Surgery Partners rejects Bain Capital's take-private offer
June 17 (Reuters) - Surgery Partners (SGRY.O), opens new tab said on Tuesday it was unable to agree to the terms set by Bain Capital, its largest shareholder, to take the surgical facility operator private.
Surgery Partners' shares fell more than 13% to $20.10 in premarket trading.
A special committee of independent directors has concluded that the best path forward for the company and its stockholders was to continue operating as an independent publicly traded company, Surgery Partners said.
Bain Capital, which in January offered to acquire all the remaining shares of the company it does not already own for $25.75 apiece, has a 38.97% stake in Surgery Partners, according to LSEG data.
The private equity firm did not immediately respond to Reuters' request for comment.
Surgery Partners had previously attracted acquisition interest from private equity firm TPG (TPG.O), opens new tab and healthcare giant UnitedHealth Group (UNH.N), opens new tab, according to a Bloomberg News report in August 2024.
The surgical facility operator plans to host an investor day in the second half of 2025 to present its strategy and outlook.
The company also reiterated its annual revenue forecast of $3.3 billion to $3.45 billion, compared with analysts' average estimate of $3.38 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
37 minutes ago
- Reuters
South Korea to raise concerns to US over potential curbs on chipmakers' China operations
SEOUL, June 22 (Reuters) - South Korea's top trade negotiator said on Sunday he would raise concerns about potential U.S. restrictions on chipmakers in China when he meets U.S. officials in Washington this week for the third round of technical discussions in tariff talks. "I will pass on the concerns among those in the industry and take utmost care," South Korean Trade Minister Yeo Han-koo told reporters before leaving for Washington, when asked to comment about concerns the U.S. may adopt policies to make it difficult for foreign chipmakers to operate in China. Yeo also said Seoul may not stick to the July deadline, suggesting talks may continue beyond July 8 amid political and economic uncertainties in the U.S. South Korea, currently subject to a blanket 10% tariff with a 25% country-specific duty on pause for 90 days, agreed with the U.S. in their opening round of trade talks in late April to craft a trade deal reducing tariffs by July 8. Yeo was appointed to the role this month by President Lee Jae Myung, who won a snap election on June 3 and said during his campaign that there was no need to rush into a trade agreement with the United States. On Sunday, Yeo added he would reach out to officials at the White House and the U.S. Congress to discuss various trade issues, including Washington's request for South Korea to loosen rules on imports of U.S. beef.
Finextra
2 hours ago
- Finextra
Deep Dive: How Shift4 Is Building a Global Commerce Platform: By Sam Boboev
In the fast-moving world of fintech and payments, few companies have transformed as dramatically in recent years as Shift4 Payments. Born as a small merchant processor in the late 1990s, Shift4 has rapidly evolved into a global 'commerce technology' player powering payments for over 200,000 businesses today. Its story matters now because Shift4 is at an inflection point: after years of hyper growth, strategic acquisitions, and expanding beyond its U.S. base, the company is positioning itself as a serious challenger to payment incumbents worldwide. In 2024 and 2025 alone, Shift4 has embarked on bold moves – from mega-acquisitions in Europe to launching its all-in-one point-of-sale platform internationally – that could reshape the competitive landscape of integrated payments. Moreover, founder and CEO Jared Isaacman is handing over the reins after 26 years, marking a leadership transition just as Shift4 pursues ambitious global targets. For fintech observers, Shift4 offers a compelling case study of software and payments convergence done right, and its next chapter will signal how far an upstart can go in challenging entrenched rivals. This deep dive provides a comprehensive look at Shift4's background, strategy, financial performance, expansion plans, and competitive context at this pivotal moment. Company Background and Evolution Shift4's journey began in 1999, when 16-year-old Jared Isaacman started a tiny payment processing business (then called United Bank Card) out of his parents' basement. Isaacman's early innovation was streamlining the clunky merchant onboarding process of the time – cutting setup from weeks to one day, and offering free card terminals with simple applications. This merchant-friendly approach fueled growth, and by 2012 the company rebranded as Harbortouch to emphasize its point-of-sale (POS) solutions alongside payment services. Through the mid-2010s, Isaacman's firm acquired several other payment and POS providers, expanding its reach in hospitality and retail payments. A major turning point came in 2017: the company (briefly renamed Lighthouse Network) acquired a Las Vegas-based payment gateway called Shift4 Corporation, a veteran player in hotel and restaurant payments, and adopted the Shift4 name for the combined entity. This merger of a merchant acquirer with a payment software gateway foreshadowed Shift4's future strategy of integrating software and payments. In June 2020, Shift4 Payments went public on the NYSE (ticker: FOUR) – one of the few fintech IPOs in the immediate aftermath of COVID's onset. Despite the pandemic's impact on its core restaurant and hospitality clients, Shift4's business rebounded strongly, even exceeding the aggressive targets set during its 2021 investor day. Over 2021–2023, the company aggressively broadened its offerings and vertical reach, both organically and via acquisition. It launched an e-commerce platform by acquiring 3dcart (rebranded Shift4Shop) in late 2020, and pushed into sports venues with the 2021 acquisition of VenueNext, a provider of stadium POS and mobile ordering tech. Shift4 also set its sights on new industry verticals – notably non-profits, gaming, and even space technology. It struck partnerships with major names like St. Jude Children's Research Hospital (to handle donations) and Allegiant Travel (to extend its hospitality payments into airlines). In a headline-grabbing deal, Shift4 became the payments partner for SpaceX's Starlink satellite internet service, a global opportunity that necessitated international payment capabilities. These initiatives signaled Shift4's intent to go beyond its SMB restaurant roots and serve large, complex merchants across a variety of sectors. By 2022, founder Jared Isaacman proudly noted that Shift4 had moved 'upmarket,' powering the entire POS and payments systems of massive resort properties and stadiums – customers that bring larger payment volumes and more stability than small businesses. Today, Shift4 bills itself as an 'integrated commerce' provider, combining payments with software solutions in a one-stop platform. The company claims to serve roughly one-third of all U.S. restaurants through its various POS brands, and has expanded into hospitality, retail, entertainment, and specialty markets. Headquarters remain in Pennsylvania, but Shift4's footprint is increasingly global – a result of its recent expansion strategy (detailed below). Notably, as of early 2025, Jared Isaacman announced plans to step down as CEO (while remaining a major shareholder and Executive Chairman) after being nominated to lead NASA – handing the CEO role to company president Taylor Lauber. This leadership transition caps a remarkable evolution: from a basement startup to a publicly traded, multi-billion dollar fintech with international ambitions. Disclaimer: Fintech Wrap Up aggregates publicly available information for informational purposes only. Portions of the content may be reproduced verbatim from the original source, and full credit is provided with a "Source: [Name]" attribution. All copyrights and trademarks remain the property of their respective owners. Fintech Wrap Up does not guarantee the accuracy, completeness, or reliability of the aggregated content; these are the responsibility of the original source providers. Links to the original sources may not always be included. For questions or concerns, please contact us at
Reuters
3 hours ago
- Reuters
FedEx says founder Frederick Smith has died
June 21 (Reuters) - FedEx Corp's (FDX.N), opens new tab founder and former CEO, Frederick Smith, has died, the logistics giant said on Saturday.
