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Nonprofit health giant Bon Secours Mercy Health is acquiring Surgery Partners for roughly $5.7 billion, marking a major push into outpatient care. The deal, priced at $23.50 per share — a nearly 50% premium — follows a similar move by Ascension, which bought Amsurg for $3.9 billion. Analysts say it could unlock new exit paths for sponsors holding large doctor group assets.
Bon Secours Mercy Health has agreed to acquire Surgery Partners for approximately $5.7 billion, signaling a significant strategic shift toward outpatient care for the nonprofit health system. The deal comes on the heels of Ascension's $3.9 billion purchase of Amsurg, suggesting a broader industry trend of large hospital systems aggressively building out ambulatory surgery capacity to help patients avoid costly inpatient settings.
The acquisition price of $23.50 per Surgery Partners share represents a 49.2% premium over the stock's closing price the Friday before the announcement. Notably, Surgery Partners had previously rejected a take-private bid from Bain Capital — which holds a 38.5% stake and is expected to retain it — about 18 months ago.
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Why it matters: This deal could reshape the outpatient surgery landscape, giving Bon Secours a massive footprint outside hospital walls. More broadly, it may signal that large health systems are becoming viable strategic buyers for scaled physician group assets — potentially opening new exit options for private equity sponsors in the space.
