Surgery Partners to Be Taken Private by Bon Secours Affiliate HealthSpan Partners in $5.7 Billion All-Cash Deal at $23.50 Per Share

Surgery Partners announced on October 26, 2026 that it had entered into a definitive merger agreement with Spyglass Topco, LLC, an entity connected to HealthSpan Partners, a contractual affiliate and supporting organization of non-profit health system Bon Secours Mercy Health. Under the terms, Spyglass Merger Subsidiary, Inc. will merge with Surgery Partners in an all-cash transaction at $23.50 per share, implying an enterprise value of approximately $5.7 billion. The agreement was signed on October 23, 2026.

The deal takes Surgery Partners private, ending the company's listing on the Nasdaq. Bain Capital, the private equity firm that backed Surgery Partners, will retain a stake in the combined entity going forward. Surgery Partners operates a network of ambulatory surgery centers, surgical hospitals, and physician partnerships across the United States.

Shares of SGRY surged more than 20% in premarket trading after the Financial Times first reported the late-stage talks, with the stock up roughly 23% to $19.43 before the open and extending gains through the session, at one point trading nearly 46% higher. RBC downgraded Surgery Partners following the official deal announcement, a typical move for analysts when an acquisition price caps near-term upside.