Surgery Partners, one of the largest U.S. operators of outpatient surgery centers and short-stay hospitals, will be taken private by HealthSpan Partners, an affiliate of nonprofit health system Bon Secours Mercy Health, in a deal valued at approximately $5.7 billion, including debt. Shareholders will receive $23.50 per share, representing a 49% premium to the company’s previous closing price. The transaction is expected to close in the first quarter of 2027.
Bain Capital, which has been a minority investor since 2017 and owns 39% of Surgery Partners, will retain a significant ownership stake following the acquisition. The deal will substantially expand Bon Secours Mercy Health’s national presence, adding more than 200 sites across 30 states and approximately 5,000 affiliated physicians to its existing network of over 45 hospitals.
The acquisition reflects growing healthcare system interest in outpatient surgery, following Ascension’s $3.9 billion purchase of AmSurg earlier in 2026. Surgery Partners generated $3.31 billion in revenue in 2025. The transaction also concludes a two-year strategic review of the company.
Why it matters: The deal highlights the growing consolidation of the U.S. outpatient surgery market and the strategic importance of ambulatory surgery centers (ASCs) to large health systems. It could reshape competition, ownership, and expansion strategies across the outpatient procedural care landscape.