FTC Approves Ascension’s $3.9 Billion Acquisition of AMSURG

The FTC cleared Ascension’s acquisition of AMSURG. Ascension is one of the nation’s leading Catholic and non-profit healthcare systems, and its $3.9 billion acquisition will expand Ascension’s Ambulatory Surgery Center network by over 250 centers across 34 states.

A team of NERA experts led by Senior Managing Director Subbu Ramanarayanan and Senior Consultant Brigid Jung provided expert analysis of the competitive impact of the proposed acquisition and its anticipated impact on outpatient surgery prices for patients. NERA made multiple submissions and presentations to the FTC analyzing likely competitive effects in various relevant service and geographic markets and assisted the parties with compiling and preparing data in response to the FTC’s information request. NERA also prepared economic analyses demonstrating the lack of horizontal and vertical concerns arising from the proposed divestiture. Throughout the antitrust review process, the NERA team worked closely with the parties and their outside antitrust counsel (Hall Render and Sheppard Mullin for Ascension and Milbank for AMSURG).  

On 2 June 2026, the FTC issued a proposed consent order permitting the acquisition, contingent upon the divestiture of a small number of surgical centers.