Key facts
- Toscafund Asset Management has proposed a £1 billion buyout of Spire Healthcare at 250p per share.
- Spire Healthcare's board indicated it would recommend Toscafund's offer if a firm bid is made.
- The proposal follows the withdrawal of potential bidders Bridgepoint and Triton from the sale process.
- Spire Healthcare operates 38 private hospitals and over 60 clinics across the UK.
- Approximately one-third of Spire Healthcare's revenue comes from NHS contracts.
Toscafund Asset Management, a hedge fund manager known for its aggressive approach, has submitted a non-binding proposal to acquire Spire Healthcare, the United Kingdom's largest private hospital operator, for £1 billion. The offer, valued at 250p per share, has been met with a positive indication from Spire's board, which stated it would be minded to recommend the offer if a firm bid is tabled.
The proposal comes after a six-month formal sale process initiated by Spire's board in September 2025, driven by shareholder frustration over a declining share price. Earlier in the process, private equity firms Bridgepoint Advisers Limited and Triton Investment Advisers were engaged in discussions. However, both firms formally withdrew from the takeover process on March 20, 2026. Bridgepoint cited difficulties in structuring a deal that would satisfy all stakeholders, including institutional shareholders, NHS contractual obligations, property assets, and leveraged buyout capital structure requirements. Triton's exit was more abrupt, with no specific reasons provided.
Spire Healthcare operates 38 private hospitals and over 60 clinics across England, Wales, and Scotland, serving approximately 1.36 million patients in 2025. Roughly one-third of its revenue is derived from work carried out on behalf of the National Health Service (NHS). The company has maintained its full-year outlook, reporting strong growth in revenues from private patients.
Toscafund, which previously took the telecoms company TalkTalk private in a £1.1 billion deal in 2021, must announce a firm intention to make an offer by June 11 under UK takeover rules. In 2021, a similar £1 billion takeover offer from Ramsay Healthcare at 250p per share was accepted by the Spire board but rejected by shareholders.
Spire's largest shareholder is Mediclinic, holding just under 30% of the company. Analysts suggest that if Toscafund's 250p offer materializes, the deal is likely to proceed.