Surgery Partners, Inc. filed soliciting material under Rule 14a-12 on October 28, 2026, disclosing talking points and payor FAQs related to its announced definitive agreement to be acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, in an all-cash transaction valued at an enterprise value of approximately $5.7 billion.

Key Highlights

  • All-cash acquisition: Surgery Partners has signed a definitive agreement to be acquired by HealthSpan Partners, an affiliate of Bon Secours Mercy Health, at an enterprise value of approximately $5.7 billion.
  • Go-private transaction: According to the filing, upon completion of the transaction, Surgery Partners will become a privately held entity rather than a publicly traded stock entity.
  • Expected closing timeline: The transaction is expected to close in the first quarter of 2027, subject to shareholder approval, regulatory approvals, and other customary closing conditions.
  • Acquirer's scale: The filing states that Bon Secours Mercy Health has approximately 48 hospitals, more than 1,200 care sites, and nearly 60,000 associates.
  • Operations continuity: Following closing, Surgery Partners' operations, name, brand, and headquarters in Brentwood, TN are expected to remain in place, according to the filing.
  • Payor contracts unchanged until close: The filing states that current payor contracts will remain in effect and Surgery Partners remains an independent company until the transaction closes.

Surgery Partners Discloses $5.7 Billion HealthSpan Partners Acquisition Details

Surgery Partners, Inc. (NASDAQ:SGRY) filed soliciting material under Schedule 14A on October 28, 2026, making available talking points and frequently asked questions prepared for use by company leaders in conversations with payors about the announced transaction. The filing describes a definitive agreement under which HealthSpan Partners, an affiliate of Bon Secours Mercy Health, will acquire Surgery Partners in an all-cash transaction at an enterprise value of approximately $5.7 billion.

According to the filing, HealthSpan Partners is described as "a diversified healthcare services organization affiliated with Bon Secours Mercy Health." The filing notes that Bon Secours Mercy Health previously invested in outpatient surgical care, including a partnership with Compass Surgical Partners in 2023. The combined organization is described in the filing as expected to "establish one of the country's largest outpatient surgical care platforms." The filing also references that Bon Secours Mercy Health has been investing in outpatient surgical care consistent with a strategy of serving more people across a broader range of care settings.

The filing addresses payor-specific concerns directly. It states that existing payor contracts will remain in effect per the terms agreed upon by the parties, and that Surgery Partners will send notices to contracted payors as required under their payor agreements. The company indicated it will continue to negotiate on behalf of its facilities in the coming months. The filing also discloses that the existing ownership of physicians or health system partners in Surgery Partners' facilities does not change as a result of the announcement. The company noted it will file a proxy statement with the SEC in connection with the proposed transaction, and that a Schedule 13E-3 will also be filed jointly with certain other filing persons.

What Was Disclosed

Surgery Partners disclosed soliciting material dated October 28, 2026, covering talking points and payor FAQs related to its definitive agreement to be acquired by HealthSpan Partners in an all-cash deal valued at approximately $5.7 billion in enterprise value, with closing expected in the first quarter of 2027.