Surgery Partners to Buy Symbion for $792M

Green Hills, Tenn.-based Symbion has agreed to be purchased by global private equity investment firm H.I.G. Capital-affiliate Surgery Center Holdings, also known as Surgery Partners, for $792 million, according to filings with the Securities and Exchange Commission.

Symbion SCH will pay cash for the company, which was put up for sale in November 2013 for up to $800 million by the New York-based investment group Crestview Partners, according to a report from the Nashville Post. What will become of Symbion's leadership team and leased office building is not yet clear.

Symbion has also signed a noncompete with Surgery Partners, which will become effective when the transaction is complete, according to the report. Currently, Symbion runs 44 ASCs and six surgical hospitals.

When the acquisition is complete, Surgery Partners will operate 94 ASCs in 30 states and have annual revenues of more than $800 million, according to a report from the Nashville Business Journal.

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