Minnetonka, Minn.-based UnitedHealth Group made an unsolicited offer of $28 per share to acquire Brentwood, Tenn.-based Surgery Partners, Bloomberg reported Nov. 9, citing a person familiar with the situation.
Surgery Partners rejected the offer over concerns about the deal’s complexity and the risk it might not close, according to the report. Surgery Partners said in a Nov. 9 news release that it received a nonbinding proposal from an unnamed third party on Nov. 3, which was updated Nov. 8. Its board determined the proposal was not superior because of the closing timeline, greater regulatory risk and the lack of contractual protections.
The ASC operator instead amended its merger agreement with HealthSpan Partners, an affiliate of Cincinnati-based Bon Secours Mercy Health. The price rises to $25 per share from $23.50. Shareholders other than Bain Capital affiliates could receive up to $26.61 per share through a ticking fee if the deal closes after March 1, 2027. That brings the deal’s enterprise value to up to about $6 billion. Bain, which holds about 39% of shares, has agreed to vote in favor of the HealthSpan deal.
UnitedHealth CFO Wayne DeVeydt was chairman and CEO of Surgery Partners from 2018 to 2020. He joined the insurer in 2025. UnitedHealth declined to comment to Bloomberg, and Surgery Partners didn’t immediately respond to the outlet about UnitedHealth’s involvement.
Surgery Partners has more than 200 locations in 30 states. UnitedHealth’s Optum division says it partners with more than 300 surgical centers nationwide.
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