Surgery Partners to Be Acquired by HealthSpan Partners for $23.50 Per Share in $5.7B Deal

summarizeSummary

Surgery Partners has signed a definitive agreement to be acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, for $23.50 per share in cash, valuing the company at about $5.7 billion enterprise value. Bain Capital will roll over its roughly 39% stake and vote for the deal, which is expected to close in the first quarter of 2027.

check_boxKey Events · M&A and Partnerships · SGRY

• Take-Private at $23.50 Per Share

  HealthSpan Partners will acquire Surgery Partners in an all-cash merger at $23.50 per share, an enterprise value of approximately $5.7 billion.

• Bain Rolls Over 39% Stake

  Bain Capital affiliates holding 49,946,972 shares will contribute them to the buyer for equity rather than cash and have agreed to vote in favor under a Voting and Support Agreement.

• $109M Break Fee and Outside Date

  The company would owe a $108,986,842 termination fee in specified circumstances; the outside date is July 23, 2027, extendable to October 23, 2027.

• Closing Targeted for Q1 2027

  Completion requires a majority stockholder vote plus a majority of disinterested shares, HSR clearance and healthcare regulatory approvals; closing is expected in the first quarter of 2027.

auto_awesomeAnalysis · SGRY · Industrial Applications And Services

With the definitive merger agreement signed, Surgery Partners becomes a take-private target at a fixed $23.50 per share in cash, implying an enterprise value of roughly $5.7 billion. Until closing, that price is the stock's reference point, so shares should trade near it rather than on operating results. Approval risk is largely removed: Bain Capital, which owns about 39% of the shares, has locked in a rollover and a vote in favor. What remains is the stockholder vote, antitrust clearance and healthcare regulatory approvals, with a July 23, 2027 outside date and a $108,986,842 break fee if the company walks for a better offer.