ASCs remained among the most sought-after assets in healthcare this fall, drawing nonprofit health systems, national operators, real estate investors and specialty platforms to the table.
The biggest deal of the stretch came in late October, when a Bon Secours Mercy Health affiliate agreed to take Surgery Partners private. The transaction marks the second time a health system has bought a national ASC operator outright, following St. Louis-based Ascension’s $3.9 billion acquisition of Amsurg.
Here are four ASC deals from the last three months to know, starting with the most recent:
1. Bon Secours Mercy Health affiliate to acquire Surgery Partners for up to $6 billion. HealthSpan Partners, an affiliate of Cincinnati-based Bon Secours Mercy Health, signed a definitive agreement Oct. 26 to acquire Brentwood, Tenn.-based Surgery Partners in an all-cash deal initially valued at about $5.7 billion, including debt. Bain Capital affiliates, which own about 39% of Surgery Partners’ shares, will roll their stake into the acquiring entity. Surgery Partners has more than 200 locations across 30 states and about 5,000 affiliated physicians. The deal is expected to close in the first quarter of 2027.
The deal has since grown more expensive. Surgery Partners rejected an unsolicited $28-per-share bid from Minnetonka, Minn.-based UnitedHealth Group, Bloomberg reported Nov. 9, citing a person familiar with the situation. In a Nov. 9 news release, Surgery Partners said it received a nonbinding proposal from an unnamed third party Nov. 3, which was updated Nov. 8. Its board determined the proposal was not superior, citing the closing timeline, greater regulatory risk and a lack of contractual protections. Surgery Partners also amended its agreement with HealthSpan, raising the price to $25 per share from $23.50. Shareholders other than Bain affiliates could receive up to $26.61 per share through a ticking fee if the deal closes after March 1, 2027, bringing the deal’s enterprise value to up to about $6 billion. Bain has agreed to vote in favor of the HealthSpan deal.
2. Amsurg acquires California GI center. Nashville, Tenn.-based Amsurg acquired San Diego-based Euclid Endoscopy Center Oct. 13. The gastroenterology-focused ASC operates two sites in San Diego and El Cajon, Calif., with three procedure rooms and five gastroenterologists. The deal brings Amsurg’s California footprint to 25 centers. Amsurg operates more than 250 surgery centers and was acquired by Ascension in a deal valued at $3.9 billion.
3. BGO buys 11-property ASC portfolio. BGO acquired a 100% leased portfolio of 11 ASC properties totaling about 223,000 square feet across nine U.S. markets, according to a Sept. 30 news release. The real estate investment firm bought the portfolio for its U.S. Core Strategy from a joint venture of Flagship Healthcare Properties and AEW Capital Management. Flagship will continue to manage all 11 properties.
4. EyeCare Partners sells optometry business to focus on ASCs. St. Louis-based EyeCare Partners agreed to sell its optometry business to Vienna, Va.-based MyEyeDr., according to a Sept. 28 news release. EyeCare Partners plans to put more emphasis and resources on its ASC and ophthalmology businesses and will use the proceeds to reduce debt and strengthen its capital structure. The deal will add more than 300 offices to MyEyeDr.’s network and is expected to close in the fourth quarter of 2026.
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.
