Bon Secours Mercy Health is in late-stage talks to acquire a majority stake in Bain Capital-backed Surgery Partners, valuing the surgical care provider at roughly $6bn including $3.5bn of debt, or about $20 a share. The deal could be announced as soon as Monday and would give Bon Secours, one of the largest U.S. not-for-profit health systems, a significant foothold in outpatient surgery. Surgery Partners operates 176 surgery centres and hospitals across 30 states, and its shares have fallen 31% over the past year to just under $16.
Bain, a minority shareholder since 2017, will retain its nearly 40% stake in the take-private transaction. The acquisition follows a failed go-private attempt by Bain last year at a $6.7bn enterprise value and mirrors Ascension's $3.9bn purchase of rival Amsurg earlier this year. Bon Secours runs 47 hospitals in the U.S. and Ireland, generating about $14bn in revenue last year, and recently profited from the sale of a majority stake in healthcare payments firm Ensemble Partners at an $11.75bn valuation.
Source: Financial Times Companies · Summarized by HeadlinesBriefing