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

Milena Thomas
Published Oct 26, 2026
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Summary:
  • An affiliate of Bon Secours Mercy Health agreed to buy Surgery Partners at an enterprise value of $5.7 billion.
  • Shareholders other than Bain Capital will get $23.50 in cash per share, a 49% premium to Friday's close.
  • The companies anticipate finalizing the deal in the first quarter of 2027, and say financing commitments are secured.

The deal and the money

An affiliate of Bon Secours Mercy Health said Monday it will acquire Surgery Partners at an enterprise valuation of $5.7 billion. HealthSpan Partners, a Bon Secours unit, plans to fund the transaction with cash and new debt, and said it has secured the necessary commitments.

Investors aside from Bain Capital will be paid $23.50 per share in cash, which is 49% above Surgery Partners' closing price on Friday. Bain, already the largest holder at 39%, will exchange its stake for equity in the newly formed entity rather than sell.

Operations and scale

The move expands one of the nation's biggest nonprofit hospital systems further into outpatient surgery, where a large share of routine procedures now take place. Surgery Partners operates more than 200 locations nationally and will be combined with HealthSpan Partners, which the companies said together "will establish one of the country's largest outpatient surgical care platforms."

Bon Secours, a Catholic-affiliated system based in Cincinnati, reports $14 billion in annual revenue and runs 47 hospitals and 1,200 care sites.

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Market reaction and timing

Surgery Partners' shares had fallen 28% over the 12 months through Friday, then jumped 47% on Monday after the announcement. The Financial Times had earlier reported that the company had been negotiating a sale of a majority stake to Bon Secours.

Closing is targeted for the first quarter of 2027.

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