Spire Healthcare draws buyout interest, Bridgepoint and Triton emerge as early bidders

Spire Healthcare confirmed on Monday that buyout firms Bridgepoint and Triton have entered early‑stage talks with the private healthcare firm as its strategic review gathers pace.

Spire stressed that discussions were preliminary and that there was no certainty that any offer would be made, nor any clarity on potential terms should a bid emerge.

The FTSE 250-listed group also noted that Bridgepoint and Triton will be required to announce a firm intention to either make an offer or not by 21 February. However, it added that this deadline can be extended with the consent of the Panel on Takeovers and Mergers.

Sky News reported on Saturday that Spire Healthcare had attracted takeover interest from a number of private equity firms, with several potential bidders holding discussions about a possible offer.

City sources told Sky News that Bridgepoint and Triton were among a wider group considering bids ahead of a deadline set for this week. Advent International and Bain Capital were also said to have contacted Rothschild, which has been overseeing the review, although neither was expected to advance further in the process.

"A previous takeover deal for Spire back in 2021 – which would have seen Aussie operator Ramsay Health Care take the company over in a £1bn deal – fell apart despite being recommended by the board, thanks to opposition from major shareholders," said AJ Bell's Russ Mould.

"If the speculated £1.5bn price tag in this latest sale process is right then it looks like that opposition was warranted, although this might be optimistic given where the share price is languishing right now. The more recent shareholder pressure to launch a review of the business reflects the stock’s miserable performance and investors may welcome the opportunity to check out of Spire should it arise."

Reporting by Iain Gilbert at Sharecast.com