From the archive. This pick came before our first emailed issue. We wrote it on Nov 3, 2026 from sources published around that day, with the same checks as every issue. It isn't part of the track record.
The pick
Surgery Partners (SGRY) had the biggest jump in trading volume compared with its usual level on Oct. 26, 2026. Volume was 27.0x its 30-day average, and the stock rose 47.62%.
What happened
HealthSpan Partners, an affiliate of Bon Secours Mercy Health, announced a definitive agreement to acquire Surgery Partners in an all-cash deal. The deal has an enterprise value of approximately $5.7 billion. Shareholders other than Bain Capital affiliates will receive $23.50 in cash per share.
Bain Capital affiliates will roll over their shares into equity interests in the acquiring entity. Bain is the largest shareholder, with approximately 39% of the outstanding shares. It agreed to vote all of its shares in favor of the deal.
A special committee of independent directors led the negotiations. After its unanimous recommendation, the Surgery Partners board approved the deal. HealthSpan Partners plans to pay with cash on hand and new debt, and says financing commitments have been secured.
After closing, Surgery Partners' common stock will no longer be listed on Nasdaq, and the company will become privately held.
Source: [SEC filing]
The numbers
- Previous close: $15.75
- Close: $23.25
- Change: +47.62%
- Volume: 58,820,827
- 30-day average volume: 2,176,117
- Volume multiple: 27.0x
- Behind the move: a company press release
What to watch
- The deal is expected to close in the first quarter of 2027. Closing requires approval from Surgery Partners shareholders, regulatory approvals and other customary conditions.
Source: [SEC filing]
More coverage
- Stock Market Today, Oct. 26: Surgery Partners Skyrockets 48% on $5.7 Billion HealthSpan Acquisition (Yahoo Finance)
- Stock Market Today, Oct. 26: Surgery Partners Skyrockets 48% on $5.7 Billion HealthSpan Acquisition (The Motley Fool)
- Surgery Partners Surges as $5.7 Billion Deal Takes Company Private (Benzinga)
What happened next
Measured from this day's close. Shown for every pick, good or bad. See the full track record.