Bon Secours Mercy Health to Acquire Majority Stake in Surgery Partners in $5.7B Deal

The acquisition will give the Catholic nonprofit health system access to Surgery Partners’ network of more than 200 locations, including ambulatory surgery centers and surgical hospitals.

Bon Secours Mercy Health has agreed to acquire a majority stake in Surgery Partners in a transaction valuing the healthcare services company at $5.7 billion. The deal, announced October 26, 2026, is expected to close in the first quarter of 2027, subject to regulatory and other approvals.

The acquisition will give the Catholic nonprofit health system access to Surgery Partners’ network of more than 200 locations, including ambulatory surgery centers and surgical hospitals. The transaction aims to establish one of the largest outpatient surgical care platforms in the United States.

Under the agreement, HealthSpan Partners, an affiliate of Bon Secours Mercy Health, will purchase the remaining publicly held shares for $23.50 per share in cash. Affiliates of Bain Capital Private Equity, which currently control approximately 39% of Surgery Partners, will retain and roll over their existing shares.

The acquisition will be financed through a combination of cash on hand and newly secured debt. Following the transaction, Surgery Partners will retain its existing operations, brand and headquarters and continue operating as a secular organization.

Surgery Partners Operates Across 30 States

Surgery Partners operates a short-stay surgical care network spanning 30 states, with approximately 5,000 affiliated physicians. Its facilities provide surgical services outside traditional hospital settings.

The company reported $3.31 billion in revenue for 2025 and adjusted earnings per share of $0.47. It has been publicly traded since 2015 and was previously the subject of a 2025 acquisition proposal from Bain Capital, which offered $25.75 per share for the shares it did not own. That proposal, which valued the company at approximately $6.7 billion on an enterprise-value basis, was rejected.

Bon Secours Mercy Health operates 47 hospitals and more than 1,200 care sites, with nearly 60,000 employees. The system reported nearly $14 billion in total operating revenue for 2025.

Health Systems Expand Outpatient Surgical Networks

The acquisition comes as major US health systems increase investments in ambulatory surgery and other outpatient services. Providers are expanding capacity outside hospitals amid expectations of growing demand for lower-cost care settings.

In a comparable transaction, Ascension completed its $3.9 billion acquisition of ambulatory surgery management company AMSURG in 2026. The company operates more than 300 locations.

Bon Secours Mercy Health said the Surgery Partners transaction would broaden its care delivery network as more procedures move to outpatient settings. The deal also aligns with a wider industry shift toward ambulatory care as healthcare providers respond to changing patient preferences and policy developments affecting where surgical procedures are performed.

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