Surgery Partners Agrees to Improved $6 Billion Buyout Deal by HealthSpan Partners

10:57 AM EST, 11/09/2026 (MT Newswires) -- Surgery Partners (SGRY) has agreed to an increased buyout deal by HealthSpan Partners after the healthcare services company received an unsolicited acquisition offer by an unnamed third party. HealthSpan Partners, an affiliate of nonprofit healthcare company Bon Secours Mercy Health, will now pay $25 per share in cash for Surgery Partners, the firms said in a joint statement Monday. The amended terms represents an increase from the $23.50 per-share transaction that was agreed in October, representing a premium of 49% to Surgery Partners' share price, UBS Securities said in a client note at the time. Furthermore, shareholders of Surgery Partners other than Bain Capital will receive an additional "ticking fee" payment up to $1.61 per share in cash if the deal hasn't completed by March 1 and is closed on the outside date of Oct. 23, increasing the total potential consideration to $26.61 a share. Affiliates of Bain Capital, which owns roughly 39% of Surgery Partners, won't receive any consideration, including the ticking fee, and will roll over their shares in exchange of equity interests in HealthSpan Partners, the companies said. Shares of Surgery Partners jumped 12% in Monday trade, taking its year-to-date gain to 68%. The amended agreement, which now has an enterprise value of about $6 billion versus $5.7 billion previously, comes after Surgery Partners received an unsolicited non-binding acquisition proposal of $28 a share from a third party earlier in November. Surgery Partners said its board of directors and special committee evaluated the third-party offer and didn't consider it to be a superior proposal to the HealthSpan Partners deal. The proposal from the third party would take longer to complete, had potential regulatory risks and didn't have contractual protections to offset those concerns, the company said. "This transaction provides exceptional value for our stockholders, along with regulatory certainty and a closing expected in the near term," Surgery Partners Chief Executive Eric Evans said in a statement, referring to the amended buyout agreement with HealthSpan Partners. "We continue to believe combining with HealthSpan Partners is the right next chapter for our company." The deal, which requires approval from Surgery Partners' shareholders and clearance from regulators, is still expected to complete in the first quarter of 2027. HealthSpan Partners continues to aim to finance the acquisition with cash on hand and new debt. Following completion, Surgery Partners will no longer be listed on the Nasdaq and become a privately held company. In September, Surgery Partners said it expected its full-year 2026 revenue to come in between $3.08 billion and $3.18 billion after it completed the sale of its Idaho Falls facilities to Intermountain Health. The current consensus on FactSet is for $3.19 billion. In the broader industry, drug distributor McKesson (MCK) and private investment firm Clayton Dubilier & Rice agreed last month to acquire home infusion services provider Option Care Health (OPCH) in a roughly $5.8 billion deal. Last year, AleraCare and Pure Healthcare completed their merger to form a national ambulatory infusion and specialty care platform spanning 14 states and 77 ambulatory infusion centers. Price: 25.98, Change: +2.78, Percent Change: +11.98