Spire Healthcare, the UK's largest private hospital operator, has agreed to a £1bn takeover by Toscafund Asset Management, an investor group led by hedge fund manager Martin Hughes, nicknamed "the Rottweiler" for his aggressive business style. The deal, offering 250p a share and valuing the firm at £1.03bn, ends a lengthy strategic review process and comes despite ongoing concerns about the creeping privatisation of NHS-linked healthcare services in Britain.

Spire operates 38 private hospitals and more than 60 clinics across England, Wales and Scotland, treating 1.36 million patients in 2025, and had previously seen talks with private equity firms Bridgepoint and Triton collapse in March. Toscafund was already Spire's second-largest shareholder, and chair designate Debbie White said the company had faced volatility without a buyer amid rising costs such as national insurance and minimum wage increases. Shares rose 3.2% to around 246p on the news, while Mediclinic remains Spire's biggest shareholder.