Surgery Partners Inc. will be acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, in an all-cash transaction valued at approximately $5.7 billion, the companies announced Monday in a deal that gives one of the nation's largest nonprofit health systems a significantly expanded footprint in outpatient surgical care.

The acquisition, which represents an enterprise value of $5.7 billion, sent Surgery Partners' stock soaring more than 46 percent in early Monday trading as investors reacted to the premium price being paid for the Nashville-based operator of surgical facilities and ancillary services.

Nonprofit Health System Expands Outpatient Reach

For Bon Secours Mercy Health, one of the country's five largest Catholic health systems with operations across seven states, the deal represents a strategic pivot toward outpatient services as healthcare continues its migration away from traditional hospital settings. The Cincinnati-based nonprofit operates 46 hospitals and hundreds of outpatient facilities, but the Surgery Partners acquisition will dramatically increase its capacity to serve patients in lower-cost, community-based surgical centers.

Surgery Partners operates more than 180 surgical facilities and ancillary services across 31 states, including ambulatory surgery centers, surgical hospitals, and multi-specialty physician practices. The company focuses on gastroenterology, ophthalmology, orthopedics, and pain management procedures that are increasingly being performed outside traditional hospital operating rooms.

The acquisition aligns with a broader industry trend toward value-based care and outpatient services, where procedures can be performed more efficiently and at lower cost than in hospital settings. For patients, the shift means greater convenience and often lower out-of-pocket expenses, while payers benefit from reduced overall healthcare spending.

All-Cash Deal Offers Substantial Premium

Under the terms of the agreement, Surgery Partners shareholders will receive cash for their shares at a significant premium to the stock's recent trading levels. The $5.7 billion enterprise value includes Surgery Partners' outstanding debt, which will be refinanced or assumed by the acquirer as part of the transaction.

The deal is expected to close in early 2027, subject to regulatory approvals and customary closing conditions. The parties have already received early termination of the federal antitrust waiting period, removing one potential hurdle to completion.

For Surgery Partners, which has grown rapidly through acquisitions of its own in recent years, the sale to Bon Secours represents a liquidity event for shareholders and an opportunity to access the resources and scale of a major health system. The company has positioned itself as a leader in the fragmented outpatient surgery market, where consolidation has accelerated as healthcare systems seek to build networks that can serve patients across the continuum of care.

Broader Healthcare Consolidation Trend

The Surgery Partners acquisition is the latest in a wave of healthcare consolidation that has reshaped the industry in 2026. From hospital mergers to physician practice acquisitions, healthcare providers are seeking scale and efficiency as they navigate rising costs, labor shortages, and shifting reimbursement models that reward quality and outcomes over volume.

For Bon Secours Mercy Health, the deal positions the nonprofit to compete more effectively in markets where patients increasingly demand convenient, lower-cost alternatives to hospital-based care. By integrating Surgery Partners' network of outpatient facilities, Bon Secours can offer a more comprehensive care delivery model that keeps patients within its system while reducing overall costs.

The transaction also highlights the growing role of nonprofit health systems in consolidating the outpatient surgery market, which has historically been dominated by physician-owned practices and for-profit operators. With access to tax-exempt financing and mission-driven strategies, nonprofits like Bon Secours are increasingly able to outbid private equity and for-profit competitors for strategic assets like Surgery Partners.

As the healthcare industry continues to evolve, deals like this one underscore the importance of scale, integration, and the ability to deliver care across multiple settings. For Surgery Partners shareholders, the premium acquisition price validates the company's strategy and execution. For Bon Secours, it represents a major step forward in building a healthcare delivery network for the future.