This report does not constitute a rating action. AUGUSTA (S&P Global Ratings) Nov. 6, 2026--S&P Global Ratings said today that Bon Secours Mercy Health (BSMH; A+/Positive) has signed a definitive agreement to acquire a majority share of Surgery Partners (B/Watch Pos), Tennessee. BSMH affiliate HealthSpan Partners will make the acquisition of 61.24% of Surgery Partners for $1.9 billion, with closing expected during the first half of 2027 pending regulatory approval. Bain Capital, a private equity firm, will own the remaining 38.76% of the company. We believe that BSMH could accommodate the transaction at the current rating, though we also believe that the transaction's close would make achieving a higher rating less likely. Although the cash and debt acquisition financing would
