secours Mercy Health, plans to take Surgery Partners private in a deal valued at about $5.7 billion. Surgery Partners shareholders would receive $23.50 in cash per share.

Confirmed

Global impact / market context

The deal would turn a large operator of outpatient surgery centers into a private company tied to a nonprofit health system. That could let it combine surgery locations with other care services and compete for patients seeking procedures outside traditional hospitals.

Analyst inference

The buyer plans to fund the purchase with cash on hand and new debt, borrowed money that adds fixed repayment costs. Bain Capital, already the largest shareholder with a 39% stake, would roll over its shares and remain a significant partner after closing.

Analyst inference

What to watch

1. The companies expect the transaction to close in the first quarter of 2027, subject to approvals from Surgery Partners shareholders and other conditions. Confirmed
2. HealthSpan Partners plans to finance the deal through a combination of cash on hand and new debt, so the final mix of cash and borrowed money will matter. Proposed
3. Because Bain would exchange its shares for equity in HealthSpan Partners, its continued ownership could influence how the combined outpatient surgery platform is run. Analyst inference

Evidence

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