Spire Healthcare, the United Kingdom’s biggest private hospital operator, has accepted a takeover offer valuing the company at £1.03bn from an investor group led by Toscafund Asset Management. The acquisition price stands at 250 pence per share. Toscafund, which was already the second-largest shareholder in Spire, will now acquire full control of the business following negotiations that extended over an extended period.
Spire operates a substantial network of healthcare facilities across the country, including 38 private hospitals and more than 60 clinics located in England, Wales, and Scotland. During 2025, these facilities delivered care to 1.36 million patients. Notable properties within the portfolio include the Claremont hospital in Sheffield and St Anthony’s hospital in south London.
The transaction comes after Spire initiated a strategic review process in September of the previous year to assess potential buyers for the business. Earlier negotiations with private equity firms Bridgepoint and Triton did not reach completion, with both companies withdrawing from discussions in March.
Toscafund was established in 2000 by Martin Hughes, a City investor recognized for his activist investment strategy. In a statement regarding the acquisition, Hughes indicated that the fund maintains a proven history of supporting healthcare businesses in achieving growth and operational improvements. He noted that Spire’s status as a private company would enable longer-term planning and faster decision-making capabilities, allowing for increased investment in facilities and workforce alongside modernization efforts.
Spire’s chair designate, Debbie White, referenced the company’s recent operational pressures stemming from increased expenses including national insurance contributions and elevated minimum wage requirements. She expressed confidence in Toscafund’s commitment to maintaining high patient care standards, citing the investor’s experience as an established healthcare industry participant and substantial shareholder in the company.
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