Private equity giant KKR returns with final bid for Assura
UK healthcare property firm Assura has received its “best and final offer” from KKR, which is set to trigger another delisting blow for the London Stock Exchange.
Assura has recommended a cash offer from Sana Bidco, a vehicle owned by KKR and Stonepeak, which values the firm at 52.1p per share. Shares in Assura closed at 48.58p on Tuesday.
The offer also trumps a bid from Primary Health Properties (PHP) lodged late May for 51.7p per share.
The two rivals had been locked in a bidding war for Assura, which included KKR slamming PHP’s offer as coming with “numerous critical issues” that could “significantly increase the financial risk profile of the combined entity”.
The firm will be added to a 2025’s growing list of departures and follow a tech takeover frenzy on Monday that included three separate billion-pound mergers and acquisitions moves as US giants seized on British bargains.
Assura: Deal will benefit NHS
The healthcare company stated that private ownership would enable it to secure new funding and invest in healthcare infrastructure, without the pressure of public market expectations.
It added that the deal would be beneficial to the NHS and UK healthcare sector by accelerating the building of new healthcare facilities and improving existing ones.
The takeover follows an initial plan for Assura to be acquired through a Court-sanctioned scheme of arrangement, a process used for large mergers and acquisitions that requires shareholder and court approval.
But to increase the certainty of completion, as well as provide shareholders with a direct cash exit, the bidders have opted for a takeover offer.
Andrew Furze, Managing Director at KKR, said: “After nearly a year of engagement, this is our best and final offer, which we believe is lower risk than other alternatives and higher in value, offering a significant premium.
“We require no disposals to achieve our ambition and importantly the all cash offer poses minimal execution risk.”