HealthSpan Partners Acquires Surgery Partners for $5.7B
HealthSpan Partners, a contractual affiliate of Bon Secours Mercy Health, has signed a deal to acquire Surgery Partners for $5.7 billion. The definitive agreement was announced on Monday, with the transaction expected to close in the first quarter of 2027.
HealthSpan Partners plans to finance the acquisition through a combination of cash on hand and new debt, for which commitments have been secured. Private equity group Bain Capital, which owns 39% of Surgery Partners, will back the deal and retain a major ownership stake after closing.
Deal Details
Once the deal is completed, Surgery Partners will no longer trade its shares publicly on the Nasdaq. The company will transition to private ownership while keeping its existing name, branding, and headquarters location. It will also continue operating as a non-religious entity.
HealthSpan Partners is a supporting organization of the nonprofit Catholic health system Bon Secours Mercy Health, headquartered in Cincinnati. Surgery Partners operates a national network of ambulatory surgery centers, surgical hospitals, and physician partnerships, with specialties including orthopedic and spinal care, cardiology, gastroenterology, and ophthalmology.
Outpatient Surgery Trend
Investment in ambulatory surgical centers has surged due to their cost efficiency compared to hospitals and Medicare policy changes that have moved many procedures from inpatient to outpatient settings. HealthSpan and Surgery Partners aim to create one of the largest outpatient surgical care networks in the U.S., reflecting the growing importance of outpatient care.
Capital One’s Erik Tellefson notes that the expansion of ambulatory surgical centers is driven by their affordability and the broader shift toward outpatient procedures. Health systems, such as Ascension, have been acquiring these centers as more medical treatments move out of traditional hospital environments.
Executive Comments
Bon Secours Mercy Health CEO John M. Starcher Jr. stated, ‘As healthcare evolves, we must grow in ways that allow us to reach more individuals, serve more communities, and provide care through varied settings. Partnering with Surgery Partners is a key move toward fulfilling that goal.’
“Patients increasingly expect healthcare to be accessible, convenient and centered around their needs,” said Dr. Wael Haidar, president, Clinical Operations, Bon Secours Mercy Health, and president of HealthSpan Partners.
