Kirkland Advises Bain Capital in Connection with HealthSpan’s Acquisition of Surgery Partners for $5.7 Billion
Kirkland & Ellis is advising Bain Capital on a definitive agreement in which it will roll over its shares in Surgery Partners Inc. (Nasdaq: SGRY) as HealthSpan Partners, a contractual affiliate and supporting organization of U.S.-based Bon Secours Mercy Health, agreed to acquire Surgery Partners in an all-cash transaction with an enterprise value of approximately $5.7 billion. Affiliates of Bain Capital agreed to roll over their shares in Surgery Partners in exchange for equity interests in the acquiring entity and will remain a significant partner in Surgery Partners. Bain Capital is currently the largest shareholder of Surgery Partners, collectively owning approximately 39% of its outstanding shares.
The transaction is expected to close in the first quarter of 2027, subject to the approval of Surgery Partners shareholders, the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Bain Capital has entered into a voting and support agreement in which it agreed to vote all of its Surgery Partners shares in favor of the transaction and governing the rollover of its existing equity interests in Surgery Partners at closing.
Read the transaction press release
The Kirkland team included corporate lawyers Chris Elder, Sarkis Jebejian, Benjamin Vizvary, Andrew Norwich and Matthew O’Brien; capital markets lawyers Josh Korff, Julia Danforth and Katherine Shaia; tax lawyers Mike Carew and Christine Lehman; healthcare lawyers Dennis Williams and Will Richmond; and antitrust & competition lawyer Mike Thorpe.
