Spire Healthcare has entered early-stage discussions with private equity firms Bridgepoint and Triton, exploring a potential sale of the UK’s largest private hospital operator. The FTSE 250 group confirmed the talks are preliminary, with no certainty of an offer. Shares jumped 18%, valuing Spire near £850m ($1.1bn).

The move follows a strategic review prompted by investor pressure, notably from Harwood Capital Management. Critics argue Spire’s share price undervalues its assets, including an unencumbered hospital portfolio worth over £1.4bn. The company expects annual profit at the low end of its £270-285m guidance, amid uncertainty over future NHS volumes.

A sale would be a major UK healthcare deal, as buyout firms target defensive assets with real estate backing. Spire operates 38 hospitals and 50+ clinics across Britain. Investors will watch for formal bids and how the company navigates NHS budget constraints, which impact about 30% of its revenue.