A consortium led by Toscafund, Three Hills, and Ares Management has agreed to acquire Spire Healthcare in a recommended cash deal valuing the London-listed hospital operator at approximately £1.0 billion ($1.4 billion). The transaction represents a 66.2% premium to Spire's undisturbed share price, with shareholders receiving 250 pence in cash per share. The acquisition will be executed through a newly formed vehicle, Tulip UK Bidco, utilizing a UK court-sanctioned scheme of arrangement.

Three shareholders holding approximately 42.2% of shares have provided irrevocable undertakings to support the deal. Spire operates 38 hospitals and over 55 clinics across England, Wales, and Scotland, serving a patient base of 1.36 million in 2025. The group maintains strong regulatory standing, with 98% of inspected locations rated "good" or "outstanding." Adjusted free cash flow grew at a compound annual rate of 32% between 2022 and 2025, while return on capital employed increased from 6.2% to 8.0% over the same period.