HealthSpan Partners, an affiliate and supporting organization of Bon Secours Mercy Health, has signed a definitive agreement to acquire Surgery Partners in a transaction valued at approximately $5.7 billion, including debt.

Under the agreement announced Oct. 26, shareholders other than Bain Capital affiliates would receive $23.50 per share in cash. Bain would roll over its holdings into equity in the acquiring entity and remain a significant investor.

Surgery Partners brings more than 200 locations across 30 states and approximately 5,000 affiliated physicians. Its network includes ambulatory surgery centers, surgical hospitals and physician practices. The transaction is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals and other customary conditions.

Surgery Partners’ name, brand and headquarters are expected to remain following closing, when it would become privately held.