The Surgery Partners acquisition by HealthSpan Partners was announced on October 26, 2026, in an all-cash transaction valued at $5.7 billion. Shareholders other than Bain Capital affiliates will receive $23.50 per share if the deal closes. Completion is expected in the first quarter of 2027, pending approvals.
Key Takeaways
- The $23.50-per-share cash consideration excludes Bain Capital affiliates.
- Bain Capital, which owns approximately 39% of Surgery Partners, has agreed to support the acquisition.
- Surgery Partners would become private at closing while retaining its operational structure and branding.
Surgery Partners acquisition terms and closing conditions
The announced transaction would take the Nasdaq-listed surgical services company into private ownership. The $23.50 cash payment applies to shareholders excluding Bain Capital affiliates; the announcement does not establish the same consideration for Bain’s holding.
Bain Capital’s agreement to support the acquisition secures backing from a shareholder with approximately 39% ownership. That support is distinct from obtaining the approvals needed to complete the transaction.
The first-quarter 2027 closing date remains an expectation rather than a completed milestone. Until the required approvals are obtained and the transaction closes, the planned change in ownership remains pending.
The surgical services business would retain its branding
Surgery Partners operates ambulatory surgery centers, surgical hospitals and affiliated physician practices across the United States. Its surgical facilities and ancillary services include anesthesia services and multi-specialty physician practices, combining procedure locations with related clinical support.
The company provides outpatient and short-stay procedures in specialties including orthopedics, ophthalmology, gastroenterology, pain management and cardiology. The announced plan calls for Surgery Partners to maintain its existing operational structure and branding after closing, separating the ownership change from the way the business is organized.
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