Key facts
- Spire Healthcare has agreed to a 1.03 billion pound takeover by Toscafund Asset Management.
- The offer values Spire at 250 pence per share.
- Toscafund is led by investor Martin Hughes, known for his activist approach.
- Spire operates 38 private hospitals and over 60 clinics in the UK.
- Spire's shares rose 3.2% following the takeover announcement.
Spire Healthcare, the largest private hospital operator in the United Kingdom, has agreed to be acquired by Toscafund Asset Management, a hedge fund known for its aggressive investment strategies. The deal values the company at approximately £1.03 billion, with Toscafund offering 250 pence per share.
Toscafund, founded by investor Martin Hughes, who is nicknamed 'the Rottweiler,' was already Spire's second-largest shareholder. The takeover follows a period of negotiation and a strategic review initiated by Spire in September to explore a potential sale.
Spire operates 38 private hospitals and over 60 clinics across England, Wales, and Scotland, providing care to over 1.36 million patients annually. The company had previously engaged in discussions with private equity firms Bridgepoint and Triton, but those talks did not result in a deal.
Martin Hughes stated that Toscafund has a history of supporting healthcare businesses and that as a private entity, Spire would gain the flexibility for long-term planning and investment in technology and patient care. Spire's chair designate, Debbie White, noted that the company had experienced "much volatility" due to rising costs without a buyer, and that Toscafund's experience as a major shareholder would ensure continued high standards of care.
Shares in Spire, a constituent of the FTSE 250 index, saw a 3.2% increase in early trading on Monday, reaching around 246 pence.