Advanced Talks to Buy Surgery Partners in Potential Deal Valued at About $6 Billion
Key Facts
Bon Secours is in advanced talks to buy Surgery Partners in a potential deal valued at about $6 billion, according to a Financial Times report cited by the news sources. The report describes ongoing negotiations and does not establish that a deal has been completed or that a definitive agreement is in place. No official confirmation of the talks appeared in the available sources. The news concerns a company that operates more than 300 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multispecialty clinics and urgent care facilities. Any agreement, if reached, would change the ownership structure of this widely spread operator.
Bain Capital affiliates own about 38.6% of Surgery Partners’ outstanding common shares, according to the company’s ownership disclosure as of December 31, 2025. That stake provides important context for the potential talks, as Bain is one of the company’s major shareholders. But ownership data do not indicate whether the group is involved in the negotiations or whether a deal would include the sale of its stake. The available report also does not specify final terms or a timetable for completing any transaction. The $6 billion figure remains an estimate for the potential deal as reported by the Financial Times.
Surgery Partners completed the sale of its Idaho facilities to Intermountain Health on September 17, 2026. The company said it received $797 million in gross proceeds and $587 million in net cash at closing, subject to customary post-closing adjustments. It valued the facilities collectively at about $1.15 billion. The company said the proceeds would be used primarily to repay debt, with leverage expected to improve by 30 basis points from the 4.4 times recorded at the end of the second quarter of 2026. The move links the potential ownership development to a period in which the company has reshaped its assets and reduced debt.
Second-quarter results presented a mixed picture of operating performance: revenue rose 2.7% year over year to $848.9 million, from $826.2 million in the same period of 2025. Adjusted EBITDA, however, fell to $125.2 million, compared with $129 million a year earlier. Net debt to adjusted EBITDA was about 4.4 times at quarter-end, according to the company’s credit agreement definition. That level provides financial context for the decision to use the Idaho sale proceeds primarily to repay debt. It also follows the company’s reaffirmation in August of its annual guidance, which at the time excluded the impact of the pending sale.
After completing the sale of the Idaho facilities, Surgery Partners lowered its 2026 revenue guidance to a range of $3.08–$3.18 billion and estimated adjusted EBITDA at no less than $489 million. The guidance reflects the exclusion of the facilities’ contribution for the rest of the year. On a hypothetical basis excluding the Idaho facilities for the full year, the company put revenue at $2.60–$2.67 billion and adjusted EBITDA at at least $414 million. In August, before accounting for the impact of the pending sale, the company had maintained higher forecasts of revenue between $3.35 billion and $3.45 billion and adjusted EBITDA of at least $530 million. The difference highlights the effect of the asset exit on expected revenue for the year.
For the full year, Surgery Partners posted revenue of about $3.3 billion in 2025, up 6.2% from 2024, while adjusted EBITDA was $526.2 million, compared with $508.2 million. Chief Executive Eric Evans said in March that demand for the company’s services remained strong and that he was optimistic about the structural trends supporting long-term growth in the ambulatory surgery center market. In August, he said the company was focused on higher-acuity procedures and improving operating efficiency, while deploying capital with discipline to support long-term shareholder value. Those comments offer a glimpse of management’s stated operating priorities before the report of the talks. The company’s shares closed at $15.75 on October 23, 2026, with no evidence available linking that close to a reaction to the news.