---
schema_version: "secwatch.filing_event.v1"
accession: "0001638833-26-000089"
form_type: "8-K"
ticker: "SGRY"
cik: "0001638833"
company_name: "Surgery Partners, Inc."
filed_at: "2026-11-09T21:12:00+00:00"
generated_at: "2026-11-09T21:13:16.387950+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001638833-26-000089
- form_type: 8-K
- ticker: SGRY
- cik: 0001638833
- company_name: Surgery Partners, Inc.
- filed_at: 2026-11-09T21:12:00+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1638833/000163883326000089/0001638833-26-000089-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1638833/000163883326000089/sgry-20261109.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001638833-26-000089
- JSON: https://secwatch.observer/filing/0001638833-26-000089.json
- Plain text: https://secwatch.observer/filing/0001638833-26-000089.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.