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

HealthSpan Partners, an affiliate and supporting organization of Bon Secours Mercy Health, has agreed to acquire Surgery Partners in a take-private, all-cash transaction with an enterprise value of approximately $5.7 billion. The deal values the Brentwood-based outpatient surgery operator at $23.50 per share. The acquisition sent Surgery Partners stock surging between 46 percent and 48 percent, marking its best day in more than six years. Affiliates of Bain Capital, the majority owner, have agreed to roll over their shares for equity interests in the new acquiring entity and will remain a significant partner.

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  • ✓ HealthSpan Partners agreed to acquire Surgery Partners in an all-cash transaction valued at approximately $5.7 billion including debt.
  • ✓ Surgery Partners shares surged between 46 percent and 48 percent following the deal announcement.
  • ✓ Affiliates of Bain Capital agreed to roll over their shares for equity interests in the acquiring entity.
  • ✓ The transaction values Surgery Partners shares at $23.50 each.
🛡️ Source Corroboration: 12 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

HealthSpan Partners reached a definitive agreement to acquire Surgery Partners in a $5.7 billion all-cash take-private transaction.

Live updates

  1. Bon Secours Affiliate to Take Surgery Partners Private in $5.7B Deal

    HealthSpan Partners, an affiliate and supporting organization of Bon Secours Mercy Health, has agreed to acquire Surgery Partners in a take-private, all-cash transaction with an enterprise value of approximately $5.7 billion. The deal values the Brentwood-based outpatient surgery operator at $23.50 per share. The acquisition sent Surgery Partners stock surging between 46 percent and 48 percent, marking its best day in more than six years. Affiliates of Bain Capital, the majority owner, have agreed to roll over their shares for equity interests in the new acquiring entity and will remain a significant partner.

    Why it matters

    The transaction expands Bon Secours Mercy Health's footprint in outpatient services through a major private equity exit. Bain Capital initially backed Surgery Partners and will maintain an ongoing investment through a rollover of its shares. Kirkland and Ellis is advising Bain Capital on the definitive agreement.

    What is confirmed

    • HealthSpan Partners agreed to acquire Surgery Partners in an all-cash transaction valued at approximately $5.7 billion including debt.
    • Surgery Partners shares surged between 46 percent and 48 percent following the deal announcement.
    • Affiliates of Bain Capital agreed to roll over their shares for equity interests in the acquiring entity.
    • The transaction values Surgery Partners shares at $23.50 each.

    What to watch next

    • Regulatory approvals and closing conditions for the HealthSpan Partners transaction
    • Additional details regarding the exact timing of the shareholder vote and deal completion
    Sources used for this update (12)
    1. Financial Times — Bon Secours nears $6bn takeover of Bain-backed Surgery Partners
    2. Bloomberg.com — Bon Secours Nears $6 Billion Buy of Surgery Partners, FT Says
    3. WSJ — Bon Secours Affiliate to Acquire Surgery Partners in $5.7 Billion Take-Private Deal
    4. The Business Journals — Brentwood-based Surgery Partners to go private in $5.7 billion deal
    5. Yahoo Finance — SGRY Stock Heads For Best Day In More Than 6 Years After HealthSpan Partners’ Acquisition Offer – Here’s What Investors Need To Know
    6. Proactive financial news — Surgery Partners shares surge 46% as $5.7 billion takeover deal agreed
    7. Modern Healthcare News — Bon Secours’ HealthSpan to buy Surgery Partners in $5.7B deal
    8. The Motley Fool — Stock Market Today, Oct. 26: Surgery Partners Skyrockets 48% on $5.7 Billion HealthSpan Acquisition
    9. www.kirkland.com — Kirkland Advises Bain Capital in Connection with HealthSpan’s ...
    10. digg.com — Surgery Partners to go private in $5.7 billion deal with Bon Secours affiliate · Digg
    11. www.marketscreener.com — Surgery Partners to be taken private by Bon Secours affiliate in $5.7 billion deal | MarketScreener
    12. www.ibtimes.com.au — Surgery Partners Stock Soars 46% as Bon Secours Affiliate Agrees to $5.7 Billion Deal to Take Company Private
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