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Private Healthcare Firm with Hospital in Norfolk Agrees £1bn Takeover
The deal values Spire at about £1.03 billion and would give the private hospitals chain more capital for growth and possible acquisitions.
- On Monday, London-listed Spire agreed to a £1.03 billion takeover by Tulip, an investment group comprising Toscafund Asset Management, THCP Advisory, and Ares Management; shares rose about 3%.
- Chair-Designate Debbie White cited 'material' cost pressures from national insurance and minimum wage increases as Spire's board pursued the sale following a strategic review since last September.
- The offer represents a premium of about 66% over the May 13 share price, while Spire operates 38 hospitals and around 55 clinics across England, Wales, and Scotland.
- Alongside the deal, chief executive Justin Ash will step down, replaced by Sir David Sloman as interim leader; bosses believe private ownership provides greater access to capital for growth.
- Tulip plans a year-long review after the Acquisition, which may lead to divestment of primary care businesses, as Martin Hughes of Toscafund noted private ownership enables faster investment in technology.
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Leaning Left2Leaning Right0Center6Last UpdatedBias Distribution75% Center
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