Ascension expands with AMSURG mega-deal as Surgery Partners doubles down on independence

Editor's Note

Two major players in outpatient surgical care are taking sharply different paths: Surgery Partners is rejecting a buyout bid, while Ascension is making a bold acquisition to rapidly expand its ambulatory surgery center (ASC) footprint.

Surgery Partners has formally declined a takeover proposal from Bain Capital, Ambulatory Surgery Center News June 17 reports. The special committee of independent directors concluded that remaining a public company was in the best interest of shareholders. Bain, which already holds a sizable stake, had proposed acquiring all outstanding shares. The company emphasized confidence in its leadership team, joint venture strategy, and growth trajectory fueled by strong demographic and policy trends. It reaffirmed its 2025 financial outlook, forecasting $3.3 billion to $3.45 billion in revenue and adjusted EBITDA of $555 million to $565 million. While the deal is off, both Bain and Surgery Partners indicated their ongoing relationship remains positive.

Meanwhile, Ascension is set to acquire AMSURG in a high-profile ASC deal, the outlet also reported on June 17. The acquisition, previously rumored in early June, has now been confirmed by the St. Louis-based nonprofit health system. Though financial terms were not disclosed in Ascension’s announcement, previous reports placed the deal’s value at $3.9 billion. The acquisition will bring 250 ASCs in 34 states into Ascension’s network. AMSURG CEO Jeff Snodgrass said the partnership will preserve AMSURG’s physician-led joint venture model and governance structure, while enhancing its capacity to deliver outpatient surgical services nationally.