PRESS: Spire Healthcare buyer picks chair for GBP1 billion takeover

Toscafund Asset Management LLP is planning to install Paolo Pieri as executive chair of Spire Healthcare Group PLC if months-long talks over a £1 billion takeover go through, Sky News reported.

Pieri previously ran Circle Health Group and helped it become one of the UK's biggest private healthcare providers in partnership with Toscafund, its then owner.

Spire and Toscafund agreed in May to a non-binding takeover offer of 250 pence per share in cash, valuing the company at £1.01 billion.

Since then, Spire extended the deadline for Toscafund to make a firm offer multiple times.

Sky News said the deadline extensions were prompted by discussions around financing arrangements and cited "one banking source" saying the two sides were working towards finalising a deal ahead of the deadline on Thursday. The source cautioned that a further extension of as little as 24 hours might still be required.

According to 'City insiders' cited by Sky News, Song Capital, Ares Management Corporation and Three Hills Capital Partners LLP should provide financing for the deal.

Song Capital, which previously helped finance deals involving Circle and Nuffield Health, another healthcare group, is reported to have committed roughly £500 million to the Spire takeover in long-term property financing secured against most of Spire's freehold hospitals, Sky News said.

Spire shares were up 1.5% at 239.50 pence on Thursday.

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