Not-for-profit Bon Secours Mercy Health is in late-stage talks to buy a majority stake in the surgical-center operator at about $20 a share, the Financial Times reported. That is 27% above Friday's close and about 22% below the $25.75 Bain proposed last year.
Bain Capital offered to take Surgery Partners private for $25.75 a share in January 2025. Nearly two years later, the price being discussed for control of the company is about $20, and Bain is reportedly keeping its stake.
Bon Secours Mercy Health, a not-for-profit health system, is in late-stage talks to buy a majority stake in Surgery Partners at about $20 a share, the Financial Times reported on Sunday, citing people familiar with the matter. The deal would value the company at roughly $6 billion including debt, about $3.5 billion of which is debt, according to Bloomberg's account of the FT report. Bain Capital, which owns almost 40% of the company, would retain its shareholding, and an agreement could be announced as early as Monday.
Neither company had commented by early Monday.
The price, from two directions
At $20, the reported price is 27% above Surgery Partners' Friday close of $15.75. In thin trading before Monday's open, the stock was quoted between about $18.90 and $19.45, below the reported price.
Measured against Bain's own history, the number looks different. Bain proposed $25.75 a share in January 2025, when it held about 39% of the company. Surgery Partners said in June 2025 that those discussions had concluded. The price under discussion now is about 22% below Bain's proposal.
Why a sponsor would stay
A private equity owner rolling its stake at a price below its own earlier bid is an unusual signal. One explanation is that Bain sees more value in staying in with a strategic partner than in selling at today's price. A health system as owner could offer operating ties that a purely financial buyer cannot, though neither party has described its plans.
Another is that the alternatives are limited. Private equity firms are holding a large backlog of companies they have not been able to sell at the valuations they marked them at, and staying in avoids crystallizing a price below past expectations.
What is not known
The structure matters for public shareholders. A majority-stake purchase could take the form of a full buyout of public holders alongside Bain's rollover, or a narrower transaction. The terms, approvals and financing have not been disclosed.
Two readings
One reading is that this is a strong outcome for public holders: a 27% premium to Friday's price, from a buyer with strategic reasons to pay it.
The other is that the deal marks down the company's value against what its largest shareholder thought it was worth less than two years ago, and that the gap between the stock's premarket price and $20 shows investors are not yet treating the deal as done.
What to watch
A definitive agreement or company statement, the deal structure for public shareholders, any financing details, and whether the stock closes the gap to $20.