- Spire Healthcare Group
- 07 September 2026 07:51:14
Source: Sharecast
Under the terms of the deal, Tulip UK Bidco will pay 250p per share in cash for Spire, which is a 66.2% premium to the closing share price on 13 May, the last business day prior to the possible offer announcement.
Spire chief executive Justin Ash will retire, with non-executive director and vice chair David Sloman assuming the role of interim CEO. Spire said he brings "extensive" experience in healthcare management, having held the role of CEO at several NHS trusts and the role of chief operating officer at NHS England between December 2021 and August 2023.
Also, as previously announced, Ian Cheshire will step down as chair and will be succeeded on an interim basis by Debbie White. White, who has been acting as chair-designate since 14 July 2025, joined the board as an independent non-executive director in February 2023 and became senior independent director in May 2023.
Following completion of the acquisition, Tulip UK Bidco plans to appoint Paolo Pieri, former CEO of Circle Health Group, as chair.
Debbie White said: "Spire has made significant progress in executing its strategy to strengthen care quality, diversify revenue streams and drive efficiencies across the UK's largest independent integrated healthcare network.
"Notwithstanding this progress, there are further steps required to deliver the company's standalone plan and uncertainty and execution risk to doing so. The long-term prospects for independent healthcare in the UK are strong, but the trajectory has demonstrated much volatility in recent years and the ongoing cost pressures have been material, including from increases in national insurance contributions and the national minimum wage."
White said the board was satisfied that the acquisition represents the best available outcome for Spire shareholders.
"The cash offer of 250 pence per share was higher than all other formal proposals received during this process, and provides certain value in cash today for Spire shareholders," she said. "As an experienced healthcare investor and the company's second largest shareholder, Toscafund has deep knowledge and experience of the business and its operations, and Toscafund has assured the board of Spire that it is committed to providing the highest standards of care to patients."
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