By Stuart Condie

SYDNEY--Ramsay Health Care Ltd. has made an all-cash offer for U.K. rival Spire Healthcare Group PLC, in a move that the Australian hospital operator said will create a leading U.K. service provider.

Ramsay on Wednesday said Spire's board had unanimously recommended shareholders accept its offer of GBP2.40 (US$3.40) a share, which implies a company enterprise value of GBP2.06 billion. Shares in Spire last traded at GBP1.93.

Ramsay said the acquisition would be funded by existing debt facilities and may require the divestment of some U.K. assets to gain approval from U.K. regulators. It said it will engage in one or both of capital management and a strategic review following the acquisition, which it expects to close in July.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

May 26, 2021 02:59 ET (06:59 GMT)

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