Primary Health acquired Assura PLC in a £1.8 billion ($2.4 billion) takeover, tightening its grip on Britain’s healthcare real estate sector and setting the stage for a portfolio worth a staggering £6 billion. The FTSE 250-listed Primary Health Properties (PHP) now controls more than 92% of Assura’s shares, a threshold that triggers a mandatory “squeeze-out” under the Companies Act 2006.
Squeeze-Out in Motion
With this move, PHP will soon dispatch compulsory acquisition notices to the remaining holdout shareholders, ensuring that within six weeks all Assura stock is forcibly purchased. The acquisition paves the way for Assura to be delisted from both the London Stock Exchange and Johannesburg Stock Exchange, effectively turning the firm private.
A Battle for Control
PHP’s victory came after a fierce contest with U.S. private equity giant Kohlberg Kravis Roberts & Co. (KKR). KKR launched a series of aggressive bids starting in August 2024, teaming up with Universities Superannuation Scheme Ltd. and later with Stonepeak to raise offers as high as £1.6 billion. Despite briefly winning Assura’s board over, KKR ultimately secured just 16.56% shareholder support—far short of what was needed.
