Surgery Partners closes $797M sale of Idaho Falls hospitals to Intermountain; updates guidance

Surgery Partners, Inc.

Closed sale of Idaho Falls hospitals to Intermountain Health for $797M gross / $587M net cash proceeds; $1.15B enterprise value.
Multiples: ~7x LTM adjusted EBITDA and ~17x avg 3-yr distributions; proceeds primarily to pay down debt.
Leverage expected to improve 30bps from 4.4x at Q2 2026; transaction accretive to adjusted earnings growth annually.
FY2026 guidance: revenue $3.08-3.18B, adj. EBITDA ≥$489M; ex-Idaho Falls pro forma: revenue $2.60-2.67B, adj. EBITDA ≥$414M.
Portfolio streamlining: 50% cut in Medicaid payor mix, 100% exit from obstetrics/neonatology, 75% fewer non-surgical admissions.

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