The Winning Formula
PHP played the long game, raising its bid incrementally from £1.5 billion in April to £1.79 billion by June. The final offer—comprising 0.3865 new PHP shares, 12.5 pence in cash per share, and a 0.84 pence special dividend—proved more attractive than KKR’s straight cash bid of 50.42 pence per share.
Building a Healthcare Powerhouse
Both PHP and Assura specialize in owning and leasing primary healthcare facilities such as GP surgeries and medical centers, most of which serve the National Health Service. By consolidating forces, PHP gains unprecedented control over U.K. medical property assets, positioning itself as the dominant landlord for NHS-backed infrastructure.
Regulatory Scrutiny Ahead
The Competition and Markets Authority is now reviewing the mega-merger, though PHP has expressed confidence in securing approval.
Legal Counsel
Primary Health Properties is being guided by CMS Cameron McKenna Nabarro Olswang LLP in the deal.
