News Article

Prominent UK private hospital operator Spire Healthcare Group has reached an agreement on the terms of a recommended cash takeover by Tulip UK Bidco Limited.

The transaction values Spire’s entire issued and to be issued ordinary share capital at approximately £1.03bn on a fully diluted basis, representing an enterprise value of roughly £2.31bn.

Tulip UK Bidco is a newly formed vehicle owned by a consortium comprising funds managed or advised by Toscafund Asset Management LLP, Three Hills, and Ares Management Corporation. Candesic provided commercial due diligence to this consortium.

For investors and operators in the healthcare sector, this move to private ownership follows an extensive strategic review that involved discussions with a raft of potential buyers. The Spire board has unanimously recommended the offer, citing a persistent valuation gap in public markets and significant macroeconomic volatility.

The consortium believes that as a private entity, Spire will have the flexibility to invest more aggressively in digital transformation, hospital infrastructure, and potential mergers and acquisitions.

The transition will also trigger a significant restructuring of Spire’s leadership team. Justin Ash is set to retire as Chief Executive Officer after nine years at the helm, with Sir David Sloman, the current Vice Chair, assuming the role of interim CEO until a permanent successor is appointed.

The acquisition will be implemented via a court-sanctioned scheme of arrangement and remains subject to the approval of 75% of shareholders by value, alongside regulatory clearances from the Financial Conduct Authority.

Completion of the takeover is currently anticipated in either the final quarter of 2026 or the first quarter of 2027.