HealthSpan Partners Raises Surgery Partners Bid to $6 Billion

HealthSpan Partners, an affiliate of the nonprofit hospital system Bon Secours Mercy Health, increased its bid to acquire Surgery Partners to a total value of up to $6 billion. The revised offer provides shareholders, excluding Bain Capital affiliates, $25 per share in cash, up from a previous offer of $23.50 per share.

The bid increase follows an unsolicited, non-binding offer from a third party on November 3 that proposed $28 per share. Surgery Partners' special committee rejected that higher offer, citing increased regulatory and closing risks. Bain Capital, which holds a 39% stake in Surgery Partners, will back the HealthSpan transaction.

If the merger does not close by March 1, 2027, shareholders may receive additional monthly payments, which could raise the total consideration to $26.61 per share by October 23, 2027. The acquisition will add approximately 5,000 affiliated physicians and over 200 sites across 30 states to the Bon Secours Mercy Health footprint. The deal is expected to close in the first quarter of 2027.