Bon Secours Mercy Health is in late-stage talks to acquire a majority stake in Surgery Partners in a take-private deal valuing the short-stay surgery operator at roughly $6 billion including $3.5 billion in debt. Bain Capital, which has held a stake since 2017, will retain its nearly 40% shareholding. The $20-a-share offer follows previous failed takeover efforts, including a $6.7 billion Bain bid rejected in June 2025.
Terms of the proposed Bon Secours takeover
- ▪The potential transaction between Bon Secours Mercy Health and Surgery Partners could be announced as early as October 26, 2026
- ▪Bon Secours Mercy Health's proposed takeover price of about $20 per share represents a 25.8 percent premium over Surgery Partners' last closing price of $15.90
- ▪Bon Secours Mercy Health is in late-stage talks to buy a majority stake in Surgery Partners in a deal valuing the surgical care provider at about $20 a share, or roughly $6 billion including $3.5 billion in debt
Bain Capital's role and history with Surgery Partners
- ▪Private equity firm Bain Capital will retain its nearly 40 percent shareholding in Surgery Partners as part of the proposed take-private deal with Bon Secours Mercy Health
- ▪Bain Capital is the largest shareholder in Surgery Partners and has held a minority stake in the surgical care provider since 2017
- ▪Surgery Partners rejected a June 2025 take-private proposal from Bain Capital to acquire full control at an enterprise value of $6.7 billion after failing to reach an agreement on deal terms
Profile of Surgery Partners
- ▪Shares in Surgery Partners declined 31 percent over the year preceding October 2026 to just under $16 a share, representing an equity valuation of nearly $2.1 billion
- ▪Surgery Partners operates 176 surgical centers and hospitals across 30 United States states
Profile of Bon Secours Mercy Health
- ▪Bon Secours Mercy Health operates 47 hospitals across the United States and Ireland, generating approximately $14 billion in revenues in 2025
- ▪Bon Secours Mercy Health retained a minority stake in healthcare payment software provider Ensemble Partners after selling a majority stake to Thoreau Group at an $11.75 billion valuation in 2026
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