secwatch.observer — SEC 8-K summary
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Issuer:     Surgery Partners, Inc. (SGRY)
CIK:        0001638833
Form:       8-K
Filed at:   2026-11-09T21:12:00+00:00
Accession:  0001638833-26-000089
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1638833/000163883326000089/0001638833-26-000089-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1638833/000163883326000089/sgry-20261109.htm
  HTML page:      https://secwatch.observer/filing/0001638833-26-000089

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