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The race to own Surgery Partners just got pricier. Bon Secours affiliate HealthSpan Partners raised its offer to $6 billion ($25/share) after an undisclosed rival — reportedly UnitedHealth — bid $28/share. Surgery Partners chose HealthSpan's lower offer, citing a faster, smoother path to closing and lower regulatory risk. The deal reflects a broader health system land grab for outpatient surgical capacity.
The competition for Surgery Partners is heating up. Bon Secours Mercy Health's affiliate HealthSpan Partners has raised its takeover bid to $6 billion — up $300 million from its original October offer — after Surgery Partners received an unsolicited competing proposal. Shareholders will now receive $25.00 per share in cash, with bonus monthly payments if the deal closes after March 1, potentially reaching $26.61/share by October 2027.
Despite the higher competing offer, Surgery Partners' board sided with HealthSpan. Bloomberg reported the rival bidder was UnitedHealth, which offered $28.00/share — but Surgery Partners flagged that deal as slower to close and more likely to face regulatory hurdles. UnitedHealth already operates one of the country's largest outpatient surgery networks through its Optum subsidiary.
The deal is part of a sweeping industry trend: health systems are racing to build out ambulatory surgical footprints as patients and payers shift toward lower-cost outpatient settings.
By the Numbers:
Why it matters: This bidding war underscores just how valuable outpatient surgical networks have become. With giants like UnitedHealth, Ascension, and Bon Secours all competing for the same assets, consolidation in ambulatory care is accelerating — with major implications for competition, pricing, and patient access.
