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Cinven eyes £1bn-valuation of Spire private hospital group through IPO

25 Jun 2014

spire healthcareEuropean private equity firm Cinven is reportedly set to sell down its stake in UK private hospital group Spire as it eyes £315m from an IPO.

Spire will be valued at about £1bn excluding debt through the listing according to Reuters, which cited two sources with knowledge of the matter.

The listing will see both new and existing shares sold to investors.

Cinven created Spire after buying Bupa’s hospital assets for £1.4bn in 2007, before bolting on Classic Hospitals and Thames Valley Hospital and the London Fertility Clinic.

The business now has 38 hospitals throughout the UK with about 18 per cent of the market share for private hospital beds.

Cinven enlisted property agency DTZ to sell and lease back seven of its hospitals in 2010 to pay down debt ahead of a planned IPO, which did not materialise at the time.

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