Surgery Partners agrees to a $5.7 billion take-private with HealthSpan

Surgery Partners ($SGRY) signed a definitive agreement to be acquired by HealthSpan Partners in a transaction valuing the business at approximately $5.7 billion, including debt. Shareholders other than Bain Capital affiliates would receive $23.50 per share in cash. Bain would exchange its existing investment for equity in the buyer and remain a significant partner. The agreement advances the previously reported negotiations into a formally agreed transaction.

HealthSpan, an affiliate of Bon Secours Mercy Health, plans to finance the purchase with available cash and new debt. Bain affiliates, which own roughly 39% of Surgery Partners, have agreed to support the deal. Closing is expected in the first quarter of 2027, subject to shareholder, regulatory and other conditions. Surgery Partners would leave Nasdaq after completion; the transaction has not closed.

Sources:

• Issuer release via StockTitan
• Surgery Partners — acquisition agreement