Cincinnati-based Bon Secours Mercy Health agreed Oct. 26 to acquire Brentwood, Tenn.-based Surgery Partners through its affiliate HealthSpan Partners. The deal makes the system the latest to go big on ambulatory surgery, after Ascension and Tenet.
Here are 15 numbers to know:
The deal
- $5.7 billion: Value of the take-private deal, including debt. Bon Secours Mercy Health will pay for it with cash on hand and new debt.
- 200+: ASCs, surgical hospitals and physician practices Surgery Partners would add, across 30 states.
- 5,000: Physicians affiliated with Surgery Partners.
- $23.50: Cash per share for public shareholders. That is below the $25.75 per share Bain Capital proposed in January 2025 for the shares it did not already own. In June 2025, a special committee of independent directors concluded the company was worth more as an independent public company.
- 39%: Approximate stake in Surgery Partners held by Bain Capital affiliates. They will roll their shares into equity in the acquiring entity and stay on as significant partners.
- Q1 2027: When the deal is expected to close, pending shareholder and regulatory approval.
The buyer
- 47: Hospitals in the Bon Secours Mercy Health system.
- 2.3%: The system’s 2025 operating margin. It reported nearly $14 billion in total operating revenue and $324 million in recurring operating income.
The target
- 4th: Surgery Partners’ rank by ASC count at the end of 2025, behind USPI, SCA Health and Amsurg.
- $797 million: Price of Surgery Partners’ interests in two Idaho hospitals, which it sold to Salt Lake City-based Intermountain Health on Sept. 17. Most of the net proceeds went to paying down debt. The sale came six months after investor Ortelius Advisors urged the company to sell all of its surgical hospitals.
- 9: ASCs Surgery Partners has under construction, with more than a dozen more in development.
The competition
- $3.9 billion: Price of Ascension’s acquisition of Nashville, Tenn.-based Amsurg, which closed earlier this year. The deal took Ascension from 58 ASCs to more than 300. The system plans to use Amsurg’s presence in 10 of its existing markets and enter 25 more.
- 538: ASCs in which Tenet’s USPI held interests as of June 30, along with 26 surgical hospitals across 37 states. USPI generated $5.2 billion in net operating revenue and about $2 billion in adjusted EBITDA in 2025. Tenet plans to spend at least $250 million a year on ASC acquisitions and deployed $125 million on seven of them in the first quarter.
Policy and regulation
- 289: Procedures CMS added to the ASC covered procedures list for 2026. The agency also removed 271 procedures from the inpatient-only list.
- 7: ASCs the FTC required Ascension to divest across five metros to clear the Amsurg deal: Nashville; Panama City, Fla.; Tulsa, Okla.; Waco, Texas; and Wichita, Kan. For 10 years, Ascension must give the FTC 30 days’ notice before acquiring any ASC interest in those markets, even when no federal filing would otherwise be required.
At the Becker’s 32nd Annual Meeting: The Business and Operations of ASCs, taking place October 29-31 in Chicago, ASC leaders, surgeons and healthcare executives will explore strategies to drive growth, enhance operational performance, navigate reimbursement challenges and prepare for the future of ambulatory surgery. Apply for complimentary registration now.
