In a corporate coup as sharp as a scalpel, Assura PLC, a UK-based healthcare real estate giant, has thrown its full weight behind a £1.6 billion ($2 billion) acquisition bid from U.S. private equity powerhouses KKR and Stonepeak Partners. The endorsement deals a blow to a competing British bid and sets the stage for a transatlantic takeover that could reshape the landscape of healthcare infrastructure investment.
Announced Wednesday, the agreement values each Assura share at 49.4 pence, reflecting a 31.9% premium over the closing price on February 13 — the day before word of a deal first began to ripple through markets.
The Deal: U.S. Firepower Overpowers Domestic Challenger
Acting through Sana Bidco Ltd., a vehicle for the transaction, KKR and Stonepeak have offered 48.56 pence in cash, sweetened by a 0.84 pence interim dividend. The all-cash package proved too enticing for Assura’s board to pass up.
Meanwhile, the counter-offer from British-based Primary Health Properties PLC (PHP) failed to impress. Structured as 9.08 pence in cash plus 0.3848 new PHP shares per Assura share, PHP’s hybrid proposal was declared insufficient and unanimously rejected by the board — though PHP has until May 5 to submit a firmer offer.
“There can be no certainty that any firm offer will be made by PHP,” Assura stated, subtly drawing a line in the sand.
