HealthSpan Partners to Acquire Surgery Partners in Outpatient Surgery Tie-Up
SGRY sits 71% above its 52-week low of $11.41.
Summary
HealthSpan Partners has agreed to acquire Surgery Partners in an all-cash transaction valued at an enterprise value of $5.7B, confirming the takeover that Reuters reported over the weekend as a roughly $6 billion deal. The acquirer is now named — HealthSpan Partners — rather than the Bon Secours entity cited in the earlier report, and the framing has shifted from 'close to' a deal to an announced acquisition. Surgery Partners shareholders will receive $23.50 in cash per share; the company carries a market cap of about $2.1 billion with shares at $19.47, so the deal implies a substantial premium and a full change of control for the Bain-backed operator. Affiliates of Bain Cap will roll over their shares in Surgery Partners in exchange for equity interests in the acquiring entity. The company has been reshaping its balance sheet, having closed the $797M sale of its Idaho Falls facilities to Intermountain Health in September and announced a $795 million hospital sale alongside Q2 results. Surgery Partners will pay Spyglass Topco a termination fee of $108.9 million if the merger agreement is terminated under specified circumstances.
At the time of this announcement, SGRY was trading at $19.47 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.1B. The 52-week trading range was $11.41 to $23.44. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.