Surgery Partners raises HealthSpan deal to $25.00/share cash after unsolicited bid; Q3 revenue $815.3M

Surgery Partners, Inc.

Amended HealthSpan Partners merger lifts cash consideration to $25.00 per share, enterprise value up to ~$6.0B, following an unsolicited competing third-party proposal.
Ticking Fee: 10% per annum on the $25.00 per share price, paid monthly in arrears to stockholders other than Bain Capital affiliates, if the deal has not closed by March 1, 2027.
Q3 2026 revenue $815.3M, down 0.8% YoY; same-facility revenue rose 6.0% on 5.8% higher revenue per case and 0.2% more cases; net loss attributable $21.1M.
Q3 Adjusted EBITDA $132.7M vs $136.4M a year ago; YTD revenue $2,475.1M (+2.1%) and YTD Adjusted EBITDA $360.2M vs $369.3M.
Merger expected to close Q1 2027 pending stockholder and regulatory approvals; company will not host earnings calls or provide forward-looking guidance during the pendency.

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