HedgeCo.Net — Spire Healthcare Group agreed a recommended cash takeover by Tulip UK Bidco Limited, a newly formed vehicle backed by funds managed or advised by Toscafund Asset Management, Three Hills (THCP Advisory), and Ares Management. The cash offer is 250 pence per share, valuing Spire’s fully diluted equity at about £1.03 billion and implying an enterprise value of roughly £2.31 billion. Reuters’s London Stock Exchange reprint printed the Saturday agreement, the consortium composition, the ~£1,026 million equity value framing, and the 66% premium to the May 13 market capitalisation. Proactive Investors independently carried the same 250p cash terms, the ~£1.03 billion equity / ~£2.31 billion EV prints, the 66.2% premium to the 150.4p May 13 close, and the Q4 2026 / Q1 2027 effectiveness window.
The premium is measured against May 13, the last business day before a possible offer was disclosed. Spire’s board unanimously recommended the cash offer after an about eight-month strategic review that contacted more than 60 potential buyers; Bidco’s proposal was the only formal offer the board judged sufficiently attractive. Irrevocable undertakings covering about 53.4% of issued ordinary share capital support the deal. Implementation is via a court-sanctioned scheme of arrangement and still needs shareholder, court, and regulatory approvals. City A.M. independently confirmed the board overhaul framing around the same Tulip UK Bidco / Toscafund–THCP–Ares structure, the 250p / £1.03 billion equity print, and leadership changes including Justin Ash’s planned retirement as chief executive.
This is a recommended take-private, not a closed deal. Mark 250p cash, ~£1.03 billion equity, ~£2.31 billion EV, 66.2% premium to May 13, ~53.4% irrevocables, and the later-2026 / early-2027 close window as the hard tape. Do not invent hospital-level EBITDA bridges, a locked AUM contribution split among the three sponsors, or regulatory clearances already won. The allocator object is a hedge-fund-anchored consortium pulling a FTSE 250 independent hospital operator private after a competitive review that produced only one formal bid the board would recommend.