Private Equity Enters the Fray
The plot thickens with the presence of other suitors: Kohlberg Kravis Roberts & Co. LP and Stonepeak Partners’ U.K. arm are also in talks with Assura, floating an all-cash deal estimated at £1.6 billion—outpacing PHP’s current proposal in sheer monetary value. Yet, Assura previously rejected that offer in February, stating the bid undervalued the company’s true worth.
“There can be no certainty that any firm offer will be made by the consortium, by PHP or by any other party,” Assura noted Monday, a reminder that this is a high-wire act with no guaranteed outcome.
Legal and Financial Counsel Behind the Curtain
Powering these boardroom maneuvers are top-tier advisory teams. CMS Cameron McKenna Nabarro Olswang LLP is advising PHP, with corporate partners Alasdair Steele and Kate Badr leading the charge. On the financial front, Rothschild & Co. and Numis Securities Ltd. are PHP’s trusted advisers.
Meanwhile, Travers Smith LLP is representing Assura, led by head of transactions Aaron Stocks, and partners Ben Lowen and Jon Reddington, navigating a delicate balance between shareholder interests and strategic opportunity.
