Key facts
- Bain Capital, a Surgery Partners shareholder since 2017 with 39%, will back the revised deal, the companies said.
- Shareholders excluding Bain Capital affiliates would get $25 per share in cash, up from $23.50.
- If the merger closes after March 1, 2027, eligible shareholders would receive additional monthly payments, the companies said.
- Closing on the final outside date of October 23, 2027 could add up to $1.61 per share, for $26.61 total.
- Surgery Partners shares rose 12% in premarket trading.
HealthSpan Partners, an affiliate of nonprofit hospital system Bon Secours Mercy Health, raised its bid for Surgery Partners to up to $6 billion on November 9, 2026, after receiving an unsolicited competing proposal from a third party.
Surgery Partners shareholders excluding Bain Capital affiliates would receive $25 per share in cash, up from the prior offer of $23.50 per share. Bain Capital, a minority shareholder since 2017 with 39% of Surgery Partners, will back the deal, the companies said. Surgery Partners shares rose 12% in premarket trading.
The companies said that if shareholders approve the merger but it closes after March 1, 2027, eligible shareholders would receive additional monthly payments. If the deal closes on the final outside date of October 23, 2027, those payments could add up to $1.61 per share, lifting total potential consideration to $26.61 per share.
Surgery Partners agreed to revise its deal with HealthSpan Partners after considering an unsolicited, non-binding offer from another buyer on November 3 to purchase all of its shares for $28 per share in cash.