Deals
Every transaction, recap, and platform move shaping the ASC market — sourced, structured, and put in context.
- Surgery Partners agrees to sell its Idaho Falls hospitals to Intermountain for ~$795M
Surgery Partners signed definitive agreements to sell its stakes in two Idaho Falls surgical facilities to Intermountain Health, a deal valuing the facilities at about $1.15 billion and sending roughly $795 million to the ASC operator.
Why it matters: The sale turns Surgery Partners' two largest hospital assets into cash — roughly $795 million in consideration, though the company has not yet pegged net proceeds — and a simpler, ASC-weighted portfolio, just as it heads into a back half in which it has said it intends to spend on acquisitions. - Surgery Partners spent $4M on deals in Q1 against a $200M-a-year pace
The ASC roll-up deployed $4.2 million on acquisitions in the first quarter — roughly 2% of its ~$200 million annual target — leaving most of a year's dealmaking still to come.
Why it matters: A serial buyer this far behind its own deployment pace enters the back half of 2026 needing to put capital to work, which tends to firm pricing for sellers. - USPI booked half its 2026 deal budget in Q1 — and the math caps what sellers can ask
Tenet's ASC arm spent $125 million buying seven surgery centers in the first quarter, half its $250 million annual target, while telling investors a de novo costs under 2x what an acquisition runs at 8–10x.
Why it matters: The sector's largest strategic buyer can build a center for a fraction of what it pays to buy one, and that build-vs-buy gap caps independent ASC exit valuations. - Arizona-based shell raises $21M to buy ASCs, SEC filing shows
A purpose-named acquisition vehicle, Ambulatory Surgery Center Acquisition HoldCo, has sold $21.0 million of a $22.6 million offering to 27 investors, per a June 11 SEC amendment.
Why it matters: A datable pool of new buy-side capital is forming outside the THC/SCA/Optum majors — independent ASC owners weighing a sale now have one more bidder at the down-market table. - Ascension closes AMSURG deal as FTC carves out seven centers — six go to Optum
The $3.9 billion acquisition closed June 4 under an FTC consent order requiring divestitures in five markets, with Optum's SCA Health buying six of the seven divested centers.
Why it matters: The two largest nonprofit-and-payer consolidators just got bigger in the same transaction — independent centers in overlap markets now negotiate against deeper networks on both sides. - Q1 splits the market: USPI adds facilities while HCA's outpatient surgeries slip
Tenet's ambulatory arm grew adjusted EBITDA 6.1% and added 10 facilities in the quarter; HCA's same-facility outpatient surgeries fell 1.7%.
Why it matters: Surgical volume isn't disappearing — it's changing buildings. Where it lands is the whole game for operators, payers, and sellers weighing valuations.