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Bon Secours Mercy Health to acquire majority stake in Surgery Partners in $5.7B deal

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Bon Secours Mercy Health to acquire majority stake in Surgery Partners in $5.7B deal

Bon Secours Mercy Health is acquiring a majority share in healthcare services company Surgery Partners in a take-private deal valuing the acquiree at $5.7 billion, the organizations announced Monday morning.

The transaction is expected to close in the first quarter of next year, pending approvals, and with more than 200 locations in tow would help the major nonprofit health system create “one of the country’s largest outpatient surgical care platforms,” they said.

“As healthcare continues to evolve, it is important to grow in ways that allow us to serve more people, in more communities and through a broader range of care settings,” John M. Starcher, Jr., president and CEO of Bon Secours Mercy Health, said in the announcement. “Our relationship with Surgery Partners represents an important step toward advancing that commitment.

Currently, affiliates of Bain Capital Private Equity control about 39% of the public Surgery Partners. Under the terms of the deal, Bain Capital would retain and rollover those shares while HealthSpan Partners, an affiliate of Bon Secours, would purchase the remainders with cash at $23.50 per share.

Surgery Partners’ short-stay surgical platform includes ambulatory surgery centers, surgical hospitals and about 5,000 affiliated physicians spanning 30 states. It reported $3.31 billion in revenue during 2025 and $0.47 adjusted earnings per share.

The company has been public since 2015, with a 2017 merger making it the largest standalone, independent surgical facilities operator at the time. 7 billion enterprise valuation), though that offer was rejected a few months later.



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