Surgery Partners Agrees to $5.7 Billion Take-Private Deal with Bon Secours Affiliate HealthSpan Partners at $23.50 Per Share

Surgery Partners agreed on October 23, 2026 to be acquired by HealthSpan Partners, a contractual affiliate and supporting organization of non-profit health system Bon Secours Mercy Health, in an all-cash transaction valued at an enterprise value of approximately $5.7 billion. Under the formal merger agreement, Spyglass Topco, LLC and its merger subsidiary will acquire all outstanding shares of Surgery Partners at $23.50 per share, taking the Bain Capital-backed ambulatory surgery center operator private. Bain Capital will retain a stake in the new entity following the close of the transaction.

Surgery Partners shares surged more than 21% in premarket trading after the Financial Times reported the late-stage talks, and the stock closed the session at $23.25, a gain of approximately 47.6% on the day. The deal pairs Surgery Partners, which operates a network of ambulatory surgery centers, surgical hospitals, and physician partnerships, with a major U.S. non-profit health system, establishing what the companies described as a leading outpatient surgical care platform. RBC Capital Markets downgraded Surgery Partners stock following the announcement, a typical move for analysts once an acquisition price sets a ceiling on near-term upside.