Bon Secours agrees $5.7bn takeover of Bain-backed Surgery Partners
HealthSpan Partners has agreed to acquire Surgery Partners in an all-cash, take-private transaction with an enterprise value of approximately $5.7 billion. HealthSpan is a contractual affiliate and supporting organization of Bon Secours Mercy Health. Bain Capital, which previously backed Surgery Partners, will roll over its shares for equity interests in the acquiring entity and remain a significant partner. Kirkland & Ellis is advising Bain Capital on the definitive agreement. The deal takes the Nasdaq-listed operator private.
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- ✓ HealthSpan Partners has agreed to acquire Surgery Partners in a take-private deal valued at approximately $5.7 billion.
- ✓ HealthSpan Partners is a contractual affiliate and supporting organization of Bon Secours Mercy Health.
- ✓ Bain Capital affiliates agreed to roll over their shares in Surgery Partners in exchange for equity interests in the acquiring entity.
- ✓ Surgery Partners is listed on the Nasdaq under the ticker SGRY.
What changed
HealthSpan Partners reached a definitive $5.7 billion all-cash agreement to take Surgery Partners private while Bain Capital rolls over its shares.
Live updates
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Bon Secours Affiliate Agrees $5.7B Take-Private Buyout of Surgery Partners
HealthSpan Partners has agreed to acquire Surgery Partners in an all-cash, take-private transaction with an enterprise value of approximately $5.7 billion. HealthSpan is a contractual affiliate and supporting organization of Bon Secours Mercy Health. Bain Capital, which previously backed Surgery Partners, will roll over its shares for equity interests in the acquiring entity and remain a significant partner. Kirkland & Ellis is advising Bain Capital on the definitive agreement. The deal takes the Nasdaq-listed operator private.
Why it matters
Surgery Partners operates as a major surgical facility network that now transitions from public markets into private ownership. Bain Capital maintains a continuing equity stake despite the shift in control. The transaction aligns the company with the healthcare infrastructure of Bon Secours Mercy Health.
What is confirmed
- HealthSpan Partners has agreed to acquire Surgery Partners in a take-private deal valued at approximately $5.7 billion.
- HealthSpan Partners is a contractual affiliate and supporting organization of Bon Secours Mercy Health.
- Bain Capital affiliates agreed to roll over their shares in Surgery Partners in exchange for equity interests in the acquiring entity.
- Surgery Partners is listed on the Nasdaq under the ticker SGRY.
- Kirkland & Ellis is advising Bain Capital in connection with the transaction.
What to watch next
- Regulatory approvals required to close the take-private transaction
- Timeline for the completion of the $5.7 billion acquisition
confidence 100%Sources used for this update (5)
- Financial Times — Bon Secours nears $6bn takeover of Bain-backed Surgery Partners
- Axios — Bon Secours is buying Surgery Partners for $5.7 billion
- WSJ — Bon Secours Affiliate to Acquire Surgery Partners in $5.7 Billion Take-Private Deal
- The Business Journals — Brentwood-based Surgery Partners to go private in $5.7 billion deal
- www.kirkland.com — Kirkland Advises Bain Capital in Connection with HealthSpan’s ...
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