Shares in private hospital operator Spire Healthcare (SPI) jumped 15% after the group confirmed talks with private equity firms. The healthcare group announced in September 2025 it was undertaking a strategic review of its business.
| Share price: 205.5p (+15%) | PE: 23x |
| Market Cap: £825m | Yield: 1.3% |
‘WELL-INVESTED’ ASSET BASE
Spire operates 38 private hospitals and over 50 clinics, medical centres and consulting rooms across Great Britian. It also operates a network of private GPs and provides occupational health services to over 800 corporate clients.
The group confirmed Bridgepoint Advisers and Triton Investment Advisors were among the parties in talks over the strategic review. Discussions are at a preliminary stage and there is no certainty they will lead to an offer from either firm.
Back in September, the Spire board argued the firm’s share price failed to value the business fairly. Specifically, it pointed to the firm’s strategic progress, freehold property and ‘well-invested asset base’.
Therefore, it said it would ‘actively evaluate appropriate action which could drive long-term value’. That included discussions with various parties over a potential sale of the business.
As it stands, Bridgepoint and Triton have until 5pm on 21 February to announce a firm intention to make an offer. However, this deadline can be extended if the Takeover panel agrees.
Spire shares have been going nowhere since the middle of 2021 and have yet to top their pre-pandemic highs. Its last two trading updates haven’t exactly helped matters, especially December’s cut to forecasts.
The firm lowered its FY25 EBITDA forecast to the bottom of its guidance. That sent the stock down nearly 18% to 186p and it didn’t bottom until a week later at 165p.
The company is investing in self-pay marketing and strengthening ties with private medical insurers to lift earnings. However, bidders will be focused on the slowdown in NHS commissioning activity which the firm blamed for the cut to guidance.
Read the press release here: https://investors.spirehealthcare.com/home/
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