Spire confirms takeover talks with Bridgepoint and Triton

Bridgepoint and Triton Partners are confirmed to be among the private equity firms in early stage talks to acquire Spire Healthcare.

Shares in Spire rallied this morning on the back of the announcement, which could see the FTSE 250-listed healthcare provider transact for around £1.5bn.

Spire said discussions remain at a ‘preliminary stage’ and there was no certainty of an offer being made. Bridgepoint and Triton now have until 5pm on 21 February to announce if they have a firm intention to make an offer for the company.

Spire appointed Rothschild to conduct a strategic review of the business in September, saying that it continued to be undervalued by the market.

Despite significant expansion and diversification into adjacent areas such as occupational and mental health services, Spire’s share price has continued to trail leading shareholders to push for a sale. Last year, The Financial Times reported that leading investors, including hedge fund Toscafund and Harwood Capital, together with its activist trust Achilles, were pressing Spire to launch a sale at a minimum price of 340p per share.

It has also been reported that Advent International and Bain Capital expressed initial interest in the business and that a number of trade buyers and investors remain part of the process.

Spire reported EBITDA of £133.8m on revenue of £796.7m for the six months to 30 June 2025. However, in December it warned that full year EBITDA was expected to be at the bottom of guidance in the range of £270m to £285m as NHS commissioners continue to impose Activity Management Plans across the independent sector.