Key Takeaways
- • HealthSpan Partners, an affiliate of nonprofit hospital group Bon Secours Mercy Health, agreed to acquire Bain Capital-backed Surgery Partners in a $5.7bn take-private, with public shareholders receiving $23.50 per share in cash, a premium of approximately 49% to the October 23 closing price.
- • Bain Capital, which owns approximately 39% of Surgery Partners and has invested since 2017, will exchange its shares for equity in the acquiring entity and remain a significant shareholder.
- • Ember Infrastructure Management agreed to acquire London-listed Ashtead Technology in a recommended cash offer valuing the business at approximately £505m ($676m), up from a non-binding £498m proposal in September.
- • CBRE agreed to acquire Onnec Group for an initial £460m ($610m) plus up to £300m in performance-based earnout, a maximum of approximately £760m ($1.01bn).
- • EQT agreed to acquire Stockbridge for $375m in cash plus possible earnouts from 2027 to 2030, adding approximately $16.5bn in fee-generating assets.
Summary
HealthSpan Partners, an affiliate of US nonprofit hospital group Bon Secours Mercy Health, has agreed to acquire Bain Capital-backed Surgery Partners in a $5.7bn take-private transaction. Shareholders other than Bain Capital affiliates will receive $23.50 per share in cash, representing a premium of approximately 49% to the company's October 23 closing price. Bain Capital, which has been an investor since 2017 and owns approximately 39% of the company, will exchange its existing shares for equity in the acquiring entity and remain a significant shareholder. Surgery Partners operates more than 200 outpatient surgical facilities across 30 US states and reported approximately $3.31bn of revenue in 2025.
Ember Infrastructure Management has agreed to acquire London-listed subsea equipment rental and services provider Ashtead Technology in a recommended cash offer valuing the business at approximately £505m ($676m), according to transaction reporting published on October 22. Aberdeen-headquartered Ashtead supplies specialist subsea equipment to offshore energy and marine infrastructure customers. Ember had previously submitted a non-binding proposal valuing the company at approximately £498m in September.
CBRE has agreed to acquire London-headquartered data centre infrastructure services provider Onnec Group for an initial £460m ($610m) in cash, with additional consideration of up to £300m dependent on performance. CBRE expects Onnec to generate approximately £370m in revenue and more than £50m of core EBITDA in 2027. Onnec will become part of CBRE's Critical Infrastructure Services business following completion.
EQT has agreed to acquire US real estate investment manager Stockbridge for $375m in cash, with earnout payments possible between 2027 and 2030. Founded in 2003, San Francisco-headquartered Stockbridge manages approximately $16.5bn in fee-generating assets and $27bn in gross asset value, employs around 185 people and serves approximately 180 institutional clients. Senior management shareholders have agreed to reinvest half their transaction proceeds in EQT shares.
Elsewhere in the roundup, eQ agreed to acquire 100% of Nordic real estate manager Genesta Property Nordic for up to €15.5m, and Goldman Sachs Alternatives agreed to acquire a majority stake in UK testing and certification business Celnor Group from Inflexion. KKR agreed to acquire IEP Technologies and Newson Gale from HOERBIGER, and Ares Infrastructure funds acquired a 49% interest in TransAlta's 500MW Oklahoma wind portfolio for $305m in cash.
Ember Infrastructure Management has agreed to acquire London-listed subsea equipment rental and services provider Ashtead Technology in a recommended cash offer valuing the business at approximately £505m ($676m), according to transaction reporting published on October 22. Aberdeen-headquartered Ashtead supplies specialist subsea equipment to offshore energy and marine infrastructure customers. Ember had previously submitted a non-binding proposal valuing the company at approximately £498m in September.
CBRE has agreed to acquire London-headquartered data centre infrastructure services provider Onnec Group for an initial £460m ($610m) in cash, with additional consideration of up to £300m dependent on performance. CBRE expects Onnec to generate approximately £370m in revenue and more than £50m of core EBITDA in 2027. Onnec will become part of CBRE's Critical Infrastructure Services business following completion.
EQT has agreed to acquire US real estate investment manager Stockbridge for $375m in cash, with earnout payments possible between 2027 and 2030. Founded in 2003, San Francisco-headquartered Stockbridge manages approximately $16.5bn in fee-generating assets and $27bn in gross asset value, employs around 185 people and serves approximately 180 institutional clients. Senior management shareholders have agreed to reinvest half their transaction proceeds in EQT shares.
Elsewhere in the roundup, eQ agreed to acquire 100% of Nordic real estate manager Genesta Property Nordic for up to €15.5m, and Goldman Sachs Alternatives agreed to acquire a majority stake in UK testing and certification business Celnor Group from Inflexion. KKR agreed to acquire IEP Technologies and Newson Gale from HOERBIGER, and Ares Infrastructure funds acquired a 49% interest in TransAlta's 500MW Oklahoma wind portfolio for $305m in cash.
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